The first of two multi-purpose vessels being built by Indian conglomerate Larsen and Toubro (L&amp;T) for the Indian Navy was launched on Monday (Oct 14) at the firm's Kattupalli shipyard, near Chennai. The ceremony was presided over by Chief of the Naval Staff, Admiral Dinesh K Tripathi. The ship has been named ‘Samarthak’ which means ‘supporter’ and is synonymous with the multi-dimensional role that the platform is expected to perform.&nbsp;

Launching is the ceremonial event where the ship is moved from the dry dock to the water for the first time. Henceforth, the ship will undergo sea trials where its various systems and sub-systems will be tested. Usually, the ships are formally inducted (commissioned) into the Navy after several months and phases of rigorous testing at sea.

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Here's Samarthak- 1st Multi-purpose vessel that'll serve <a href="https://twitter.com/hashtag/IndianNavy?src=hash&amp;ref_src=twsrc%5Etfw">#IndianNavy</a>...Proudly made in <a href="https://twitter.com/hashtag/Chennai?src=hash&amp;ref_src=twsrc%5Etfw">#Chennai</a> at <a href="https://twitter.com/larsentoubro?ref_src=twsrc%5Etfw">@larsentoubro</a> Kattupalli 
 
It can perform- Towing, launch &amp; recovery of targets, operate uncrewed vehicles, test new weapons &amp; sensors, undertake patrols, disaster relief <a href="https://t.co/a9DBu4efxe">pic.twitter.com/a9DBu4efxe</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1845877516831252755?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
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As the name suggests, these multi-purpose vessels will be capable of varied roles such as towing ships, launching and recovering various targets during exercises, operating uncrewed autonomous vehicles, and acting as a trial platform for indigenous weapons as well as sensors under development.

These vessels can achieve a maximum speed of 15 knots and measure 106 metres in length and 16.8 metres in width. Once delivered to the Indian Navy, these vessels will undertake maritime surveillance, patrolling, and disaster relief missions, among others.

<a href="https://www.wionews.com/india-news/indians-comprise-10-of-all-seafarers-globally-steep-rise-in-last-decade-765338">Also read |&nbsp;Indians now comprise 10% of all seafarers globally after steep rise over last decade</a>

The Indian Navy reinforced that it remains steadfast in its efforts towards indigenous shipbuilding. The launch of the&nbsp;vessel by a&nbsp;private Indian shipyard showcases Indian Navy’s confidence in indigenous shipbuilding, in consonance with the Government of India's vision for ‘Aatmanirbhar Bharat’ and ‘Make in India ’ initiative.

These are the first Indian Navy Warships being constructed by L&amp;T, Kattupalli. These are also the first multi-purpose ships that will be part of the Indian Navy’s fleet. Both ships, Samarthak and Utkarsh are to be delivered by the end of 2025.&nbsp; 
&nbsp;

The first of two multi-purpose vessels being built by Indian conglomerate Larsen and Toubro (L&T) for the Indian Navy was launched on Monday (Oct 14) at the firm's Kattupalli shipyard, near Chennai.

