Larsen & Toubro is a major technology engineering construction manufacturing and financial services conglomerate with global operations. The company is one of the largest and most respected companies in India's private sector. The company operates in three segments Engineering & Construction Segment Electrical & Electronics segment Machinery & Industrial Products and others. The company's Engineering Construction & Contracts Division (ECCD) undertakes engineering design and construction of infrastructure buildings factories water supply and metallurgical & material handling projects covering civil mechanical electrical and instrumentation engineering disciplines. Their Engineering & Construction Division designs engineering and executes projects for hydrocarbon sector with front-end design. Its heavy engineering division is organized into two independent companies: Heavy Engineering Independent Company and Ship Building Independent Company. Their Electrical & Electronics division comprises Electrical and Automation Independent Company and Medical Equipment and Systems business.L&T has an international presence with a global spread of offices. A thrust on international business has seen overseas earnings grow significantly. It continues to grow its overseas manufacturing footprint with facilities in China and the Gulf region. The company's businesses are supported by a wide marketing and distribution network and have established a reputation for strong customer support.Larsen & Toubro Ltd was incorporated in the year 1946 as a private limited company. Earlier the company was established as a partnership firm founded by two Danish engineers Henning Holk Larsen with Soren Kristian Toubro im Mumbai. In December 1950 the company became a Public Company with a paid-up capital of Rs.2 million. They executed prestigious orders during this period which includes the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant.During the year 1981-82 the company acquired 2 bulk shipping carriers from Japan. During the year 1983-84 they started one cement plant with capacity of 1 MTPA at Maharashtra. In the year 1997 the company formed a joint venture company with Deere Pvt Ltd to manufacture agricultural tractors namely L&T-John Deere Pvt Ltd. In April 1 2003 the company transferred their cement business to Ultra Tech Cement Ltd. The company received a host of awards medals and trophies for their continuous efforts. They received Environmental Excellence Gold award from Greentech Foundation during the years 2003-04 and 2004-05. Engineering Export Promotion Council (EEPC) offered a trophy for high exports. The Ministry of Power conferred the first prize in National Energy Conservation for the year 2005.In July 2005 the company approved the divestment of their stake in L&T-John Deere Pvt Ltd. In August 2005 the company entered into a MoU with DatarSwitchgear Ltd (DSL) to merger the company with L&T. As on October 2005 the company totally exited from the packaging business by sale of their Glass Containers Business to ACE Glass. In the year 2006 the company amalgamated two of their own folds the L&T Power Investments Pvt Ltd (LTPL) amalgamated with India Infrastructure Developers Ltd (IIDL).During the year 2006-07 A Wall Street Journal survey featured L & T among Asia's 'Most Admired Companies' and ranked the company No.1 for quality of products and for overall reputation. In April 2007 the company and theirs associate Audco India Ltd (AIL) invested Rs 35 crore in the Coimbatore (TN) switchboard and valve unit. Larsen & Toubro made a tie up with Japan's Toshiba Corporation and Mitsubishi Heavy Industries for setting up manufacturing facilities for super-critical turbines and boilers used in coal-fired power generation plants. During the year 2008-09 the company transferred their entire 100% stake in L&T Infrastructure Finance Company Ltd L&T Finance Ltd and India Infrastructure Developers Ltd to L&T Capital Holdings Ltd (LTCHL). In March 31 2009 the company acquired 50% stake in L&T-Demag Plastics Machinery Ltd from the joint venture partner Sumitomo (SHI) Demag Plastics Machinery GmbH. Accordingly L&T-Demag Plastics Machinery Ltd became a wholly owned subsidiary of the company with effect from March 31 2009.In April 2010 the company and Rolls-Royce the global power systems company signed an MoU for cooperation to effectively address the projected need for light water reactors in India and internationally. Also the company won a critical offshore platform contract from Gujarat State Petroleum Corporation (GSPC) valued at Rs 1060 crore. In May 2010 the company and Howden signed a joint venture to design engineer manufacture and supply axial fans and air preheaters to Indian thermal power plants ranging between 100 MW to 1200 MW. The joint venture will invest around Rs 100 