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From left to right: Mr Subramanian Sarma, Mr SN Subrahmanyan, Mr Jean Baptiste Lucas and Mr Gilles Cachot at the agreement signing ceremony in Mumbai.
MOVING closer to its vision of establishing a strong presence across the green energy value chain, L&T recently entered into a long- term partnership with France’s McPhy Energy to explore the opportunities in the emerging Green Hydrogen sector. The agreement was inked at L&T’s AMN Tower in Mumbai on 22 March in the presence of L&T CEO & MD Mr SN Subrahmanyan, Whole-time Director & Sr EVP - Energy Mr Subramanian Sarma, Sr VP & Head - L&T Green Energy Business Mr Derek M Shah, McPhy CEO Mr Jean-Baptiste Lucas, Director - Special Projects & International alliances Mr Gilles Cachot and others. Under the partnership, McPhy will grant L&T an exclusive licence of its pressurised alkaline electrolyser technology to manufacture and upgrade electrolysers. Based on this technology, L&T plans to set up a gigawatt- scale electrolyser-manufacturing facility which will cater to the requirements in India as well as in other select geographies. “The energy industry is undergoing a tectonic shift, with Green Hydrogen emerging as a key fuel in the future energy basket. We are delighted to have signed this agreement with McPhy, which will be a win-win, given L&T’s strong presence across the entire value chain of manufacturing, EPC and services in the energy sector, and McPhy’s technology and research leadership in this sector,” Mr Sarma said commenting on the development. Complementing this, Mr Shah added: “Through this partnership, both organisations will harness their inherent strengths to establish cost leadership through local manufacturing and sourcing.” An elated McPhy CEO Mr Lucas said that they aspire to become a global leader in the manufacture of electrolysers, and that joining forces with major partners like L&T is a great opportunity to explore new markets. Green Hydrogen can give India energy security by reducing oil import while charting a pathway to green alternatives for hard- to-abate industries like refineries, fertilisers, steel and transport. India’s Green Hydrogen production capacity is estimated to grow to at least 5 MMTPA by 2030, and would call for investments upward of USD 100 billion.
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L&T CEO & MD Mr S N Subrahmanyan presenting a memento to the Danish Crown Princess Ms Mary Elizabeth.
Meeting between the business delegations of L&T and Denmark in the presence of the dignitaries.
DURING her recent India tour, Ms Mary, Crown Princess of Denmark, visited the L&T campus at Manapakkam in Chennai. Accompanied by delegates from the Danish Government and the country’s key businesses, she came on 1 March. L&T CEO & MD Mr S N Subrahmanyan welcomed the entourage with the senior leadership – CFO Mr R Shankar Raman, Whole- time Directors Mr DK Sen, Mr MV Satish, Mr T Madhava Das, Mr SV Desai, and others. A 35-member business delegation, representing 10 Danish water technology companies and investment agencies, was part of the Crown Princess’ entourage. L&T utilised the opportunity to present the spread of its
business offerings to the delegation, with a special focus on the water business. The various government schemes in India for water, wastewater management, and irrigation were discussed at length. The CEOs and Directors of the visiting Danish companies showed keen interest in the prospective market landscape in India over the next 3-5 years. Whenever they are touring India, the Danish royalty make it a point to visit L&T given the Company’s Danish roots. L&T was founded in India in 1938 by two Danish engineers – Henning Holck-Larsen and Soren Kristian Toubro, and over the years, it has grown into a true Indian multinational business conglomerate. The Company fondly nurtures its Danish connection, and in doing so, it strengthens the bonds of trust, friendship, and co-operation between India and Denmark.
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L&T CEO and MD Mr SN Subrahmanyan speaking at the Women's Day townhall.
A section of the audience at the function organised in Mumbai.
The leadership panel discussion.
L&T CEO & MD Mr Subrahmanyan, other leaders and part of the women brigade.