The first of two multi-purpose vessels being built by Indian conglomerate Larsen and Toubro (L&T) for the Indian Navy was launched on Monday (Oct 14) at the firm's Kattupalli shipyard, near Chennai. The ceremony was presided over by Chief of the Naval Staff, Admiral Dinesh K Tripathi. The ship has been named ‘Samarthak’ which means ‘supporter’ and is synonymous with the multi-dimensional role that the platform is expected to perform. Launching is the ceremonial event where the ship is moved from the dry dock to the water for the first time. Henceforth, the ship will undergo sea trials where its various systems and sub-systems will be tested. Usually, the ships are formally inducted (commissioned) into the Navy after several months and phases of rigorous testing at sea. Here's Samarthak- 1st Multi-purpose vessel that'll serve #IndianNavy...Proudly made in #Chennai at @larsentoubro Kattupalli It can perform- Towing, launch & recovery of targets, operate uncrewed vehicles, test new weapons & sensors, undertake patrols, disaster relief pic.twitter.com/a9DBu4efxe — Sidharth.M.P (@sdhrthmp) October 14, 2024 × As the name suggests, these multi-purpose vessels will be capable of varied roles such as towing ships, launching and recovering various targets during exercises, operating uncrewed autonomous vehicles, and acting as a trial platform for indigenous weapons as well as sensors under development. These vessels can achieve a maximum speed of 15 knots and measure 106 metres in length and 16.8 metres in width. Once delivered to the Indian Navy, these vessels will undertake maritime surveillance, patrolling, and disaster relief missions, among others. Also read | Indians now comprise 10% of all seafarers globally after steep rise over last decade The Indian Navy reinforced that it remains steadfast in its efforts towards indigenous shipbuilding. The launch of the vessel by a private Indian shipyard showcases Indian Navy’s confidence in indigenous shipbuilding, in consonance with the Government of India's vision for ‘Aatmanirbhar Bharat’ and ‘Make in India ’ initiative. These are the first Indian Navy Warships being constructed by L&T, Kattupalli. These are also the first multi-purpose ships that will be part of the Indian Navy’s fleet. Both ships, Samarthak and Utkarsh are to be delivered by the end of 2025.

Indian Navy to soon induct first homegrown multi-purpose vessel 'Samarthak'

Indian conglomerate Larsen &amp; Toubro (L&amp;T) and Spain's Navantia have joined hands to submit a combined bid for India's highly coveted Project 75 (I) submarine programme.

The teaming agreement (TA) was officially signed on Monday at the Spanish Embassy in New Delhi and witnessed the attendance of S N Subrahmanyan, L&amp;T CEO &amp; MD, and Augustin Alvarez Blanco, Naval Construction Vice President and Member of the Board at Navantia.

Spain's ambassador to India José María Ridao Domínguez, and Spanish Defense Attaché, Captain (Navy) Fernando Alvarez also graced the occasion, emphasising the strong diplomatic ties between Spain and India.

Speaking to WION, ambassador José María Ridao Domínguez expressed Spain's steadfast support for India's ‘Make in India’ initiative, technology transfer, and collaboration in the submarine program.

He said, "We have elections in two weeks, but the most important thing is that it expresses full engagement and censuses among the political parties in Spain in proving that relations with India, and supporting the idea of Make in India technology transfer and engage with programme of submarines, and this is how Spain can contribute to stability to this part of the world."

<h2>Indian Navy's Project 75 (I)</h2>

The Indian Navy's Project 75 (I) is an endeavour that requires the indigenous production of six conventional submarines equipped with Air-Independent Propulsion (AIP). The project, expected to exceed $5.2 billion in value, represents India's largest defence acquisition programme to date.

It will be executed under the strategic partnership (SP) model of the Ministry of Defence, emphasising collaboration between Indian and foreign entities.

Speaking at the signing ceremony, CEO &amp; MD of L&amp;T, Subrahmanyan said, “L&amp;T is proud to collaborate with Navantia for this prestigious program of strategic importance for the nation’s security. We are committed to providing the most contemporary solution for Indian Navy’s requirements at a competitive price.”

<h2>Navantia's expertise</h2>

Under the terms of the agreement, Navantia, drawing from its experience in submarine design, including the S80 class and Scorpène class submarines, will spearhead the design phase for the P75(I) submarines.

Navantia's S80 class submarines, the first of which is set for delivery to the Spanish Navy at the end of 2023, have already undergone successful sea trials.

The Spanish shipbuilder has previously partnered with DCNS (now Naval Group) of France in the design and construction of Scorpène class submarines, which have been exported to Chile and Malaysia.

Earlier this year, Defence PSU Mazagon Dock and Germany's Thyssenkrupp Marine Systems signed a MoU to bid for the project.

