Feb 08
Talent is the Tool
Talent is the Tool
Building a talent pool and plugging cost leakages are the key messages from L&T’s F&A Meet 2023
L&T's Annual F&A Meet and the 22nd CFO Awards 2023 were hosted at AMN Tower in Powai on 7 December.
The day-long event, presided over by L&T CFO Mr R Shankar Raman, was attended by the Finance & Accounting Heads of the various L&T Group entities and a few select invitees from other related functions.
The CFO Awards ceremony was graced by several key L&T leaders – such as Whole-time Director & Sr EVP Mr Anil V Parab, L&T Realty CEO & MD Mr Shrikant Joshi, and EVP & Head – Corporate HR Dr C Jayakumar.
In his opening remarks, Mr Shankar Raman underscored how scaling up brings with it diverse challenges which L&T must navigate deftly to retain its competitive edge.
Lauding the Central government’s decision to veer to investment-led growth, he said that this shift in strategy has vastly expanded the canvas of opportunities, which is clearly reflected in the ever-growing order book and revenue figures of the L&T Group. He urged the audience to be cognisant of how climate change may trigger a wholesale rebuild of infrastructure across the world, and if that happens, L&T should be ready to tap that opportunity.
Referring to L&T’s decision to exit non-core businesses and unlock capital through asset monetisation, in addition to an improvement in working capital management, Mr Shankar Raman said that these measures are contributing to the conglomerate’s transition to an asset- light and capital-light model. He mentioned the share buyback that L&T completed in 2023 and termed it a rare phenomenon for any projects contracting company.
He called for continuous improvement in the Company’s businesses so that the newly incubated ones can be provided the necessary support, as they have the potential to open up new streams of revenue and profit.
Underscoring the need for building a competent talent pool and plugging cost leakages, Mr Shankar Raman said that senior F&A leadership must devote time to identify and groom the right talent. He stressed on the need to move away from instances of force-fitting individuals into roles and would rather have a favourable match between the person’s abilities and the role’s required skillsets. Also, business verticals should be open to the idea of inorganic growth to acquire strategic skillsets and technology.
He summed up saying that going forward, finance professionals would need to get accustomed to tighter regulations and increased compliances, and the onus remains on them to strike the right balance whereby the entrepreneurial spirit does not get stifled.
The gathering was also addressed by three experts from Deloitte India who covered topics central to the functioning of all corporates. Mr Sunil D Shah (Tax Partner) spoke on General Anti-Avoidance Rules (GAAR), Ms Joyce Rodriguez (Partner - Cyber Risk Advisory Services) on Cyber-security and Mr S Anjani Kumar (Partner - Consulting) on Generative AI.
Elaborating on how GAAR has been conceptualised to plug the loopholes that allow deliberate tax avoidance, Mr Shah felt the government should ensure that GAAR is applied primarily as a deterrent and not as a tool for augmenting tax collections.
Ms Rodriguez outlined how cyber-security has evolved over the years to take centre-stage with ‘right to privacy’ finally being given legal validity in India. The digital economy in India is already flourishing, however the enforcement date for data privacy and cyber-security is yet to be announced. 
Elaborating the definitions of Data Principals, Data Fiduciaries and Data Processors and their roles and responsibilities, she explained why it is imperative for organisations to plan by allocating budgets for investing in data compliance frameworks and by putting together a multi-disciplinary team to ensure data privacy, as a discipline, becomes part of a company’s culture.
While Artificial Intelligence (AI) has existed in various forms for nearly three decades now, Mr Kumar said the masses have woken up to its potential with the arrival of Generative AI. He elaborated the way the Industrial Revolution had displaced human muscle power with machines, the same way Gen AI is enabling machines to take over many functions hitherto dependent on human cognitive power. He felt the acceptability of Gen AI as a non-carbon- based ‘employee’ will take some time to gain credibility.
The day concluded with the 22nd CFO Awards which is hosted annually to felicitate outstanding performers in the F&A fraternity across the L&T universe, recognising their contributions during the preceding financial year, viz., 2022-23. The initiative also facilitates cross-learning, enabled through the sharing of experiences.
