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News on Medial
Retail therapy: Inside the business shift at L&T Finance
Livemint
·
1y ago
Medial
Sudipta Roy has been appointed as the CEO of L&T Finance, a subsidiary of Larsen & Toubro, with the task of transforming the company's performance. L&T Finance, although backed by the engineering giant, has struggled to establish itself in the financing sector. The company is planning a five-pillar strategy to raise its brand visibility, enhance customer acquisition, improve credit underwriting, develop a futuristic digital architecture, and build capabilities. Additionally, L&T Finance is leveraging AI and ML technologies through projects like "Cyclops" to assess credit risk and automate decision-making in lending. While it is still early to assess the full impact of these changes, there has been an improvement in the company's numbers, particularly in two-wheeler loans and prime customers.
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LTIMindtree appoints Vipul Chandra as CFO following Vinit Teredesa’s resignation
Thehindubusinessline
·
1y ago
Medial
Mindtree's Chief Financial Officer (CFO), Vinit Teredesai, has resigned from his position to explore opportunities outside the L&T Group. His resignation will be effective from April 24, 2024. Vipul Chandra, currently the Head of Treasury of Corporate Finance at Larsen and Toubro (L&T), will take over as the new CFO from April 25, 2024. Chandra brings with him over three decades of finance experience, having previously served as the Managing Director - Head of Corporate Sales & Structuring at Citibank. Mindtree's shares on the NSE were down 0.94% at ₹5,115.50.
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CRED Partners L&T Finance To Offer Unsecured Personal Loans
Inc42
·
11m ago
Medial
CRED, the Indian fintech major, has partnered with L&T Finance to launch a new product called CRED Cash. This product will be disbursed through CRED's NBFC arm, NewTap Finance. The partnership aims to leverage the financial services expertise of L&T Finance and CRED's large customer base. The launch of CRED Cash comes as the Reserve Bank of India has taken measures to regulate the rapid growth of unsecured lending in the country.
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L&T to acquire semiconductor design firm SiliConch
VCCircle
·
1y ago
Medial
Indian engineering and construction company Larsen & Toubro (L&T) is set to acquire semiconductor design firm SiliConch Systems, in a move to strengthen its presence in the fabless semiconductor business. L&T's wholly owned subsidiary L&T Semiconductor Technologies will purchase a 100% stake in SiliConch for up to INR183 crore ($21.9m). The deal is expected to be completed by 15 September. L&T said the acquisition aligns with the growth strategy of its semiconductor arm and will provide it with intellectual property, engineering skillsets and design expertise.
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L&T commissions first indigenously built Hydrogen Electrolyser at Hazira
Thehindubusinessline
·
1y ago
Medial
Larsen & Toubro (L&T) has commissioned its first domestically produced electrolyser at the Green Hydrogen Plant in Gujarat. The plant features a 1 MW electrolyser capacity with the ability to produce 200 Nm3/Hr of hydrogen. L&T Electrolysers Ltd, a subsidiary of L&T, aims to lead in the domestic and global markets for clean energy solutions. The company plans to leverage its upcoming facility in Hazira to meet the growing demand for green hydrogen. L&T Electrolysers has also been allocated a significant capacity under the National Green Hydrogen Mission.
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Critical for Defence Tech Start-Ups to Prove Reliability on Field: L&T Executive
OutlookIndia
·
4m ago
Medial
Defence tech startups need to demonstrate the real-world reliability of their innovations, says an L&T executive. Success is not just about lab ideas but field performance against real challenges. This ecosystem fosters innovation, benefiting companies like L&T despite potential competition. The executive emphasizes that sustainable success requires converting innovation into viable business models by developing capabilities and market presence. The insights were shared at the Startup Mahakumbh, a major event for the startup ecosystem in India.
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CreditAccess Grameen, Five Star, L&T Finance shares surged up to 15% today; here's why
Business Today
·
5m ago
Medial
Shares of certain financial companies, including CreditAccess Grameen, Five-Star Business Finance, and L&T Finance, surged up to 15% following the Reserve Bank of India's new notifications. The RBI stated that microfinance loans deemed consumer credit would have a 100% risk weight, and risk weights for NBFCs rated A and above would return to pre-November 2023 levels. These regulatory changes likely boosted investor confidence, contributing to the share price increases.
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Torrent is said in talks to buy L&T’s power unit for $1 Bn
Economic Times
·
15d ago
Medial
Torrent Power Ltd. is in discussions to purchase the thermal business unit of Larsen & Toubro Ltd. for approximately $1 billion, including debt. Both companies are working with advisers on the potential deal, which could help L&T reduce its debt. The negotiations are ongoing, and the details may change as there's potential for talks to collapse or other bidders to emerge. L&T considers this sale to focus on its core engineering and construction business.
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AM Naik steps down as Chairman of LTIMindtree; SN Subrahmanyan to succeed
Livemint
·
1y ago
Medial
A. M. Naik will step down as Chairman of L&T Mindtree, with S. N. Subrahmanyan taking over the role on June 27, 2024. Naik has been praised for significantly increasing shareholder value and transforming L&T Mindtree into a global leader. He expressed pride in the company's growth and confidence in Subrahmanyan's leadership. Known as SNS, Subrahmanyan played a key role in L&T Mindtree's growth, including the acquisition of Mindtree and its subsequent merger. He acknowledged Naik's efforts and expressed gratitude for the opportunity to continue L&T Mindtree's legacy.
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L&T boosts AI, data centre ambitions with E2E Networks deal
Livemint
·
9m ago
Medial
Engineering major, Larsen & Toubro (L&T) is set to invest in AI cloud platform provider, E2E Networks. This move is expected to accelerate L&T's offerings in the data centres and AI space, giving access to E2E's existing AI cloud platform. L&T recently operationalised data centres in Panvel and Chennai, and the collaboration with E2E will provide an enterprise cloud layer for its clients. L&T plans to invest INR 1,407 crore to acquire a 21% stake in E2E Networks. This strategic partnership aims to leverage client relationships and drive growth in the AI and digital transformation space.
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How L&T is engineering an AI-driven conglomerate
Livemint
·
1y ago
Medial
Larsen and Toubro (L&T), India's largest engineering and infrastructure conglomerate, is leveraging digital technologies such as RFID tags, geofencing, IoT devices, drones, robotic process automation, and AR/VR tools to monitor and optimize its assets. By using these tools, L&T aims to reduce waste and pilferage while increasing productivity. For example, L&T utilizes automated geofencing to monitor the location of visitors and IoT devices to track fuel and materials consumption. The company has also implemented AI and machine learning for predictive analytics, risk assessment, and productivity tracking. L&T's digital initiatives have resulted in significant cost savings and improved efficiency.
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