The MoU was signed last month during the visit of the German Defence Minister,&nbsp;Boris Pistorius,&nbsp;to India.

WATCH WION LIVE HERE

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Indian conglomerate Larsen & Toubro (L&T) and Spain's Navantia have joined hands to submit a combined bid for India's highly coveted Project 75 (I) submarine programme.

Indian conglomerate Larsen & Toubro (L&T) and Spain's Navantia have joined hands to submit a combined bid for India's highly coveted Project 75 (I) submarine programme. The teaming agreement (TA) was officially signed on Monday at the Spanish Embassy in New Delhi and witnessed the attendance of S N Subrahmanyan, L&T CEO & MD, and Augustin Alvarez Blanco, Naval Construction Vice President and Member of the Board at Navantia. Spain's ambassador to India José María Ridao Domínguez, and Spanish Defense Attaché, Captain (Navy) Fernando Alvarez also graced the occasion, emphasising the strong diplomatic ties between Spain and India. Speaking to WION, ambassador José María Ridao Domínguez expressed Spain's steadfast support for India's ‘Make in India’ initiative, technology transfer, and collaboration in the submarine program. He said, "We have elections in two weeks, but the most important thing is that it expresses full engagement and censuses among the political parties in Spain in proving that relations with India, and supporting the idea of Make in India technology transfer and engage with programme of submarines, and this is how Spain can contribute to stability to this part of the world." Indian Navy's Project 75 (I) The Indian Navy's Project 75 (I) is an endeavour that requires the indigenous production of six conventional submarines equipped with Air-Independent Propulsion (AIP). The project, expected to exceed $5.2 billion in value, represents India's largest defence acquisition programme to date. It will be executed under the strategic partnership (SP) model of the Ministry of Defence, emphasising collaboration between Indian and foreign entities. Speaking at the signing ceremony, CEO & MD of L&T, Subrahmanyan said, “L&T is proud to collaborate with Navantia for this prestigious program of strategic importance for the nation’s security. We are committed to providing the most contemporary solution for Indian Navy’s requirements at a competitive price.” Navantia's expertise Under the terms of the agreement, Navantia, drawing from its experience in submarine design, including the S80 class and Scorpène class submarines, will spearhead the design phase for the P75(I) submarines. Navantia's S80 class submarines, the first of which is set for delivery to the Spanish Navy at the end of 2023, have already undergone successful sea trials. The Spanish shipbuilder has previously partnered with DCNS (now Naval Group) of France in the design and construction of Scorpène class submarines, which have been exported to Chile and Malaysia. Earlier this year, Defence PSU Mazagon Dock and Germany's Thyssenkrupp Marine Systems signed a MoU to bid for the project. The MoU was signed last month during the visit of the German Defence Minister, Boris Pistorius, to India. WATCH WION LIVE HERE

Larsen & Toubro and Navantia join hands to bid for Indian Navy's top submarine programme

The first Orthotropic Steel Deck (OSD) span of the Mumbai Trans-Harbour Link (MTHL) project, which will link south Mumbai with Navi Mumbai, was successfully launched recently.

Maharashtra Minister for Urban Development Eknath Shinde said that the Mumbai Trans Harbour Link (MTHL) project is likely to be completed by October 2022.

As per a release by the Mumbai Metropolitan Region Development Authority (MMRDA), span, 119 meters in length, weighs 1,331 metric tons.

Also read |&nbsp;<a href="https://www.wionews.com/world/4-indians-including-infant-die-in-freezing-cold-at-us-canada-border-minister-seeks-probe-446536" hreflang="en">4 Indians, including infant, die in freezing cold at US-Canada border</a>

It was part of 'Package-1' which involves the construction of a 10.38 km long bridge across Mumbai Bay including Sewri Interchange at Mumbai side.

The civil work of Package-1 is awarded to the consortium of Larsen &amp; Toubro and IHI Infrastructure Systems Co Ltd (Japan).

