L&T Targets US$1 Bn Revenue from L&T Nxt in 5-7 Years
L&T launched the new-age technology platform – L&T Nxt to focus on the fields of IoT, AI, VR, AR, cyber security and geo‐spatial solutions
Indian infrastructure major Larsen & Toubro (L&T) is targeting over US$ 1 billion in revenues from its recently launched new strategic initiative – L&T Nxt in the coming five to seven years.
In accordance with the expectations of new age industry, L&T launched the new-age technology platform to focus on the fields of Internet of Things (IoT), artificial intelligence (AI), virtual reality (VR), augmented reality (AR), cyber security and geo‐spatial solutions, as well as leveraging the experience that the company has garnered over the decades.
“This is more like a start-up … this is more of an initiative going into outside market. Many of our initiatives have resulted in success stories. We will be looking at beyond a billion dollars in five years to seven years span,” reported PTI, citing J. D. Patil, L&T’s Senior Executive Vice-President (Defence Business) and member of the board, as saying.
Support to clientele
The executive further said that after pursuing the initiative in-house for quite some time, L&T Nxt is being taken to the market with the idea support its clients and customers and hoping to see some type of unlikely success stories.
Currently, we are looking at around US$ 100 million to begin with and after that we would want to constantly hone it, when we move upwards, Patil said.
The major focus will be on core fields of business through 64 of the domain verticals of the company, he added.
At the launch of L&T Nxt, S.N. Subrahmanyan, Chief Executive Office and Managing Director, L&T, has said, “Disruption has become the new order and as we embrace new and frontier technologies, our businesses are leapfrogging into entirely new realms powered by the tremendous benefits of digitalisation and analytics. We are committing significant investments and talent into this strategic effort and are confident that this will be an enabler for business.”
source : http://electronicsofthings.com