Staffers of the Hyderabad Metro enjoy group activities as part of International Womens Day.
Women commuters on the Hyderabad Metro were delighted with chocolates on International Womens Day.
International Women's Day celebrations bring more good news for L&T's women employees Prospects for women in L&T are only going to get better and bigger! This could get as big as the Company soon inducting a woman executive director in its Board, doubling the number of women employees in the next four years, and much more. The indication for such tectonic shifts is the key message that the L&T leadership sent out during the International Women’s Day celebrations at the Company’s corporate office AMN Tower in Mumbai on 8 March. L&T CEO & MD Mr SN Subrahmanyan played the harbinger of such wonderful news. Identifying the reforms covering electrification, potable water, toilets, cooking gas and direct transfer of government benefits as the key enablers of drastic societal change in India over the past 15 years, Mr Subrahmanyan said that these measures have especially empowered the country’s women. “As India develops even more and as it moves forward, men alone will not be able to manage everything. The need is for women to join the workforce in large numbers, and as that happens, it will revolutionise how we look at ourselves and how India looks at itself,” he said, delivering a rich and inspiring speech. Mr Subrahmanyan said that as on March 2023, L&T has the largest-ever order backlog, and there are immense opportunities for women. “Our target is to have 10% women employees by 2026, and when the overall growth of the employee base is taken into account, there will be some 8,000 women employees,” he underscored. Currently, L&T - excluding its group companies - has around 4,255 women employees, accounting for 7.6% of the total strength. In its IT and technology services companies like LTIMindtree and LTTS, women in the workforce account for up to 40%. “We have brilliant women colleagues climbing their way up in L&T, and who knows, very soon we may have a woman executive director,” Mr Subrahmanyan said amidst a chorus of applause by all who gathered at AMN Tower’s Multipurpose Hall for the celebration. The celebration was organised by L&T’s Corporate HR, and encompassed several interesting activities for women employees. These included a craft workshop, a dance session, photography session, and a townhall. Other than Mr Subrahmanyan, the town hall was attended by several L&T leaders including Mr DK Sen (Whole-time Director & Sr EVP - Development Projects), Mr Subramanian Sarma (Whole-time Director & Sr EVP - Energy), Mr Anil Parab (Whole-Time Director & Sr EVP - Heavy Engineering & L&T Valves), Dr C Jayakumar (EVP & Head - Corporate HR) and Ms Meena Subrahmanyan (President - Prayas Trust).
The townhall began with the screening of End the Bias – a short film on women empowerment produced by L&T. Compering the event, Ms Avani Vansia (Head HR – Onshore, LTEH) read out a message that the L&T Group Chairman Mr AM Naik addressed to all the women employees. Setting the context of the townhall, Dr Jayakumar pointed out that since the past two years, L&T has laid special emphasis on grooming women employees and the efforts are showing results. “Today, as many as 23% of our women employees work at project sites. We have set up an exclusive task force on diversity & inclusion and several enabling initiatives are in the pipeline,” he said. An interesting part of the townhall was a Leadership Panel Discussion moderated by Ms Poonam Chandok (GM & Head HR - LTEH). In the lively session involving three whole-time directors – Mr Sen, Mr Sarma and Mr Parab – she not only managed to extract a glimpse of the roles that women play in their life, but also elicited some valuable tips for professional success. Ms Chandok also conducted a rapid-fire session with the CEO & MD, ending on a cheerful note with the latter crooning “Jab Koi Baat Bigad Jaye…” to his wife Ms Meena Subrahmanyan, who was in the audience. SMART PARTNERS Glimpses of Women's Day celebrations at Hyderabad Metro International Women’s Day (IWD) was celebrated with much fanfare worldwide. L&T Metro Rail Hyderabad Limited (L&TMRHL) also participated in the celebrations by organising a series of activities at its head office and at various metro stations. The activities at L&TMRHL head office included cake-cutting, cultural performances and fun games