Feb 08
Pact for Proliferation
Pact for Proliferation
A financing pact with ADB and the mergers of subsidiaries put L&T Finance on the fast-track
L&T Finance has signed a financing pact with the Asian Development Bank (ADB) for USD 125 million. The pact, inked in November 2023, is to support financing in rural and peri-urban areas in India,  particularly for women borrowers.
The funding comprises a loan of up to USD 125 million from ADB, and an agreement to syndicate additional USD 125 million co- financing from other development partners. At least 40% of the proceeds is meant for women borrowers, while the rest will support farmers, micro, small, and medium-sized enterprises (MSMEs), as well as loans to purchase new two-wheeled vehicles.
This long-term loan forms a part of L&T Finance’s continuous strategy to diversify its funding sources. The collaboration with ADB alignswith its core values of social responsibility and will boost its efforts of bridging the financial gap and promoting inclusive economic growth across India. 
In another development, L&T Finance Holdings Ltd (LTFH), the equity listed holding company, has merged with itself the three subsidiaries – L&T Finance Ltd (LTFL), L&T Infra Credit Ltd (LTICL) and L&T Mutual Fund Trustee Ltd (LTMFTL). The mergers were completed in December 2023.
The respective Boards of these subsidiaries had in January 2023 approved the proposed merger, and the process was completed after requisite approvals from the shareholders, creditors, and regulatory / statutory authorities – the Reserve Bank of India (RBI), National Company Law Tribunal (NCLT), Securities and Exchange Board of India (SEBI), and Stock Exchanges.
LTFH is a leading NBFC, offering a range of financial products and services under the L&T Finance brand. LTFH was the holding company while LTFL and LTICL were high-value debt listed entities and the operating entities. With this merger, all the lending businesses will be housed under one single entity i.e., LTFH.  
Feb 08
L&T and Komatsu’s sustainable technologies steal the show at EXCON 2023
L&T and Komatsu India Private Limited (KIPL) put up a grand show of their technological prowess and service capabilities at the 2023 edition of EXCON – CII’s flagship trade fair dedicated to construction machinery and building technologies. Held biennially in Bengaluru, the five-day show brings together the biggest names in the construction fraternity from around the world.
The high point of L&T’s participation this year was Union Minister of Road Transport & Highways Mr Nitin Gadkari visiting the L&T stall and inaugurating a Solar Cart manufactured by L&T and the eco-friendly 20-tonne Komatsu Hybrid HB205 Hydraulic Excavator.
Throughout the event, L&T was graced by several high-profile visitors, including the Deputy Chief Minister of Karnataka Mr D K Shivakumar, Member of Parliament Mr V Prabhakar Reddy and the DG of Border Roads Organisation Lt General Raghu Srinivasan.
Aligned to India’s goal of achieving carbon neutrality, L&T displayed a wide array of exhibits with sustainable technology as the leitmotif. Apart from the Hybrid HB205 Hydraulic Excavator, the other exhibit that drew a lot of attention was Komatsu’s Hybrid Powertrain System, which includes a motor generator, inverter, capacitor, and electric swing motor generator, and excels in enhancing fuel efficiency and reducing emission.
The L&T stall also had on display biodiesel-compatible machines for the Indian construction and mining industry, including India’s first mining truck compatible with biofuel. These machines, designed to work efficiently with B20 biodiesel without affecting performance or maintenance schedules, can also run on 100% diesel, offering flexibility to the user.
Nine Komatsu Construction Equipment models – namely PC81, PC136, PC205, HB205, PC210, PC350, PC500, D85 and GD535 – were showcased, including those with hybrid technology and biofuel compatibility.
In addition, six road construction and material handling machines – namely L&T 9020 Wheel Loader, L&T S315R Skid Steer Loader, L&T 1190 Soil Compactor, L&T 990HFi Tandem Compactor, L&T 491 Mini Tandem Compactor and L&T 2490 HD Pneumatic Tyred Roller – manufactured by L&T Construction Equipment Limited (LTCEL) under the Aatmanirbhar Bharat initiative, also generated interest among the visitors.
For the first time, L&T Kansbahal Works showcased their aggregate crushing solutions, which included Cone Crushers, Vertical Shaft Impactors, and Jaw Crushers applicable for minerals ranging from limestone to aggregate and metal ores.
