IT company Larsen and Toubro have now revealed a new strategic initiative that will soon be going to focus on some of the latest emerging technologies.
The company said that the initiative, which is called as L&T Nxt, which is also aimed at the innovation while reaping the benefits of the digitization. It will focus on areas such as the Internet of things, Artificial Intelligence, Cybersecurity, Virtual Reality, Geospatial Solutions, and Augmented Reality.
The development also comes in the picture in the backdrop of L&T hostile takeover bid for the homegrown IT services from the Mindtree Ltd.
Under its five years’ strategic plan, L&T will be going to make some of the significant investments in human resources and monetary.
“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 digitization and analytics,” Subrahmanyan added.
The $17 Billion L&T groups have interests in real estate, construction, financial services, defense and information technology, and some other sectors. The lines between both the digital and physical are blurring with the advent of industry 4.0 paradigm. It added that the company was also ideally placed to capitalize on some of the emerging opportunities with its diverse interests in some of the multiple business verticals.
“Having reached a critical juncture in its developmental cycle, we are training our sights towards accelerating top line and bottom-line growth and, at the same time, expand its potential for value creation by adopting a fresh mindset and building a new structure ground up. With this strategic effort, we are confident that this will be an enabler for our businesses,” said JD Patil, senior executive vice president (defense business).