aligned to this year’s IWD theme #EmbraceEquity. Over 100 women employees, loco pilots, and support staff (housekeeping & security) participated in the activities at the head office and at stations. As a gesture of appreciation and gratitude towards their contributions to the business, L&TMRHL authorities presented gifts to them. This apart, chocolates were distributed to women passengers. Taking forward the spirit of women empowerment, L&TMRHL played the role of smart mobility partner for Business Women Expo 2023 (BWE 2023) – a three-day event hosted at Hyderabad’s HITEX International Convention & Exhibition Centre from 10 March. Aimed at helping women participants in their professional journey, the expo was conceptualised to connect the attendees with potential business opportunities, help them carve out new growth paths, and move to the next level and beyond. The expo followed D2C, B2C and B2B formats, with the participation of direct retail buyers, aspiring women entrepreneurs, young professionals, homemakers, home-preneurs, and buyers from PSUs, large corporates, facility managers, dealers, institutional buyers, and HNIs. As part of the event, a panel discussion on ‘Building Leadership Values in Women’ was hosted on 10 March, and Ms Anindita Sinha (Head - Corporate Communications, L&TMRHL) participated as a panelist along with dignitaries from other organisations.
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L&T stall at iktva Forum & Exhibition 2023.
Mr Parthasarathi Chatterjee, Mr ES Sathyanarayanan (2nd & 3rd from left) with L&T's KSA Country Head Mr Pratik Desai (1st from right) and others.
A RECENTLY manufactured state-of-the- art Pressure Vessel and a manufacturing facility for valves set up by L&T in Saudi Arabia took centrestage at the latest edition of iktva Forum & Exhibition 2023. The offshore marine capabilities of L&T also generated keen interest at this global energy exposition hosted at Dhahran Expo Centre in Dammam from 30 January - 2 February. iktva, standing for In Kingdom Total Value Add, is an initiative of the world’s largest oil & gas company Saudi Aramco. It seeks to boost Saudi energy sector localisation by attracting large-scale investments and building long-term relationships with strategic partners. The annual event witnessed the coming together of manufacturers, vendors, investors, and all possible stakeholders in the energy sector worldwide. L&T was a premium sponsor and prime exhibitor at the event, showcasing its capabilities in offshore, onshore, construction, fabrication, power transmission & distribution, automation & technology. L&T also demonstrated its in-house developed digital solutions including AR, VR, Remote Inspection and Digital Twin for EPC projects. A team of young and enthusiastic L&T employees of Saudi origin managed L&T’s dazzling stall at the event. Mr ES Sathyanarayanan (Chief Operating Officer – L&T Energy Hydrocarbon) and Mr Parthasarathi Chatterjee (EVP & Head Offshore – L&T Energy Hydrocarbon) represented L&T. During the event, Aramco’s vice-president Mr Salem Al-Huraish presented the iktva Trophy to Mr Chatterjee. Saudi Arabia’s Energy Minister Mr Abdulaziz bin Salman Al Saud and Mr Amin H Nasser, President & CEO of Aramco, visited the L&T stall and appreciated L&T’s contributions to the iktva initiative. L&T Group company LTIMindtree (LTIM) also showcased its IT and digital services offerings for energy, manufacturing and other key sectors. Mr Rahul Chaturvedi of LTIM delivered a session on “unlocking digital transformation benefits for downstream”. The session was well received and opened opportunities for strategic partnership with Aramco in its digital transformation journey. L&T’s association with Saudi Arabia started almost a decade ago when L&T received its first prestigious offshore EPC order from Saudi Aramco for the execution of the Safania-4 Deck Project. Since then, L&T has grown from strength to strength there, and today, it is one of the key strategic partners of Saudi Aramco, catering to their offshore, onshore, construction, and technology needs. L&T is creating job opportunities for the locals, nurturing young Saudi talent, developing a highly skilled Saudi workforce, and helping develop a value chain across the country form the core of L&T’s business in Saudi Arabia. L&T has over 1,000 Saudi nationals on its rolls, while many more are associated through sub- contractors and service providers.