The MMRDA, a Maharashtra government agency, is the implementing authority for the 21.8 km six-lane MTHL project, financed by the Japan International Cooperation Agency (JICA).

When completed, it would be the longest sea bridge in India and would cater to 70,000 vehicles daily.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/taiwan-where-netaji-went-missing-offers-to-open-its-national-archives-to-rediscover-legacy-446843" hreflang="en">Taiwan, where Netaji went missing, offers to open its national archives</a>

"The OSD is a Steel Deck Superstructure (strengthened or stiffened both transversely and longitudinally) which will carry the vehicular load more efficiently and improve the load-carrying capacity of the bridge as compared to concrete superstructure," the release said.

An OSD bridge has less self-weight but a stronger structure than concrete or composite girder bridges. "180 meters OSD, which is applied to the MTHL Bridge, is the world's longest level of span length that requires advanced manufacturing technology and severe quality control," the release stated.

The deck segments were separated into six to eight blocks of 30 MT maximum and delivered to the site in total 33 shipments by ocean liner, the release said.

The blocks were assembled at the project site. "Once completed, the project will reduce the travel time from South Mumbai to Navi Mumbai from 120 minutes to merely 20 minutes," said Saito Mitsunori, chief representative, JICA India.

Shinde added that the project aims to facilitate decongestion of the island city by improving connectivity between Island city and the mainland (Navi Mumbai) and development of Navi Mumbai Region.''

''MMRDA has undertaken the implementation of the Mumbai Trans Harbour Link Project, connecting Sewri on Mumbai side to Chirle on Navi Mumbai side. The longest sea bridge in India will help Mumbai spread sideways.'' 
&nbsp;

(With inputs from agencies)

The first Orthotropic Steel Deck (OSD) span of the Mumbai Trans-Harbour Link (MTHL) project, which will link south Mumbai with Navi Mumbai, was successfully launched recently.

The first Orthotropic Steel Deck (OSD) span of the Mumbai Trans-Harbour Link (MTHL) project, which will link south Mumbai with Navi Mumbai, was successfully launched recently. Maharashtra Minister for Urban Development Eknath Shinde said that the Mumbai Trans Harbour Link (MTHL) project is likely to be completed by October 2022. As per a release by the Mumbai Metropolitan Region Development Authority (MMRDA), span, 119 meters in length, weighs 1,331 metric tons. Also read | 4 Indians, including infant, die in freezing cold at US-Canada border It was part of 'Package-1' which involves the construction of a 10.38 km long bridge across Mumbai Bay including Sewri Interchange at Mumbai side. The civil work of Package-1 is awarded to the consortium of Larsen & Toubro and IHI Infrastructure Systems Co Ltd (Japan). The MMRDA, a Maharashtra government agency, is the implementing authority for the 21.8 km six-lane MTHL project, financed by the Japan International Cooperation Agency (JICA). When completed, it would be the longest sea bridge in India and would cater to 70,000 vehicles daily. Also read | Taiwan, where Netaji went missing, offers to open its national archives "The OSD is a Steel Deck Superstructure (strengthened or stiffened both transversely and longitudinally) which will carry the vehicular load more efficiently and improve the load-carrying capacity of the bridge as compared to concrete superstructure," the release said. An OSD bridge has less self-weight but a stronger structure than concrete or composite girder bridges. "180 meters OSD, which is applied to the MTHL Bridge, is the world's longest level of span length that requires advanced manufacturing technology and severe quality control," the release stated. The deck segments were separated into six to eight blocks of 30 MT maximum and delivered to the site in total 33 shipments by ocean liner, the release said. The blocks were assembled at the project site. "Once completed, the project will reduce the travel time from South Mumbai to Navi Mumbai from 120 minutes to merely 20 minutes," said Saito Mitsunori, chief representative, JICA India. Shinde added that the project aims to facilitate decongestion of the island city by improving connectivity between Island city and the mainland (Navi Mumbai) and development of Navi Mumbai Region.'' ''MMRDA has undertaken the implementation of the Mumbai Trans Harbour Link Project, connecting Sewri on Mumbai side to Chirle on Navi Mumbai side. The longest sea bridge in India will help Mumbai spread sideways.'' (With inputs from agencies)

Why is the Trans Harbour Link Project in Mumbai signficant?

