The Hindu Business Line : L&T Infotech aims to be $1-b co

L&T Infotech has set a target to become a $1 billion company by the end of the decade with proposals for major expansion plans. The company is looking at the acquisition route and go for valuable customers. It plans to generate $250-million revenue by the fiscal end.

New centres

The company inaugurated its global headquarters in Mumbai on Friday while five new software development and technology centres are being constructed in Mumbai, Navi Mumbai, Chennai, Bangalore and Faridabad, said Mr A.M. Naik, Chairman and Managing Director, Larsen&Toubro and Chairman, L&T Infotech, during the inauguration.

Around Rs 600 crore has been spent for setting up the centres while two more have been proposed in Baroda. Investment for these centres has come through internal accruals. Plans to acquire land and construct engineering and IT centres in Pune are also on the cards. The new centres will add around 9,300 employees.

Company's vision

Commenting on the company's vision in the coming years, Mr Naik said L&T Infotech might enter the capital markets with a public issue by March 2008. "Before entering the markets, we want to stabilise our customer focus and add value to the company."

The company, however, does not want to increase its customer base from around 150. L&T Infotech will focus on manufacturing, utilities, communications and embedded services, and financial services. In the manufacturing space, the company is looking at energy and petrochemicals, hi-tech, auto and construction equipment, packaged goods, industrial products and process industries.

"We believe these segments offer tremendous growth opportunities and we should be able to realise our revenue targets with our domain-specific offerings since we are moving from business to IT," Mr Naik said.

A whopping 97 per cent of infotech business comes internationally with 67 per cent from North America and the manufacturing sector accounts for the company's major revenue. The company also plans to foray in the West Asian region for the energy sector.

Related Stories:
L&T Infotech plans IPO by 2008

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