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The L&T stall at the Oil Gas & Power World Expo 2023.
Mr Subramanian Sarma speakimng at the student outreach programme.
THE 11th Oil Gas & Power World Expo was hosted at the Bombay Exhibition Centre at Mumbai’s Goregaon from 1-3 March. The business gala, organised by Chemtech Foundation, saw L&T participating as a gold partner. L&T showcased its various marquee projects and landmark accomplishments in the energy sector, encompassing hydrocarbon, power, and green energy projects. State-of-the-art offshore wind and green hydrogen project models displayed at the L&T stall elicited visitor interest. Adding value to the expo, L&T’s Whole-time Director & Sr EVP – Energy Mr Subramanian Sarma addressed a student outreach programme hosted as part of the event. Other eminent speakers included dignitaries such as former Rajya Sabha MP Mr Suresh Prabhu. In his address, Mr Sarma shared his five mantras for success – getting out of one’s comfort zone, never losing faith in oneself, never missing an opportunity, never letting success to get into the head, and finally, always being passionate about the work one undertakes. He also shared some interesting anecdotes from his life to inspire those aspiring to join the energy industry. Valuable insights were shared at various panel discussions at the expo by other L&T leaders like Mr SN Palekar (Head – L&T Energy Power), Mr Parthasarathi Chatterjee (EVP & Head – Offshore, L&T Energy Hydrocarbon) and Mr PV Balaramakrishna (GM - Value Engineering & Emerging Tech, L&T Energy Hydrocarbon).
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The expansive stall of L&T and Komatsu at bauma CONEXPO India 2023.
Union Minister Mr Nitin Gadkari (2nd from left) inaugurating bauma CONEXPO India in the presence of L&T's Mr Arvind Garg (3rd from left) and others.
L&T and Komatsu team at bauma CONEXPO India.
bauma CONEXPO India – a leading international trade fair for construction equipment and machinery for building material and mining – was hosted at the India Expo Centre in Noida from 31 January to 3 February. The exhibition brought together over 600 exhibitors from 23 countries, showcasing a wide range of products and solutions with the latest innovations and cutting-edge technologies. It showcased 20 live product demos, 20 knowledge conferences, business- to-government sessions, and over 5,000 buyer- seller meetings. L&T participated in the fair along with its principal Komatsu. Mr Arvind K Garg (Sr VP & Head of L&T Construction & Mining Machinery) delivered the welcome address with Union Minister of Road Transport & Highways Mr Nitin Gadkari on the dais as chief guest. Mr Garg is the chairman of bauma CONEXPO India Taskforce. Mr Garg underscored that embracing contemporary technology, high safety norms, and steps towards carbon neutrality are path-breaking initiatives that will enable the construction equipment industry to rediscover itself. He stressed upon the industry’s plans to introduce fuel-saving hybrid machines, machines operating on alternate fuels, electrically operated construction equipment, and mentioned that the sector is already witnessing an increased adoption of digital technologies and connected machines. Referring to India’s ambitious plans to double the national road network by 2025, Mr Garg said it would significantly drive healthy year- on-year growth for the industry. At the fair, L&T and Komatsu showcased an exhaustive display of construction equipment, mining machinery, genuine parts, and special attachments. The Komatsu machinery on display included PC500LC-10R hydraulic excavator, GD535-6 motor grader, PC210-10MO Super Long Front, PC300LC-8 hydraulic excavator fitted with parallel cabin and orange-peel grapple, ideal for scrap handling, and the HB365LC-1 hybrid excavator, which is 20% more energy-efficient than conventional equipment. These equipment incorporate Komatsu’s cutting-edge technology and have been designed to endure harsh Indian applications and conditions. Crucially, all the models displayed are biodiesel- compatible, and Komatsu is in discussions with oil companies to make biofuel easily accessible to end-users at project sites. L&T recently commissioned Komatsu’s 100-tonne off- highway trucks for a steel company in Odisha that plans to operate the machines using biodiesel. From the L&T stable, the road machinery on display included L&T 1190 soil compactor, L&T 990 tandem compactor, L&T 491 mini compactor, L&T 9020 wheel loader, L&T S315R skid steer loader and L&T 2490 pneumatic tyred roller which have gained widespread acceptance in the Indian market. L&T’s environment-friendly sand plants and crushing solutions, manufactured at its Kansbahal workshop in Odisha, were also showcased as tabletop models. The L&T-Komatsu stall also featured an audio- visual centre showcasing Komtrax - Komatsu’s efficiency-enhancing cutting-edge telematics for connected machines, Komatsu Oil Wear Analysis Centre for advanced oil analysis, and a simulator that allows visitors to experience operating an excavator. Additionally, Komatsu installed an experience centre to contrast genuine parts against fake items.