The loss of three Indian soldiers amid a faceoff with the Chinese army has triggered sentimemtal requests to act against it.

The citizens of the India are urging its government to Impose economic sanctions on Chinese companies, prevent them from entering Indian market and prohibit their access to India's&nbsp;large consumer base.

However, it is not practically possible until India can create compelling domestic alternatives

With the border issue going on, India has twisted China's economic arm. Recently, it&nbsp;created a great wall in front of Chinese investments.

A wall to protect ailing indian businesses from Chinese takeovers. The government tightened the FDI&nbsp;rules to scrutinise chinese investment.. &nbsp;

However, it appears that the move is&nbsp;one-off because India is handing over its construction projects to Chinese firms for a tunnel near the national capital.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-should-india-ban-chinese-companies-306365/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The company in question is STEC, Shanghai Tunnel Engineering Company.

It has emerged as the lowest bidder to carve an underground tunnel in the national capital region.

Five bidders participated in the process, including India's Larsen &amp; Toubro but STEC&nbsp;made the lowest bid at 1,126 crore rupees.

The bidding process can be blamed for this. L&amp;t had the second lowest bid at 1,170 crore rupees.

Now, demands are being made to give the contract to an Indian firm.&nbsp;Financial gains of a few crores today could jeopardise national security tomorrow.

No doubt the Chinese company's bid is backed by the Chinese government. Countries usually get carried away by such cheap Chinese services and lose sight of national security.

Worse still countries also lose self-reliance due to which&nbsp;domestic companies lose the edge and in time, they start losing projects in every bid.

Prime Minister Narendra Modi has called for self-reliance&nbsp;as a way to overcome the ravages of the pandemic, to get the economy back on its feet and to overcome the Chinese aggression at the border and, in business.

The loss of three Indian soldiers amid a faceoff with the Chinese army has triggered sentimemtal requests to act against it. The citizens of the India are urging its government to Impose economic sanctions on Chinese companies, prevent them from entering Indian market and prohibit their access to India's large consumer base.

The loss of three Indian soldiers amid a faceoff with the Chinese army has triggered sentimemtal requests to act against it. The citizens of the India are urging its government to Impose economic sanctions on Chinese companies, prevent them from entering Indian market and prohibit their access to India's large consumer base. However, it is not practically possible until India can create compelling domestic alternatives With the border issue going on, India has twisted China's economic arm. Recently, it created a great wall in front of Chinese investments. A wall to protect ailing indian businesses from Chinese takeovers. The government tightened the FDI rules to scrutinise chinese investment.. However, it appears that the move is one-off because India is handing over its construction projects to Chinese firms for a tunnel near the national capital. The company in question is STEC, Shanghai Tunnel Engineering Company. It has emerged as the lowest bidder to carve an underground tunnel in the national capital region. Five bidders participated in the process, including India's Larsen & Toubro but STEC made the lowest bid at 1,126 crore rupees. The bidding process can be blamed for this. L&t had the second lowest bid at 1,170 crore rupees. Now, demands are being made to give the contract to an Indian firm. Financial gains of a few crores today could jeopardise national security tomorrow. No doubt the Chinese company's bid is backed by the Chinese government. Countries usually get carried away by such cheap Chinese services and lose sight of national security. Worse still countries also lose self-reliance due to which domestic companies lose the edge and in time, they start losing projects in every bid. Prime Minister Narendra Modi has called for self-reliance as a way to overcome the ravages of the pandemic, to get the economy back on its feet and to overcome the Chinese aggression at the border and, in business.

Now, demands being made to take away Chinese contractor's NCR tunnel contract

Infrastructure giant Larsen &amp; Toubro (L&amp;T) plans to hire 1,500 people this year, the same as in previous years, a top company official said.