Also on display at the stall were Komatsu and L&T’s initiatives towards digitalisation of equipment, advantages of using genuine spare parts, improvement of diversity and inclusion to create equal opportunities for women.
The senior management team, comprising Mr Yasunori Fujii from KIPL and Mr Vivek Hajela (EVP & Head – Construction & Mining Machinery, L&T) attended the event.
Feb 08
Nuclear Leap
Nuclear Leap
L&T showcases nuclear capability at Paris exhibition
L&T Heavy Engineering (HE) and L&T Valves participated in the World Nuclear Exhibition 2023 in Paris from 28-30 November 2023. The exhibition brought together over 729 companies, covering the entire nuclear supply chain.
Mr Anil V Parab (Whole-time Director & Sr EVP – Heavy Engineering and L&T Valves) took the opportunity to interact with key stakeholders from the global nuclear industry. Representatives from industry leaders like EDF, Westinghouse, Framatome, ENSA, ITER, TCE and ORANO visited the L&T stall.
HE is globally recognised as a leading nuclear safety class-I equipment manufacturer adhering to American and French quality standards, with ASME N, NPT, NA NS stamps / certificates and MO organisation. HE is also the first Indian company to qualify for ISO 19443 – a nuclear-sector specific quality management system. With a strong track record and decades of nuclear fabrication expertise it has been qualified by global leaders like EDF, Framatome, Westinghouse and ITER.
Mr Ajaykumar Dubey (Head – Nuclear Marketing, HE) made a riveting presentation on the vertical’s nuclear power plant equipment manufacturing expertise as well as the capabilities of L&T’s state-of-the-art, fully integrated, globally benchmarked and digitally-enabled A M Naik Heavy Engineering Manufacturing Complex at Hazira in Gujarat.
L&T has a significant presence in the nuclear sector. It has the distinction of having contributed to all the 23 operating Indian nuclear power plants, heavy water plants, fuel reprocessing plants and nuclear test facilities.
The Company has significantly contributed to commercial success of KAPP3 700 MWe PHWR plant and to 500 MWe PFBR plant, which is in the final stage of commissioning. L&T supplied the 3500-tonne cryostat, which is the world’s largest SS vacuum vessel, in- wall shields and underground cooling water pipelines, to ITER France, and has exported dry-shielded canisters and casks to USA and European markets under the 10 CFR programme.
Feb 08
Capital Session
Capital Session
Mr Anil V Parab (Whole-time Director & Sr EVP – Heavy Engineering and L&T Valves) served as the moderator for a pivotal session at the 7th CII Capital Goods Summit 2023 held in New Delhi in November 2023.
Mr Parab moderated the panel discussion on “Aggressive Expansion in Exports and Enhancing AatmaNirbharta in the Indian Capital Goods Industry”. The panel comprised esteemed figures such as Mr Sanjeet Singh (Lead & Senior Advisor Trade – NITI Aayog), Mr Sumanta Chaudhuri (Principal Advisor – CII), Mr Vinamra Agarwal (Director – Technical Associates Ltd), Mr Anoop N Roy (AVP & Head – Godrej & Boyce Mfg Co Ltd) and Mr Nitin Gupta (Global CEO – Steer Engineering Ltd).
Mr Parab steered the discourse towards factors beyond trade architecture affecting exports, the establishment of a resilient supply chain, the challenges encountered by niche domestic players when venturing into international markets, the elevated cost of working capital, and strategies to position India as a global manufacturing hub.
Emphasising on mega opportunities within the Indian Capital Goods sector, he underscored the importance of participating in the global policy framework to bolster exports worldwide.
The focal point of Mr Parab’s insights revolved around the significance of energy transition in achieving a zero-carbon footprint and advocating for India’s active involvement in the global policy landscape to fortify its position in the international market.
Feb 08
Tech Tools for MSMEs
Tech Tools for MSMEs
L&T-SuFin participated in the 20th CII Global MSME Business Summit held in New Delhi on 23 November 2023. It was a Diamond Partner for the event.
The summit was organised to provide knowledge on future growth drivers, create platforms for business networking and collaboration, provide market insights on the emerging economies relevant for the sectoral opportunity for micro, small & medium enterprises (MSME). 
L&T-SuFin Chief Executive Mr Bhadresh Pathak was one of the distinguished speakers in a panel discussion on ‘Innovative Finance for MSMEs’.
