L&T plans capex of Rs 2,000 cr for FY 2009-10

Larsen & Toubro (L&T) today said it has planned a capital expenditure of Rs 2,000 crore for this financial year.     

"Our capital expenditure for this financial year will be Rs 1,900 crore-Rs 2,000 crore," L&T Chairman AM Naik told reporters here.     

The company is sufficiently capitalised to fund its capital expenditure. "We will not borrow funds for the capital expenditure," he said.     

The company in this financial year expects to grow at 25 per cent at topline and new order intake would grow at 25 per cent.      

"There is a renewed hope that the economy will revive faster than we think," he said.     

The company is looking at government projects to achieve its topline growth of 25 per cent.     

"Government projects, which were slowed down because of elections, are expected to be expedited. In a few months, we will see greater growth," Naik said.     

The company has a debt of Rs 6,400 crore in its books.     

It has decided to postpone IPO for its IT arm, L&T Infotech. "IPO plans are on hold till market improves," he said.