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LTMMSL stall at Aero India 2023.
Lt Gen KS Brar, Director General Armoured Corps, interacting with LTMMSL Director Mr AT Ramchandani.
Lt Gen AK Samantara, Director General Infantry, with Mr Ravi Kataria,Mr Yamanappa Patrut and others.
AERO INDIA, Asia’s largest air show hosted biennially in Bengaluru, reinforces ‘Make in India’ and provides Indian companies an opportunity to display their niche offerings in aerospace and defence capabilities. Organised by the Ministry of Defence, Aero India is known for a spectacular display of aerobatics by the Indian Air Force. Aero India 2023, the 14th edition of the popular air show, was hosted at Bengaluru’s Yelahanka Air Force Station from 13-17 February. The five-day event highlighted India’s expanding aerospace and defence capabilities under the theme ‘the runway to a billion opportunities.’ L&T MBDA Missile Systems Ltd (LTMMSL), a joint venture between L&T and the France- headquartered MBDA, participated in the coveted air show and showcased its offerings in contemporary missile technologies for India’s Armed Forces. LTMMSL’s advanced missile solutions drew attention of the senior ranks of the Army, Navy, Air Force, and other dignitaries. The key attraction at its stall was the indigenously designed and manufactured 5th generation Anti-Tank Guided Missile (ATGM) weapon system. The weapon system was demonstrated through a training simulator which replicates its functionalities and provides a plethora of scenarios for training and practice firings of an ATGM. LTMMSL also showcased the latest generation Naval air defence weapon system – VL SRSAM – that provides a robust protection of the host platform and escort shipping of more than 25 km. Among the VIPs who visited the LTMMSL stall were the Addl Secretary & Director General (Acquisition) – Ministry of Defence, the Chiefs of Staff of Indian Navy and Indian Air Force, the Vice Chiefs of Staff of Indian Navy and Indian Army, and the Director Generals of Infantry, Armoured Corps and Army Aviation. LTMMSL Chairman Mr JD Patil, Directors Mr AT Ramchandani, Mr Jean Marc Peyraud, Chief Executive Mr Ravi Kataria, Chief Marketing & Sales Officer Mr Yamanappa Patrut, and Chief Operating Officer Mr Philippe Dallamaggiore interacted with the dignitaries on ways to optimise LTMMSL’s contributions in meeting the requirement of the Indian Armed Forces. LTMMSL is working towards becoming the lead Indian private missile developer & manufacturer and systems integrator. It aims to deliver the best-in-class missiles and missile systems for the Indian Armed Forces by participating in the various categories of defence procurement. LTMMSL has an integration facility for missile systems and missile launchers near Coimbatore in Tamil Nadu. As a remarkable manifestation of ‘Make in India,’ the facility is producing MICA missile sections and missile launchers for India’s defence forces.
