Successor to be ready by April: L&T's Naik | business | Hindustan Times
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Successor to be ready by April: L&T's Naik

business Updated: Aug 26, 2011 21:44 IST
HT Correspondent

AM Naik, chairman and managing director, L&T, on Friday said his successor would be finalised and announced on April 1, 2012, six months prior to his retirement. Naik is set to retire in September 2012.

The restructuring, which involves reorganising it into nine functionally independent firms under the parent L&T, is being completed, said Naik at the company's annual general meeting.

"The new structure has been rolled out and is beginning to function," he said.

The damage caused to the Fukushima nuclear plants in Japan due to the tsunami may push back large ordering of nuclear power capacity addition in the world by a few years, he said. This could delay nuclear capacity addition in the country by a couple of years because of more stringent safety measures that will become mandatory for construction of nuclear plants.

India plans to increase its nuclear power capacity to 20 GW by 2020 and 63 GW by 2032. The joint venture with Nuclear Power Corporation of India will be ready by year-end, he said.

The company' Chennai port will also be ready by the end of the current year and will be operational next year, he said.
The order backlog of the engineering and construction major rose to R1,30,217 crore by the end of 2010-11 while turnover crossed R52,000 crore.

The company is eyeing big business prospects in transportation infrastructure creation, water, urban building infrastructure, mining and material handling. "Some tierII cities are planning metro or mono rails as the solution to traffic congestion and some airport prospects in India and abroad also are targeted," he said.

"Converting seawater into potable water with desalination plants throws up increasing business prospects both in domestic and West Asian markets," he said.