Indian construction and engineering giant Larsen & Toubro (L&T) has announced a next-gen technology initative in a bid to bolster its credentials in areas such as the internet of things (IoT), artificial intelligence (AI), and augmented reality.
According to a statement, the construction said L&T-Nxt has been “identified as a select initiative” in the group’s five-year strategic plan, adding it has reached a "critical juncture in its development cycle" and is training its sights on accelerating top- and bottom-line growth.
The scheme will focus on "new-age" industries such as AI, IoT, virtual and augmented reality, geo-spatial solutions, and cyber security. L&T said it will leverage the experience it has garnered "over the decades" to plan its tech-focused future.
S N Subrahmanyan, L&T’s chief executive officer and managing director, said: “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 digitalisation and analytics."
The group is no stranger to such technologies, which the construction sector has seemed more responsive to over the last few years.
Through its engineering, procurement, construction, and manufacturing business, L&T said it has made one of the “largest deployments of IoT, analytics, and AI in the industrial sector by [taking] most operational matters online" including finance, human resources, labour, plant, and materials.
“With the lines between the physical and digital blurring, Industry 4.0 is being founded,” added J D Patil, board member and senior executive vice president of L&T’s defence business.
“We see new technology businesses and sunrise enterprises as prime constituents with the latent upside for rapid and substantial value creation."
The news comes in the same month as L&T’s chairman A M Naik was conferred India’s second-highest civilian award, the Padma Vibhushan, by Indian President Ram Nath Kovind.