The organisers received 88 nominations for the three Contested categories – Young Achiever, General Proficiency, and Best Team. Nominations came from across L&T sites/units/ offices pan-India as well as overseas such as UAE, KSA, etc.
The nominations were screened by Mr Arnob Kumar Mondal and Mr Satish Shenoy. Those shortlisted were given a chance to make presentations during the F&A Meet. Delegates present at the event judged the presentations through e-polling, and the winners were announced in the concluding session.
Mr Shankar Raman, Mr Parab and Mr Joshi handed over the awards to the winners and merit certificates to the runners-up.
There were also Adjudged awards categories.  Heavy Civil Infrastructure and LTIMindtree picked up awards for Excellence in Financial & Management Reporting in projects/ manufacturing and services / concessions domains, respectively.
The Minerals & Metals arm secured an award for Excellence in Working Capital & Resource Management, and PT&D snatched the Special Award for Excellence in Reduction of Sediment Bank Guarantees.
The coveted CFO Special Award for Functional Leadership was conferred on Mr Shivshankaran S G (Head - Treasury, L&T Construction) for his relentless efforts in reducing working capital intensity. 
1. Aditya Shah – Defence
2. Harini S – Divisional Corporate (L&T Construction) Indirect Tax
Winner:  Harini S
1. S Dhivyes – Buildings & Factories
2. Balaji N – Transportation Infrastructure
3. Hanumesh C Kumar – Power Transmission & Distribution (PT&D), UAE
Winner:  Hanumesh C Kumar
1. ‘GST Missile’ – L&T Energy Hydrocarbon
2. ‘Indirect Tax Litigations’ – Infrastructure Vertical
3. ‘Liquidation of Tax Receivables’ – Infrastructure Vertical
Winner: ‘Liquidation of Tax Receivables’ – Infrastructure Vertical
1. ‘Efficient WC Management’ – Minerals & Metals
2. ‘Managing Cash Surplus of Middle East S&A Companies’ – Corporate Finance
3. ‘Value Unlocking - Sale of L&T Mutual Fund Business’ – L&T Finance
Winner:   ‘Value Unlocking - Sale of L&T Mutual Fund Business’ – L&T Finance
A distinctive feature of the event was a quizzing session on famous sports personalities conducted by Mr Arnob Mondal and Mr Satish Shenoy. This ensured that there was never a dull moment.
Towards the end, Ms Rita Reinboth Ghorpade, a driving force behind the establishment of L&T’s F&A Leadership Development Initiative (LDI), was felicitated. This coincided with her superannuating from L&T after a successful 14-year stint. It’s a testament to the fact that L&T is not just all about balance sheets and cost-benefit analysis, it is a workplace where camaraderie also counts. 
Feb 07
Futuristic People Management
Futuristic People Management
L&T EduTech’s roundtable sheds light on how new technology is redefining talent management
On 18 October 2023 in Chennai, L&T EduTech hosted a roundtable of CHROs and HR leaders representing a rainbow of leading industries from all over India.
Titled ‘Unlocking the Future of Talent’, the event served as a beacon, addressing themes central to modern HR practices: the power of technology in talent transformation, AI in hiring and recruitment, and building an ideal talent strategy.
Mr Sanjai Ranganathan (Chief Executive – L&T EduTech) set the stage as he explained how L&T EduTech is trying to bring about transformation in the talent management ecosystem and bridge the skill gap between academia and industry. He delved into L&T EduTech’s two- year journey, centered on practical learning and experience-based education, and how it aims to blend engineering, technology and financial expertise to address HR challenges.
The discussion covered aspects like skilling, talent acquisition, employee learning and retention, and the seamless integration of learning platforms with HR systems. Dr Anbuthambi B (Head of Strategy & Partnerships – L&T EduTech) moderated the discussion, highlighting how technology transcends from being a mere tool to becoming a catalyst for change.
Senior professionals from various backgrounds explored how AI is impacting their organisations, particularly the HR function. A focus area of the discussion was whether technology, specifically AI, is causing substantial changes and replacing traditional processes like resumes and in-person interviews. 
Mr Madhu Raghunathan (Head - HR & Operations, TVS Mobility) mentioned the transformative impact of technology on operations and data-driven decision-making. He highlighted the challenges in leveraging AI in recruitment due to the company’s limited scale of hiring.