Moderated by Mr Ashok Saigal (Co-Chair – CII National MSME Council and MD – Frontier Technologies Pvt Ltd), others on the panel included Mr Ronak Shah (COO & Co-Founder – Online PSB Loans Portal Ltd), Mr Bhushan Padkil (SVP & Head – D2C Business TransUnion CIBIL) and Mr Amit Kumar (DGM & Regional Manager - NR, ECGC Ltd).
The session focussed on how Indian MSMEs can benefit from innovative financial tools to strengthen their local presence and explore business beyond borders.
The discussion covered the innovation of digital technologies in finance that have helped MSMEs to access capital in a short time with less paperwork. Easy payment terms, including the daily payment option and innovative financial tools, have enabled MSMEs to focus on exploring new opportunities.
It was also pointed out that new-age financial practices can help MSMEs explore green finance and align with global compliances.
Feb 08
Clout in Data Tech
Clout in Data Tech
L&T-Cloudfiniti showcases the L&T’s ecosystem in the technology space

L&T-Cloudfiniti, an emerging player in data centre solutions, shone at the ETCIO Datacenter & Cloud Summit and EXITO’s Digital Transformation & Pharma IT Summit events held in Mumbai in December 2023.
In both the events that drew active participation from major industry giants, L&T-Cloudfiniti captivated the audiences with its transformative vision and offerings for the future of the data centre landscape.
It unveiled a series of cutting-edge solutions aimed at enhancing the efficiency, scalability, and security of data centres. From innovative infrastructure designs to state-of-the-art cooling solutions, it demonstrated a comprehensive suite of services poised to transform the landscape of data centre operations.
Mr Kirtikar Ojha (Head – Sales & Marketing, L&T-Cloudfiniti) spoke on the future of data centre technology, addressing challenges such as increasing data loads, security concerns, and energy efficiency. His thought leadership provided valuable perspectives on navigating the evolving landscape and showcased L&T’s commitment to pushing the boundaries of innovation.
The L&T-Cloudfiniti booth at the events attracted a diverse audience, eager to explore the data centre offerings.
Earlier, in August 2023, L&T-Cloudfiniti hosted a CIO KLUB at L&T’s Leadership Development Academy, Lonavala, that was attended by 54 CIOs from prominent organisations like Birlasoft, Volkswagen, and Vodafone Idea. The event highlighted L&T’s technological prowess across diverse divisions spanning L&T- Cloudfiniti, LTIMindtree, and LTTS.
Dr Hasit Joshipura (Advisor to L&T’s CMD) delivered an insightful opening speech, while Mr Ojha made a presentation on L&T’s iconic projects and data centre journey.
Feb 08
Iconic Affair
Iconic Affair
PM inaugurates India International Convention & Expo Centre
Constructed by L&T, the India International Convention & Expo Centre (IICC) at Dwarka Sector 25 in New Delhi was inaugurated in September. Prime Minister Mr Narendra Modi renamed it Yashobhoomi and dedicated it to the nation.
Appreciating the quality and aesthetics, the PM referred to the building as ‘an icon of modern India and an upcoming hotspot for conference tourism’. IICC has been built as a state of-the-art exhibition and convention centre to hold meetings, conferences and exhibitions.
IICC encompasses 89.72 hectares and has a floor area ration of 10.70 lakh sq m comprising the convention centre, five exhibition halls, a kilometre-long foyer, 3/4/5-star hotels, office and commercial/retail space.
The current phase of the project involves a convention centre and two exhibition halls with an adjoining foyer and the entire trunk infrastructure of the project. With a seating capacity of over 11,000, an auditorium, conference rooms and a grand ballroom, the convention centre is envisaged to be an iconic Indian landmark for international summits.
Feb 08
Fertile Future
Fertile Future
L&T foresees revamps and expansions in Indian fertiliser plants
L&T Heavy Engineering (HE) – manufacturer of mega fertiliser equipment – participated in the 59th Fertiliser Association of India (FAI) Seminar hosted in New Delhi held from 6-8 December 2023. The HE team interacted with clients, process licensors, EPCs, suppliers and industry champions at the seminar that brought together the who’s who from the fertiliser industry.
Dr Mansukh Mandaviya (Union Minister of Chemicals and Fertilisers & Health and Family Welfare was the chief guest, while Mr Bhagwanth Khuba (Minister of State for Chemicals and Fertilisers, New and Renewable Energy) was the guest of honour.