"The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017. On an average, we hire close to 1,500 people across functions every year and we see no discontinuity in this practice unless business dynamics change drastically," Yogi Sriram, Senior Vice President - Corporate HR, Larsen &amp; Toubro, told PTI.

Sriram added that L&amp;T's employee attrition rate of around 5 per cent was among the lowest in the industry.

L&amp;T recently made a hostile takeover bid for mid-sized IT services firm Mindtree. However, the company's founders have resisted the unsolicited acquisition bid, citing differences in corporate culture and other factors.

Elaborating on L&amp;T's HR practices, Sriram said: "We are putting a greater emphasis on ensuring wider participation of women and frame policies to enable their career growth."

Women employees are not just deployed in IT and finance roles, but are also present in core engineering jobs like heavy engineering shops, construction projects and defence engineering projects, he said.

Asked whether there will be job cuts as the company opts for digitisation, Sriram said, "There have been no lay-offs and the exits were limited to reasons of non-performance."

The company's Leadership Development Academy (LDA) at Lonavala has been set up for learning interventions, he said, adding that an artificial intelligence-driven digitalised platform, called ATLNext, caters to the learning needs of its workforce.

Business magazine Forbes had listed L&amp;T among the 'World's Best Employers' for 2018. The list, based on Forbes' Global 2000 rankings of publicly traded companies in 60 countries, placed L&amp;T at number 22, making it the highest-ranked Indian firm across all sectors.

L&amp;T has acquired Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market. Besides, an open offer has been made to buy over 5.13 crore shares, amounting to about 31 per cent stake.&nbsp;

Infrastructure giant Larsen & Toubro (L&T) plans to hire 1,500 people this year, the same as in previous years, a top company official said. "The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017.

Infrastructure giant Larsen & Toubro (L&T) plans to hire 1,500 people this year, the same as in previous years, a top company official said. "The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017. On an average, we hire close to 1,500 people across functions every year and we see no discontinuity in this practice unless business dynamics change drastically," Yogi Sriram, Senior Vice President - Corporate HR, Larsen & Toubro, told PTI. Sriram added that L&T's employee attrition rate of around 5 per cent was among the lowest in the industry. L&T recently made a hostile takeover bid for mid-sized IT services firm Mindtree. However, the company's founders have resisted the unsolicited acquisition bid, citing differences in corporate culture and other factors. Elaborating on L&T's HR practices, Sriram said: "We are putting a greater emphasis on ensuring wider participation of women and frame policies to enable their career growth." Women employees are not just deployed in IT and finance roles, but are also present in core engineering jobs like heavy engineering shops, construction projects and defence engineering projects, he said. Asked whether there will be job cuts as the company opts for digitisation, Sriram said, "There have been no lay-offs and the exits were limited to reasons of non-performance." The company's Leadership Development Academy (LDA) at Lonavala has been set up for learning interventions, he said, adding that an artificial intelligence-driven digitalised platform, called ATLNext, caters to the learning needs of its workforce. Business magazine Forbes had listed L&T among the 'World's Best Employers' for 2018. The list, based on Forbes' Global 2000 rankings of publicly traded companies in 60 countries, placed L&T at number 22, making it the highest-ranked Indian firm across all sectors. L&T has acquired Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent shares from the open market. Besides, an open offer has been made to buy over 5.13 crore shares, amounting to about 31 per cent stake.

Larsen & Toubro to hire 1,500 people this year 

The management of Indian IT services company Mindtree rejected conglomerate <a href="https://www.wionews.com/business-economy/larsen-toubro-makes-rs-5030-crore-offer-to-buy-31-stake-in-mindtree-204155">Larsen &amp; Toubro Ltd's move to buy a 66 per cent stake</a> in the company by spending about $1.6 billion, terming it "value destructive."

L&amp;T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion).

Shares in both L&amp;T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain.