Acknowledging the difficulties in aligning campus recruits to client demands due to insufficient hands-on experience, Mr Subakaran Ravindran (Director - Campus & Learning at Virtusa) highlighted the growing expectations from freshers, especially in coding experience, whereas clients anticipate capabilities akin to those with five years of experience. He also elaborated on the learning habits among freshers, a shift in Gen Z’s mindset, seeking personal benefits from learning initiatives.
With learning & development arm shouldering amplified responsibilities, the quest for suitable vendors and platforms to bridge education and certification gaps, coupled with the desire for industry recognition to incentivise learning, emerged as a recurring topic.
Mr Charles Godwin from ZOHO underscored the significance of engaging young talent, intertwining aspirations with practical skill development programmes. This sparked conversations on the necessity for unconventional hiring strategies, especially to support individuals returning to work after a career break.
Speaking on skill development, Mr Sabitha J (CHRO – Market Simplified) passionately articulated the need for a robust career management system – a compass navigating through the labyrinth of productivity and readiness for new roles. 
Mr Ganapathi Subramanian (CHRO – Sundaram Home Finance Ltd) shared inspiring success stories of fresh graduates shining in roles tailored to their abilities.
Remote work emerged as a focal point, emphasised by HR leaders acknowledging technology’s pivotal role in fostering collaboration across geographies. The resonance in their voices mirrored the seismic shift in work dynamics.
Other notable HR leaders at the roundtable included Mr N R Mani of Lucas TVS, Ms Pon G Nithya of Prodapt, Mr Ganesh Balasubramanian of Apollo Tyres, Ms Hema Rengaswamy of Standard Chartered, Mr Fabian Figredo of Shell GBS, Mr Satish Rajarathnam of Mphasis, Mr Mahesh N of TAFE, Mr Naresh Rajendran of Grundfos and Mr Thirukumaran R of Nokia.
Mr Sreechand S (Head of Enterprises Business – L&T EduTech) encapsulated the entire conversation by highlighting the three major points – the need for a mindset shift to leverage technology for enhanced employee experiences and holistic skill development, efforts towards a skills-based model and cultural change within organisations to effectively bridge skill gaps and align talent with business objectives, and the quest to centralise and integrate data for a comprehensive view of employee development, performances and succession planning. 
Feb 07
Convergence of Cognisance
Convergence of Cognisance
L&T IPM's Project Management Conclave witnesses convergence of great minds
The 3rd edition of the Project Management Conclave, hosted at Vadodara in Gujarat on 2 December, brought together L&T business leaders, project professionals and academicians from all over the globe.
Organised by L&T’s Institute of Project Management (IPM), the event saw sharing of best practices, technological advancements, success stories, and discussions on strategies for the future, vis-à-vis project management. The event was themed around ‘Project Management for Profitable Growth.
L&T dignitaries who attended the conclave included Mr Subramanian Sarma (Whole-time Director & Sr EVP – Energy), Mr SV Desai (Whole- time Director & Sr EVP - Civil Infrastructure), Mr A L Sekar, Advisor to CMD – Heavy Civil Infrastructure), Dr C Jayakumar (EVP & Head – Corporate HR), Mr Satish Palekar (EVP & Head – Power), Mr Y S Srikanth (VP & Head – Operations – Power), Mr Ajay Jain (EVP & Head – Onshore EPC, L&T Energy Hydrocarbon), Mr Nandakumar R Kulkarni (EVP & Chief Executive – Algeria Operations, L&T Energy Hydrocarbon, Prof VTCS Rao (VP & Dean – IPM and Prof Rajiv Nehru (Dean (Designate) – IPM.
In his welcome address, Prof Rao touched upon the various initiatives of L&T IPM, such as Knowledge@Work (K@W), PRISM, Project Management Conclave, etc.
Speaking on ‘Mindset for Business Growth & Profitability’, Mr Sarma highlighted that about 60-70% of L&T’s portfolio consists of EPC projects, while the remaining focus on hi- tech manufacturing, IT and financial services, all involving a significant amount of project management. He outlined three simple mantras – selective bidding, execution par excellence, and value setting – as the key for improving profitability in projects.
