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L&T eyes oil & gas, banking

business Updated: Aug 26, 2010 22:33 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The country's largest engineering and construction company Larsen &Toubro is looking to foray into the banking and oil and gas sector.

The engineering giant can become a complete bank, said A M Naik, chairman and managing director, at the company's annual general meeting.

"Should there be an opportunity for L&T to become a complete bank, the answer is yes," Naik said.

"We are among one of the three NBFCs (non-banking finance companies) in the country. Common people have tremendous confidence in L&T and its credibility, which is one of the hallmark of entering the banking industry."

The Reserve Bank of India recently released a discussion paper on granting licences for setting up new banks to private sector players including NBFCs and sector watchers were expecting L&T Finance - a subsidiary of L&T - a top contender for applying for licence.

The company is also looking to open an office for selling products and exploring opportunities in the oil and gas sector.

"In order to give further stimulus to our international business, we are setting up an organisation at the corporate level to manage the entire international marketing network," said Naik.

On the question of who will succeed him, Naik said the company was seriously working on the issue.

"The initiative by the company (on succession) is in very accelerated pace, where at three levels we are doing leadership development with professional consulting companies and training group companies and the whole board is taking that as the topmost priority," said Naik, who has worked with the company for 46 years.

"We have to put L&T with the transition into a new leadership, which will continuously grow the company."