L&amp;T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&amp;T Infotech Ltd, in which it owns a 74.8 per cent stake.

The company's chief financial officer, R&nbsp;Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities.

Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders."

Mindtree said its board will deliberate over the L&amp;T proposal on Wednesday.

Mindtree, with a strong client base, is an attractive asset for L&amp;T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data.

"This acquisition is in line with (L&amp;T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&amp;T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note.

The combined revenues of Mindtree, L&amp;T Infotech and L&amp;T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said.

The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys.

L&amp;T said it will buy a fifth of Mindtree from Indian coffee baron VG&nbsp;Siddhartha and companies related to him.

The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price.

If the transactions go through, L&amp;T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&amp;T said in an investor presentation on Tuesday.

L&amp;T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.6 billion, terming it "value destructive." L&T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion). Shares in both L&T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain. L&T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&T Infotech Ltd, in which it owns a 74.8 per cent stake. The company's chief financial officer, R Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities. Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders." Mindtree said its board will deliberate over the L&T proposal on Wednesday. Mindtree, with a strong client base, is an attractive asset for L&T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data. "This acquisition is in line with (L&T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note. The combined revenues of Mindtree, L&T Infotech and L&T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said. The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys. L&T said it will buy a fifth of Mindtree from Indian coffee baron VG Siddhartha and companies related to him. The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price. If the transactions go through, L&T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&T said in an investor presentation on Tuesday. L&T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

Mindtree management rejects hostile bid from Larsen & Toubro

Larsen &amp; Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore.

L&amp;T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.13 crore shares from shareholders.

Larsen & Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore. L&T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.

Larsen & Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore. L&T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.13 crore shares from shareholders.

Larsen & Toubro makes Rs 5,030 crore offer to buy 31% stake in Mindtree

Engineering and construction major Larsen &amp; Toubro (L&amp;T) today reported a 50.59 per cent jump in consolidated net profit to Rs 1,028.30 crore for the first quarter ended June 30 boosted by higher revenue from its infrastructure business.

Revenue from the infrastructure segment&nbsp;which accounted for about 44 per cent of the company&#39;s total income in the quarter&nbsp;rose 15.5 per cent.

The company had posted net profit of Rs 682.81 crore in the corresponding period a year ago.

The company&#39;s total income in the quarter under review increased 9.89 per cent to Rs 24,374.64 crore as against Rs 22,179.59 crore a year ago.

However, shares of the company closed 1.96 per cent lower at Rs 1,159.10 on BSE Sensex as analysts expected higher net profit. 
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L&T shares were boosted by higher revenue from its infrastructure business

Engineering and construction major Larsen & Toubro (L&T) today reported a 50.59 per cent jump in consolidated net profit to Rs 1,028.30 crore for the first quarter ended June 30 boosted by higher revenue from its infrastructure business. Revenue from the infrastructure segment which accounted for about 44 per cent of the company's total income in the quarter rose 15.5 per cent. The company had posted net profit of Rs 682.81 crore in the corresponding period a year ago. The company's total income in the quarter under review increased 9.89 per cent to Rs 24,374.64 crore as against Rs 22,179.59 crore a year ago. However, shares of the company closed 1.96 per cent lower at Rs 1,159.10 on BSE Sensex as analysts expected higher net profit.

Larsen & Toubro Q1 net profit jumps 51%

One of the largest Indian information technology companies, Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility. 
 
TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 per cent of its surplus cash position. Previously the company had largely invested in mutual funds. 
 
TCS is the third company to have meaningful investment in government securities after Reliance Industries and construction firm Larsen &amp; Toubro, which traders say, is diversifying a $665-billion market dominated by banks and could portend a new investment trend for the country&#39;s conglomerates. 
 
&quot;I expect more cash-rich companies to invest in government bonds as these are more liquid and carry a much better credit risk,&quot; said Anindya Das Gupta, head of local markets trading at Barclays in India. 
 