Mr Desai spoke on ‘Megaproject Delivery as Growth Engine’ and said that the revenue CAGR of L&T Civil Infrastructure is expected to touch 25% in the coming years.
Following a video commemorating the crystal year celebration (15 years) of L&T IPM, awards for 15 years of service were presented to Dr Hiren Maniar (Dy Dean – IPM-Vadodara) and Dr Dharmendra Trivedi (Librarian).
The conclave witnessed four keynote addresses respectively delivered by Mr Palekar on ‘Supply-Chain Strategies as the key enabler for profitable delivery’, Prof Jennifer Whyte (Director – John Grill Institute for Project Leadership, University of Sydney) on ‘Strategies for De-risking Complex Projects', Mr Francis Verstraete (CEO – Verstraete) on the ‘Importance of Digitalisation & Automation in Project Profitability' and Mr Vijay Gupta (Founder & CEO - SoftTech Engineers Ltd) on ‘Application of AI & ML for profitable project execution’
The two panel discussions – ‘Enabling Technologies for Profitable Growth’ and ‘Extreme Innovation for Profitable Execution’ – witnessed active participation of stalwarts from both industry and the academia. Apart from several L&T speakers, there were external speakers such as Prof Ashwin Mahalingam (IIT Madras), Mr Kalyan Vaidyanathan (Bentley System), and Mr Juzer Bastawala (BEXEL India Consulting LLP), Prof Manoj Kumar Tiwari (IIM Mumbai), Dr Saji Gopinath (Digital University Kerala), and Mr Manesh Alias (Wrench Solutions). 
The discussions revolved around the capabilities of new Generative AI in interpreting contractual, technical and legal provisions in contracts, the need for policy interventions from the government to promote technology and digitalisation, and the advancements being pursued by start-ups and how those can be integrated into ongoing and future projects.
Based on the case study presentations made on 24 November as a run-up to the Conclave, and their subsequent evaluation, the Winners and Runners-up were announced, and the awards were handed over by Mr Sekar and Dr Jayakumar.
Sub-Theme:  Data-Driven Decision Making for Profitable Execution
Winners:  Suresh K S, Viswanath M S, Debidutta Mishra from Water & Effluent Treatment
Runners-up: Suprotim Banerjee, Abhishek Raut, Apurva Patel, Rushabh Shah, Rinkesh Patel from L&T Energy Hydrocarbon
Sub-Theme: De-risking Mega Project Delivery
Winners:  Lakshmanan R, Suthandraselvam A, Raamkumar D, Sairam S, Ganesh S, Kalle Seetharam from Heavy Civil Infrastructure
Runner-up: Dipen Jayeshbhai Shah from Heavy Engineering
Sub-Theme: Digitalisation and Automation for Operational Efficiency
Winners:  Dr Rajesh Kumar V, Hussain Babu D, Sathiyanarayanan S, Kumaresan P, Nitessh Kumar L R from Water & Effluent Treatment
Runners-up: R Raju, Vijiayalakshmi M, Debidutta Mishra, Chaitanya Pachori, Manavalaperumal S from Water & Effluent Treatment
Sub-Theme: Innovation in Engineering and Supply Chain Management 
Winners: Rakesh Arora, Christopher Mark Cooper, Shamim Ahmed, Rajiv Sharma, Sharotri Munish from Heavy Civil Infrastructure
Runners-up: Pavani Saroja K, Arun Kumar K, Bonagiri Venkanna, Akash Kumar, Priyanka from Water & Effluent Treatment
Sub-Theme: Productivity and Cost Optimisation
Winners: Rohit Raghwendra Tiwari, Shiba Prasad Patra, Rajkumar S from Buildings & Factories
Runners-up: Ch. Anil Kumar; V. Sruthi; Sruthy S; Swastika Singh; K. Sameer Kashyap from Heavy Engineering 
Feb 07
Training for Transformation
Training for Transformation
L&T hosts grooming programme for future L&T leaders
L&T has a 7-step leadership development process in place for grooming its future leadership. ‘Transforming L&T into a Global Corporation’ (TLTGC) programme, conducted in collaboration with INSEAD Singapore, is the 4th step in the process.