crore for setting up of the industrial facility and related infrastructure. The manufacturing unit will be setup in Hazira Gujarat. In June 2010 the company secured orders aggregating Rs 747 crore from various customers like Coal India Indiabulls Power Ltd and Hindalco Industries Ltd. Also they secured orders aggregating to Rs 1440 crore for the construction of residential towers township and factory building. The Thermal Power Plant Construction business unit secured two orders aggregating Rs 827 crore from GVK Power for their Gautami Combined Cycle Power Plant Expansion and from SEPCO-I for Talwandi Sabo Power Plant in Punjab.In July 2010 the company won an offshore rig refurbishment contract from Oil and Natural Gas Corporation valued at Rs 376 crore. In August 2010 the company's Building & Factories Operating Company (B&F-OC) secured orders aggregating to Rs 10.25 billion for the construction of two hospital building residential projects in Mumbai and a cement plant from a major cement manufacturer. Also the company received two projects worth Rs 1195 crore from ONGC to set up additional processing units at its gas processing complexes at Hazira and Uran. In September 2010 the company and Befula Investments (South Africa) signed a shareholders agreement to incorporate Larsen & Toubro T&D SA (Pty) Ltd in South Africa to capitalize on the power transmission and distribution opportunities in South Africa.In October 2010 the company received an order valued at Rs 1449 crore from DB Power Ltd promoted by the Bhaskar Group. In December 2010 they secured two orders amounting Rs 415 crore from Hindalco and Sepco-I. The Hindalco order worth Rs 253 crores is for carrying out structural steel works for the 6x150 MW captive power plant in Orissa. The Sepco-I order valued at Rs 162 crore is for the erection of boilers for their 2x660 MW Talwandi Sabo Power plant developed by Sterlite Energy Ltd in Punjab.In January 2011 the company secured orders aggregating Rs 1103 crore from various power plant developers for construction of merry go round systems construction of dedicated railway lines to link power plant sites to the main line rail network. The company and Kobe Steel Ltd entered into a joint venture (JV) for the manufacture of internal mixers and twin screw rollerhead extruders for the tyre & rubber industry for global markets including India. The JV aims to provide customers with products for the tyre industry. In February 2011 the company secured an order valued over Rs 1100 crore from Gujarat State Electricity Corporation Ltd (GSECL) a government of Gujarat company to set up a 1 x 375 MW gas based power plant at Dhuvaran near Baroda in Gujarat on EPC basis.In May 2011 the company received an order valued over Rs 3500 crore from PPN Power Generating Company Ltd based in Chennai for setting up a 3 x 360 MW gas based power plant at Village Pillaiperumalnallur in Nagpattinam District of Tamil Nadu State on EPC basis. They won a process platform contract from Gujarat State Corporation (GSPC) valued at Rs 14.50 billion. In July 2011 the company bagged a major international EPC order valued at Rs 1210 crore from Qatar General Electricity & Water Corporation (KAHRAMAA) for supply and construction of thirteen extra high voltage (EHV) substations in Qatar.In August 2011 the company bagged international orders valued at USD 889 million in the hydrocarbon sector. One order is from Abu Dhabi Gas Industries Limited (GASCO) for its Habshan-Ruwais-Shuweihat (52'/48' dia) Gas Pipeline Project. Valued at around USD 189 million it involves EPC installation & commissioning of 123 KM of the pipeline to be commissioned in 24 to 26 months. The other order is a USD 450 million EPCI project awarded to L&T Hydrocarbon's Upstream Business Group from ADMA-OPCO a subsidiary of ADNOC and a major producer of Oil & Gas for the UAE.In August 2011 the company secured new orders worth Rs 1340 crore in the Building & Factories segment for the construction of commercial & residential buildings including add-on orders from ongoing projects. In September 2011 they received a project order valued around Rs 700 crore from the Petroleum Development Oman LLC (PDO). The order is for setting up a green field project planned to treat an average of 3 MMSCMD of gas. In November 2011 they bagged new orders worth Rs 1629 crore in the building and factories segment.In December 2011 the company bagged a major order valued at Rs 21.64 billion in their Infrastructure Segment from GMR Infrastructure. The order is for construction of stretches consisting of six laning of Kishangarh Udaipur Ahmedabad Highway. The development would be executed on EPC (Engineering Procurement & Construction) basis.In 2012 Larsen and Toubro's financial arm L&T Finance Holdings Limited (LTFH) has entered into the housing finance