Interactive sessions were conducted on diverse topics – such as Fertiliser Use: Myth and Reality, Policy Interventions in the Fertiliser Sector, Innovations for Sustainable Agriculture, Transforming Fertiliser Production and Fertiliser Marketing Innovations.
Looking at current market trends, L&T foresees revamps and expansions of fertiliser plants for saving energy and bridging the gap between consumption and production, making India self-reliant in fertilisers as well as an exporter. Other areas of interest include nano fertilisers and green ammonia initiatives.
L&T Heavy Engineering is a leader in proprietary process plant equipment manufacture, and also provides services for critical modification and repair in India and abroad.
Feb 07
Indigenous Genius
Indigenous Genius
L&T Heavy Engineering set new benchmarks with indigenous manufacturing
In the concluding months of 2023, L&T’s world-class manufacturing facility at Hazira, Gujarat witnessed a steady stream of sophisticated hi-tech equipment being flagged off for prestigious clients in many parts of India.
Manufactured by L&T Heavy Engineering (HE), these equipment – including several firsts in India – were delivered on time with strict adherence to the specifications set by respective customers.
These momentous deliveries are testimony to L&T’s quality standards, customer focus, robust technical expertise, exceptional project management skills, and strong commitment towards building capabilities for India’s self- sufficiency.

In September 2023, HE flagged off India’s first indigenously manufactured Oxidation Reactor along with India’s second dehydration tower.
The equipment, meant for the Purified Terephthalic Acid (PTA) plant of Indian Oil Corporation’s Paradip project, were flagged off by Mr Ganesh Venugopal (VP & Project Director – Technip Energies, India).
The manufacture of this titanium-clad Oxidation Reactor to precision tolerances has contributed significantly towards the indigenisation of high-tech equipment and, in turn, to Government of India’s ‘Aatmanirbhar Bharat' initiative.
The scope involved design, material procurement, fabrication, inspection and testing of reactors. HE developed the technology for titanium-clad equipment fabrication in-house conforming to global standards.
With this flag-off, HE has successfully completed the supply of five critical equipment (1 Oxidation Reactor, 2 Dehydration Towers, 1 TA Crystalliser and 1 PTA Crystalliser) weighing a total of 1,900 MT for IOCL’s Paradip project.
On 9 October, HE’s Special Fabrication Unit (SFU) flagged off a Loop Reactor, manufactured first time in India for P-25 Expansion Project of IOCL’s Panipat Refinery.
Seniors from IOCL and Thyssenkrupp Industrial Solutions India Pvt Ltd (TkIS) graced the flag-off event.
Due to the criticality of loop reactors, manufacturers worldwide of this equipment are very few – and L&T is the only one from India.
In September 2023, HE hosted the readiness ceremony of a Urea Reactor (proprietary equipment based on SAIPEM urea process technology) manufactured for Chambal Fertilisers & Chemicals Ltd’s (CFCL) Gadepan plant. The event was attended by CFCL’s Mr U R Singh (VP – Works), Mr S N Gupta (DGM – Mechanical), Mr Anil V Parab (Whole-time Director & Sr EVP – HE and L&T Valves) and other dignitaries.
HE has a three-decade track record of supplying 36 Urea Reactors for various urea process technologies across the globe. In the domestic market, over the past six years, the CFCL order is one of 12 Urea Reactor orders won in a row.
Also, HE’s SFU flagged off heat recovery modules weighing 150 MT for National Fertilisers Limited (NFL), Vijaipur, Madhya Pradesh. Senior officials from NFL were present on the occasion.
In October 2023, Ms Sukla Mistry (Director – IOCL Refineries) flagged off the superheavy VGO Reactor (1,670 MT) and DP Reactor for IOCL’s Panipat Refinery Expansion (P-25) Project in the presence of Mr Anil Parab.
Also present at the ceremony were Mr M Anna Durai (ED & State Head – IOCL, Gujarat), Mr Surendra Singh Chauhan (CGM – IOCL), Mr Girish Mathure (Director Projects – TOYO Engineering), Mr Hemant Kurtadkar (Associate Director & Procurement Head – TOYO Engineering), Mr Sandeep Jadhav (Project Manager – TOYO Engineering) and Mr Ashok Karra (Sr Manager – EIL.

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