Initiated in 2010, TLTGC aims to challenge the mindsets of senior business leaders heading large/mega projects, helping them develop competencies required for a global corporation.
Between November 26 and December 2, 2023, L&T’s Corporate HR hosted the 12th batch of TLTGC programme at the Company’s Leadership Development Academy (LDA) at Lonavala. Thirty-five senior leaders from across L&T constituted this batch.
Inaugurating this new batch, Mr D K Sen (L&T Executive Committee Member and Advisor to the CMD) threw light on the challenges and changes in the business landscape that he witnessed during his peak career. He shared tips on how upcoming L&T leaders can prepare for the future.
Senior faculty from INSEAD Singapore, including Prof Bala Vissa (Entrepreneurship & Leadership), Prof Pushan Dutt (Macro Economics), Prof Peter Joos (Sustainability) and Prof Guoli Chen (Strategy) subsequently conducted the classroom sessions through the week.
The INSEAD faculty provided deep insights into the broad business skills vital for success in leadership roles. Apart from covering strategic themes such as rapid transformation of the world economy and its impact on L&T, the programme also enlightened the participants on the evolving landscape of ESG and its ramifications, how to create and capture value through strategic approaches like Mergers and Acquisitions, and how to build social capital for driving innovation and change.
The participants were also taught that effective business leadership is less about doing things and more about leading others by developing broader business skills, letting go of functional skills that have served them in their past roles.
Guest speaker Mr Anup Sahay (Head – Corporate Strategy & Special Initiatives, L&T) shared deep insights into the Company’s business strategy and sustainability efforts.
On the final day of the programme, INSEAD conferred a completion certificate on the participants.
Feb 07
Digital Delight at Dallas
Digital Delight at Dallas
Digital Engineering Awards draws stalwarts of global R&D innovation
Powered   by L&T Technology Services  (LTTS),  the second edition of Digital  Engineering Awards concluded with a noteworthy ceremony at Dallas in Texas on 6 December 2023. Apart from LTTS, global research and advisory firm ISG, and business news channel CNBC TV18 are the two other collaborators behind the initiative.
The focus of Digital Engineering Awards is to shine the spotlight on next-gen innovations in the engineering R&D and design space.
The award ceremony brought together stalwarts of global R&D innovation, showcasing transformative applications from 90 enterprises and  individuals.  Of  the  overwhelming 200 nominations received, North America dominated with 127 entries, followed by 35 from Europe, while the remaining entries were from India, Japan, and the Asia-Pacific region.
A distinguished panel of judges comprising Prof. Jim Austin of the Wharton School of Business, Prof Marcos Kauffman of Coventry University, Prof Sameer Hasija of INSEAD, Ms Debjani Ghosh of NASSCOM, Ms Suja Chandra (Board Member at several enterprises), and Mr Steven Hall, Mr Prashant Kelker and Mr Gaurav Gupta of ISG evaluated the entries. The evaluation criteria were based on the tenets of innovation, delivery, impact and business value.
The winners were from renowned global majors such as American Honda Motor Co. Inc, AT&T, BMW Group, CN, Caterpillar Inc, Chevron, Collins Aerospace, CYFIRMA, Delta Air Lines, Delta Flight Products, Doosan Group, Eaton, Epiroc, ExxonMobil, GE HealthCare, Grundfos, Henkel, Honeywell, Jaguar Land Rover, Johnson & Johnson MedTech, Marelli, Microsoft, Patna Smart City Limited, Philips, Pontosense Inc, Qualcomm Technologies, Rockwell Automation, Samsung Electronics, Vestas Wind Systems and Xylem.
They were feted in the presence of LTTS CEO & MD Mr Amit Chadha, who remarked that the calibre of nominations in the second edition was truly remarkable, and the entries showcased the innovation, commitment and transformative power of the digital engineering community.
“It is heartening to see the growing presence of women in the field, indicating the growing relevance of technology as a catalyst for accelerating diversity and inclusion,” Mr Chadha observed.
Feb 07
Swift Solar
Swift Solar
L&T commissions Saudi Arabia's largest solar plant ahead of schedule
L&T has commissioned Saudi Arabia’s largest solar power plant ahead of the contractual timeline. The 1.8 GWp solar PV plant at Sudair was energised in October 2023 by an L&T team led by Mr S Bharathi Kumar.