business by acquiring Indo Pacific Housing Finance Ltd (IPHF) a small sized housing finance company. Larsen & Toubro (L&T) also bagged Rs 1937 crore order for 4-laning of a major portion of Shivpuri-Dewas section of NH-3 in Madhya Pradesh from GVK Group. The company and Samsung Techwin have joined hands to cooperate in the Indian Army's Tracked Self Propelled Artillery programme. L&T and Nexter Systems join hands for Indian army artillery programme. L&T Joint Venture firm bags contract from Sadara Chemical Company. L&T Construction Secures Orders Valued at over Rs 2592 Crore Rs 2040 crores and Rs 2008 crore from various business segments. L&T Wins Rs. 749 Crore Contract from ONGC for 4 Wellhead Platforms. L&T Wins Prestigious Order for Manufacture of Cryostat for International Fusion Energy Project. L&T led Joint Venture wins Rs. 1252 Cr Delhi Metro Contract. Larsen & Toubro bags $250mn EPC contract in Ras Laffan Qatar. L&T bags Rs 781 cr contract from ONGCIn 2013 L&T Completes Acquisition of Audco India Ltd. L&T IDPL bags Rs. 1293 crore road project in Odisha. L&T Group Company Wins Saudi Aramco Contract. L&T Ranked Asia's 2nd Most Sustainable Company in Industrial Sector. L&T Technology Services Wins Frost & Sullivan Excellence Award. L&T Wins Golden Peacock Award for Excellence in Corporate Governance. L&T Power Wins National Energy Conservation Award. L&T Wins ICICI Foundation-CNBC TV 18 `Inclusive India' Award. L&T Construction also Wins Rs.1630 Crores Expressway Project in Uttar Pradesh. L&T Wins Saudi Aramco Contract. L&T Wins Rs 5100 Crore Supercritical Power Plant Order from MP State Utility. L&T Construction Wins Rs. 4510 Crs Doha Metro ProjectIn 2015 L&T Won Golden Peacock Award for Risk Management' Award for Excellence in Power Project Execution from the Central Board and Good Corporate Citizen Award. L&T Construction Commissions India's first 765kV Gas Insulated Substation. L&T secures Rs 5580 cr power plant order from NTPC. L&T also Signs MoU with AREVA for Jaitapur Nuclear Power Project. L&T opens new service centre in Nagpur.At the time of announcement of Q4 March 2015 results on 30 May 2015 L&T said that the company's consolidated order inflow surged 39% on year-on-year basis at Rs 47582 crore in Q4 March 2015. On 3 July 2015 L&T announced that it has successfully flagged off India's first Nuclear 700 MWe Steam Generator for Kakrapar nuclear power plant in Gujarat. At the time of announcement of Q1 June 2015 results on 31 July 2015 L&T said that the company won new orders worth Rs 26376 crore at consolidated level in Q1 June 2015.On 21 September 2015 Larsen & Toubro announced that it has sold 8.52 crore equity shares of its subsidiary L&T Finance Holdings representing 4.95% stake in the company on the National Stock Exchange at Rs 70 per share. At the time of announcement of Q2 September 2015 results on 30 October 2015 L&T said that the company won new orders worth Rs 28620 crore at consolidated level in Q2 September 2015.On 9 November 2015 Larsen & Toubro announced that it has entered into an in-principle agreement for strategic sale of Kattupalli port in Tamil Nadu to Adani Kattupalli Ports Private Limited (AKPPL) a subsidiary of Adani Ports and Special Economic Zone (APSEZ). At the time of announcement of Q3 December 2015 results on 29 January 2016 L&T said that the company won new orders worth Rs 38528 crore at consolidated level in Q3 December 2015.On 25 February 2016 L&T announced that its fully-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has signed a long-term agreement with McDermott International focused on subsea projects in deepwater segment emerging on the east coast of India. Under the agreement LTHE and McDermott will develop a cost-effective approach which will utilize LTHE's state-of-the-art strategically located Kattupalli facility near Chennai. It will be used for fabrication and setting up of a local spool base in India.On 31 March 2016 L&T announced that it has sold its entire 89% stake in L&T Infocity Limited to Ace Urban Developers for total consideration of Rs 191 crore. L&T had promoted L&T Infocity Limited as a special purpose vehicle (SPV) in 1997 in partnership with Andhra Pradesh Infrastructure Investment Corporation to develop IT infrastructure in Andhra Pradesh. At the time of announcement of Q4 March 2016 results on 25 May 2016 L&T said that the company won new orders worth Rs 43334 crore at consolidated level in Q4 March 2016.On 31 May 2016 L&T's wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) announced a teaming agreement with Parsons Corporation to provide engineering and design solutions for onshore and offshore projects across the hydrocarbon fertilizer chemicals and modular plant sectors. On 15 July 2016 L&T announced that it has decided to participate in the offer for sale of