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Customising for Customers
L&T Finance MD & CEO Mr Dinanath Dubhashi (2nd from left) speaking at the ICRA Market Outreach Conference.
TO tap into India’s ever-growing retail credit market, L&T Finance Holdings Ltd is progressively tailoring its offerings around customer-need rather than imposing conservatively designed products on the customer. Mr Dinanath Dubhashi, MD & CEO of L&T Finance, revealed this strategic shift while speaking at a panel discussion at the ICRA Market Outreach Conference in Mumbai on 21 February. The use of artificial intelligence and data analytics is generating rich insights about potential customers’ credit behaviour, resulting in innovative and advanced underwriting, Mr Dubhashi pointed out. He said that such insights have helped L&T Finance reimagine its customer engagement exercises and move from being product-focused to customer-focused. “L&T Finance is determined to keep customers at the core and customise products to help them across their lifecycle,” he said at the panel discussion on ‘Disaggregating the post- pandemic growth surge.' At another high-profile event Mr Dubhashi highlighted L&T Finance’s focus on Environmental, Social and Governance (ESG). “We are among India’s first financial services companies to embrace ESG practices and set targets across all verticals to contribute to this initiative. Together with Fintech@Scal, ESG is one of the key pillars of our LAKSHYA 2026 strategy,” he said at a panel discussion during the CDP India Annual Event in Mumbai on 22 February. The theme of the event was ‘Decarbonizing India: Driving Climate Action Through Disclosure’. Mr Dubhashi underscored that L&T Finance had set a target to become water neutral by FY22 and has achieved it. “Our aim now is to become water positive by FY23 and carbon neutral by FY35,” he said. In its 2022 report, CDP India assigned a coveted ‘B’ score to L&T Finance. Based on voluntary disclosures, CDP assesses the environmental impact of companies and cities, and its ratings are considered the gold standard for environmental reporting.
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The maiden Master Class in Managing Contracts underway at IPM Vadodara.
L&T Institute of Project Managemnet and L&T's Corporate Legal teams with participants of the Master Class in Managing Contracts.
AS L&T’s business horizons keep e x p a n d i n g around the globe, contract management becomes crucial. Considering this, L&T Institute of Project Management (IPM), in collaboration with L&T’s Corporate Legal department, has recently introduced a capacity- building programme in construction contract management. Christened Master Class in Managing Contracts (MCMC), the six-day physical programme is designed to provide a deep understanding of key concepts, fundamental principles, legal framework, processes, tools and techniques for managing construction contracts effectively – from tendering to contract closure. It also includes exposure to international forms of contract, such as the Fédération Internationale des Ingénieurs - Conseils (FIDIC), and best global practices to address claim handling, such as the Society of Construction Law (SCL) Protocol. The pedagogy of MCMC is uniquely designed to include teaching sessions, case studies, structured inter-module engagement, and action learning projects (ALP) that expose participants to various aspects of contract management. It includes 48 hours of learning sessions spread over six days and split into two modules. The first module was kicked off on 13 February at IPM’s Vadodara campus by L&T’s Group General Counsel Mr Hemant Kumar and IPM Dean Prof VTCS Rao. The batch comprised 34 senior project professionals from various L&T verticals. Mr Kumar and his colleague Ms Rita Shivalkar delivered expert sessions on ‘legal aspects of construction/L&T businesses, contract laws, and case studies.’ Prof Rao and IPM faculties Dr Ravindra Shrivastava and Dr Murali Jagannathan spoke on ‘contracting strategy, standard forms of contracts (global scenario), red flag contractual provisions and contract administration’ and ‘prebid contractual risks, sub-contracts management and claims management’. MCMC provided an excellent platform for participants to share their thoughts on contractual problems they encountered and their experiences, lessons learned, and cross- learnings related to practices followed by various L&T verticals. The second module of MCMC is scheduled for 10-12 April. The venue remains the same – L&T IPM at Vadodara in Gujarat.
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