This is Saudi Arabia’s first GW-scale solar power project, and the first under its Public Investment Fund’s renewable energy programme. The energising event was attended by ACWA Power’s Mr Faisal Al Omari (Executive Management Officer – SOREC) and Mr Dimitris Fertis (Project Director – SOREC).
The project has set several benchmarks in quality and productivity. It uses bi-facial PV modules with HSAT trackers and a state-of-the-art automated robotic cleaning solution.
Despite the construction work starting during the pandemic, the project has to its credit many achievements. Amongst other things, over 80 Saudi nationals were imparted necessary training and their services availed of. The project was awarded the Annual EHS Trophy 2022 for Best Project and RoSPA Gold Award FY 2023.
Commissioning the Sudair solar project ahead of schedule testifies L&T’s high performance and collaborative culture.
• Area: Equal to 2,735 football grounds
• Cables: As long as two-thirds of the earth’s perimeter
• Safety record: 9.5 million safe manhours
• Can deliver clean energy to 185,000 homes
• Expected to offset nearly 2.9 million tonnes of emissions per annum
Feb 07
The Modular March
The Modular March
L&T delivers hydrogen manufacturing unit in The Netherlands through modular fabrication.
Linde, a global industrial gases and engineering company, placed an order on L&T Energy Hydrocarbon’s Kattupalli Modular Fabrication Facility (MFF) for a Blue Hydrogen Manufacturing Unit (HMU) at Rotterdam.
The Hydrogen Manufacturing Unit (HMU) project marks Linde’s first blue hydrogen endeavour, with the plant set to produce 65,000 Nm3/hour of blue hydrogen upon commissioning. The scope of work for L&T’s Kattupalli MFF included fabrication and delivery of one pre-assembled rack, three pre-assembled process module units, a reformer module and five pre-dressed equipment.
It involved fabrication of about 6,500 MT structural steel, 77,000 inch-dia pipe fabrication, 95,000 inch-metre pipe erection and testing, 24,000 inch-dia welding and 21,000 sq m insulation, apart from extensive work for electric heat tracing, electricals, instrumentation and fire proofing. The largest module on the project – Syngas Module – is 37 metres tall, weighs 3,400 MT and consists of 60,000 ductile iron of piping. 
Following the fabrication at Kattupalli, the modules were transported to Rotterdam port in an ocean-going vessel using Self-Propelled Modular Transporters. L&T participated in the constructability review during the engineering phase. This helped in maximising the work on ground and in the preparation of schedule which was in line with the construction sequence.
The coordinates of the module baseplates were taken using 3D laser scanning, the dimensions were shared with the team carrying out the piling activity of the modules, and this helped in faster installation and alignment of the modules at the site yard.
Overall, the project was completed safely with 3.2 million lost-time-injury-free man-hours, complying with global industry standards of best-in-class safety and quality.
This successful execution of modular fabrication at the Kattupalli facility is likely to encourage other oil & gas companies and EPC contractors to adopt the modularisation philosophy for future projects.
Feb 07
Green Jump
Green Jump
L&T plants over 2.5 million saplings across 559 project sites in just 3 days
In pursuit of the twin sustainability goals of achieving Water Neutrality by 2035 and Carbon Neutrality by 2040, the various verticals of L&T have initiated several programmes.
L&T Construction undertook ‘Project GreenHands’ – a mass sapling plantation drive – during 15-17 August. Initiated by L&T ECC Recreation Club, the mass sapling plantation drive was undertaken during the monsoons for better survivability rate with the aim of reducing global warming through carbon sequestration.
As part of the initiative, a whopping 2.5 million saplings were planted across 559 project sites of L&T Construction. Apart from thousands of colleagues, L&T CMD Mr S N Subrahmanyan also joined in this mega initiative by planting a sapling at a project site in Delhi.
“Project GreenHands is not only a commitment towards environmental restoration but also a demonstration of our social responsibility to keep Mother Earth green. After all, it is our responsibility to help build a green future for the generations to come,” says Mr E P Sajit, Sr VP & Head – Water & Effluent Treatment, L&T.

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