Mumbai: L&T Infotech will double its income from the present $887 million in the next three to four years. The company’s IPO which is an offer of sale of L&T’s stake in the company, is expected to mobilise Rs 1,200 crore that will be utilised by the parent company L&T for working capital and acquisition of companies in North America and Europe.
“When listed it will mark the listing of a sizeable IT company in India after a long time and the last one,” said non-executive chairman A.M. Naik L&T Infotech. Around 35-40 people out of 600 trained in automation in the electrical group in L&T have been transferred to L&T Infotech and 300 more may be transferred depending on the opportunities.
L&T, Mr Naik said, is the only company that created a smart world group even before smart cities came into focus and has the ability to provide smart solutions from the construction stage to the hardware and software required, he said. Their turnover has crossed Rs 1,000 crore and have targeted Rs 5,000 crore in the next five years. They currently have 60 per cent market share in the smart group. They have recently put up the 10,000 camera security system in Hyderabad and earlier seven smart systems in Jaipur. L&T Infotech derives the largest chunk of its revenue from North America at 69.4 per cent followed by 17 per cent in Europe.