equity shares by way of initial public offering by its subsidiary L&T Technology Services. L&T proposes to sell up to 15% of the equity shares held in L&T Technology Services through the offer.At the time of announcement of Q1 June 2016 results on 29 July 2016 L&T said that the company's consolidated order inflow rose 14% on year-on-year basis at Rs 29702 crore in Q1 June 2016. On 26 August 2016 L&T Group Chairman A.M. Naik said at the 71st Annual General Meeting of the company that L&T plans to achieve revenue of Rs 2 lakh crore (USD 30 billion at the prevailing exchange rates) by 2021 without compromising on profit margins and achieving an order inflow in excess of Rs 2.5 lakh crore per annum.On 22 September 2016 Larsen & Toubro announced that it has won an order worth USD 99.7 million from Vietnam Border Guard for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard. It is the biggest export order given to a private Indian Shipyard till date. On 4 October 2016 Larsen & Toubro announced that it has achieved synchronisation of the first 660 MW supercritical unit (Unit-5) of the 2x660 MW supercritical thermal power project at Chhabra in Rajasthan in record time of 42 months and four days from the date of Notice to Proceed. On 14 October 2016 L&T announced that a consortium of the company and Sojitz Corp. Japan has won a major order worth Rs 3799 crore from the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL). This Design and Build Integrated Package involves the construction of Civil (Embankment Structure Tunnel) Track Works Overhead Electrification Traction Substations and Signaling & Telecommunication Works for double line electrified tracks with 2x25 kV AC high rise Overhead Catenary System capable of operating at a maximum train speed of 100 Km/h from Rewari to Dadri (128 Km). On 20 October 2016 L&T announced the signing of a formal contract with the Department of Information & Technology Maharashtra Government under which Nagpur will be converted into the country's first large-scale integrated Smart City. L&T-MHPS Boilers Private Limited (LMB) a joint venture of Larsen & Toubro Limited (L&T) and Mitsubishi Hitachi Power Systems Limited (MHPS) Japan signed a Technology Licence Agreement with MHPS on 7 November 2016 for Selective Catalytic Reduction (SCR) systems. The technology licensing agreement is for design engineering manufacture installation commissioning and sale of new boilers under BTG EPC or SG packages or standalone SCR systems and for existing and under construction boilers on exclusive basis in India.On 8 November 2016 L&T announced that it has signed a long-term technical licence agreement with Chiyoda Corporation Japan for its Flue Gas Desulphurisation (FGD) technology. The agreement grants L&T exclusive rights to undertake EPC of CT-121TM FGD Systems. At the time of announcement of Q2 September 2016 results on 22 November 2016 L&T said that the company's consolidated order inflow rose 11% on year-on-year basis at Rs 31119 crore in Q2 September 2016. On 2 January 2017 L&T announced that it has bagged a project from Pune Municipal Corporation to convert Pune into a smart city as a part of Government of India's Smart City Mission. On the same day L&T announced that its fully owned subsidiary L&T Hydrocarbon Engineering in consortium with EMAS CHIYODA Subsea has won two awards involving Engineering Procurement Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world Saudi Aramco.On 13 February 2017 L&T announced that the company has formed a joint venture with MBDA a world leader in missile systems to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces. L&T will own 51% of the new joint venture company with MBDA owning the remaining 49% stake.On 25 February 2017 L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged an onshore EPC contract worth around Rs 1100 crore from Indian Oil Corporation Limited (IOCL) for setting up a 0.740 MMTPA Fluidised Cracking Unit (FCC) including LPG Treatment Facility at IOCL's Bongaigaon refinery in Assam. On 28 February 2017 L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement (EFA) with Shell Global Solutions International B.V. for providing Engineering Procurement and Construction Management (EPCM) services for Shell projects in the Middle East South East Asia and India. The EFA is for a period of five years.On 20 March 2017 L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has bagged an offshore contract valued at Rs 1656 crore for the Neelam Re-Development & B173AC Project from Oil & Natural Gas Corporation (ONGC). On 28 March 2017 L&T announced that the Buildings & Factories Business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbai's century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). On 30 March 2017 L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited has bagged orders totalling close to Rs 4000 crore in the International market. On 7 April 2017 L&T announced that it has commissioned gas turbines in open cycle for two large gas-based power projects in Bangladesh in quick succession during March 2017.On 21 April 2017 Larsen & Toubro and Hanwha Techwin (HTW) of South Korea signed a contract for execution of the 155mm/ 52 Cal Tracked Self Propelled (SP) gun program for the Indian Army. On 12 May 2017 Larsen & Toubro announced that it has won a contract worth Rs 4500 crore for supply of 100 units of 155mm/ 52 calibre Tracked Self-Propelled gun systems to the Indian Army. It is the largest private sector defence order for artillery guns. On 26 May 2017 L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed a Memorandum of Agreement (MOA) with Institute of Chemical Technology (ICT) to build ethanol plants based on the fully indigenous technology developed by ICT for producing Second Generation Ethanol.At the time of announcement of Q4 March 2017 results on 29 May 2017 L&T said its consolidated order inflow rose 9.6% on year-on-year basis to Rs 47289 crore in Q4 March 2017. On 20 June 2017 Larsen & Toubro announced the launch of a Floating Dock (FDN-2) designed and built for the Indian Navy at the company's greenfield shipyard at Kattupalli near Chennai. This marks a significant achievement for L&T's Shipbuilding arm in Design Construction and Project Management of Defence Vessels. At the time of announcement of Q1 June 2017 results on 28 July 2017 L&T said that the company won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. On 2 August 2017 Larsen & Toubro announced the bagging of a Rs 3375-crore major breakthrough order from Metro Express Limited which is owned by the Government of Mauritius to design and build an Integrated Light Rail-based Urban Transit System in Mauritius. The project will be fully funded through a Government of India grant and Line of Credit.On 16 August 2017 L&T announced that it entered into a definitive agreement for the divestment of its entire stake in its wholly-owned subsidiary L&T Cutting Tools Limited to IMC International Metalworking Companies B.V a company owned by Berkshire Hathaway Inc. for a total consideration of Rs 174.04 crore. On 2 September 2017 L&T announced that its subsidiary Infrastructure Development Projects Limited (L&T IDPL) has filed an application with Securities and Exchange Board of India for registration of its proposed infrastructure investment trust named IndInfravit Trust.On 3 October 2017 Larsen & Toubro announced that it has completed the purchase of the entire remaining 26% stake held by Airbus Defence and Space GmbH (earlier known as EADS Deutschland GmbH) in L&T Cassidian a joint venture between Larsen & Toubro and Airbus Defence and Space GmbH.At the time of announcement of Q2 September 2017 results on 11 November 2017 L&T said that the company won new orders worth Rs 28732 crore at consolidated level in Q2 September 2017 amidst subdued business environment policy uncertainties and delayed implementation. On 1 January 2018 L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has secured a major EPC contract for Crude Distillation and Vacuum Distillation Unit (CDU & VDU) from Hindustan Petroleum Corporation Limited Visakhapatnam Refinery and an extension to an ongoing contract for Reliance Industries Jamnagar both adding to about Rs 2100 crore. On 2 January 2017 L&T announced that its construction division has won orders worth Rs 1454 crore across various business segments.On 5 January 2018 L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has secured an offshore contract for `Bassein Development 3 Well Platform & Pipeline Project' from Oil & Natural Gas Corporation (ONGC). The order is valued at approximately Rs 1483 crore. On 8 January 2018 L&T announced the Transportation Infrastructure and Water & Effluent Treatment businesses of L&T Construction have jointly bagged three EPC orders worth Rs 2265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA).At the time of announcement of Q3 December 2017 results on 31 January 2018 L&T said its consolidated order inflow jumped 38% on year-on-year basis to Rs 48130 crore in Q3 December 2017. Consolidated order book of the group stood at Rs 270727 crore as on 31 December 2017. The international order book constituted 25% of the total order book.The board of directors of the company at a meeting held on 31 January 2018 approved subscription to equity shares offered by its subsidiary L&T Finance Holdings (LTFH) on a preferential basis up to an amount not exceeding Rs 2000 crore subject to necessary approvals including the approval of board of directors and shareholders of LTFH. The exact amount of the subscription would depend on the preferential issue that LTFH would be making to L&T.