L&T Chairman AM Naik has kicked off a restructuring plan that will divide the 37,000-crore engineering and infrastructure conglomerate L&T into nine virtual companies.
Each of these, being called `independent companies’, will have a full-fledged CEO, CFO and HR head, and will manage its own profit and loss account, Naik said. Each will even have its own board of directors with at least three independent directors.
Some of these independent companies could be spun out of L&T and listed on the bourses before 2015, Naik said.
The Nine Virtual companies include:
Power,
hydrocarbon,
Machinery & product,
Switchgear,
Heavy engineering,
Infrastructure,
Building & factories,
Metals & minerals and
Electrical businesses
Apart from them L&T Finance & Infrastructure finance company may also be hived off.
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