However, this trend could create new risks, namely the volatility that a conglomerate selling a large amount of government bonds at once could create. 
 
When contacted by Reuters, TCS declined comment. 
 
While many banks have larger holdings, the Reserve Bank of India (RBI) regulates both banks and the bond market and thus can ensure that banks sell their holdings in a way that does not disrupt the market. The central bank has no sway over conglomerates as it does not regulate them. 
 
The RBI is happy for the investor base in government bonds to diversify, a senior policymaker said, and will monitor the market for any instances of manipulation or volatility tied to these investments. 
 
&quot;There is nothing as of now which raises any alarm from such large purchases but we will monitor these entities closely as they are not 
the regular investors in this market,&quot; said the policymaker, who declined to be identified as he is not authorised to speak to the media. 
 
Indian companies could become bigger players in the government securities market as they confront the problem of what to do with growing cash stockpiles. 
 
The country&#39;s top six cash-rich companies have amassed around 1.7 trillion rupees ($25.5 billion) worth of cash holdings, according to Reuters calculations, at a time when private capital spending is weak and bad loans are on the rise. 
 
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety. 
 
Investing via mutual funds entails an average fee of about 100 basis points of assets under management, according to debt fund 
managers and bankers. 
 
One-year bank deposits, at the country&#39;s largest lender State Bank of India which holds the largest amount of corporate deposits, yields 7.25-7.50 percent compared with nearly 7.5 percent for benchmark 10-year governments bonds. 
 
Das Gupta of Barclays said the narrower spread between bank deposits and 10-year bonds could be one reason companies buy &quot;liquid and safe&quot; government bonds. 
 
&quot;On a risk-adjusted basis, the total return from a sovereign security has been much better than any other asset class like fixed deposits, mutual funds,&quot; said Ashish Vaidya, executive director and head of trading at DBS Bank in Mumbai. 
 
Government bonds have rallied in the past year as the RBI has cut interest rates by 150 basis points to a five-year low of 6.50 per cent. 
 
Further gains, however, may now be capped given that the RBI is expected to cut the repo rate only once more this year and inflationary risks have risen. 
 
Reliance Industries, India&#39;s biggest energy firm, has outstanding government bond investments worth 79.21 billion rupees ($1.19 billion) as of March 2015, according to its 2014/15 annual report. 
 
Larsen &amp; Toubro held 14.7 billion rupees ($220 million) of government bonds as of March 2015. It has yet to publish its annual report for 2015/16. 
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Buying of the bonds by companies -- which was earlier dominated by banks -- will diversify $665 bn govt debt market

One of the largest Indian information technology companies, Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility. TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 per cent of its surplus cash position. Previously the company had largely invested in mutual funds. TCS is the third company to have meaningful investment in government securities after Reliance Industries and construction firm Larsen & Toubro, which traders say, is diversifying a $665-billion market dominated by banks and could portend a new investment trend for the country's conglomerates. "I expect more cash-rich companies to invest in government bonds as these are more liquid and carry a much better credit risk," said Anindya Das Gupta, head of local markets trading at Barclays in India. However, this trend could create new risks, namely the volatility that a conglomerate selling a large amount of government bonds at once could create. When contacted by Reuters, TCS declined comment. While many banks have larger holdings, the Reserve Bank of India (RBI) regulates both banks and the bond market and thus can ensure that banks sell their holdings in a way that does not disrupt the market. The central bank has no sway over conglomerates as it does not regulate them. The RBI is happy for the investor base in government bonds to diversify, a senior policymaker said, and will monitor the market for any instances of manipulation or volatility tied to these investments. "There is nothing as of now which raises any alarm from such large purchases but we will monitor these entities closely as they are not the regular investors in this market," said the policymaker, who declined to be identified as he is not authorised to speak to the media. Indian companies could become bigger players in the government securities market as they confront the problem of what to do with growing cash stockpiles. The country's top six cash-rich companies have amassed around 1.7 trillion rupees ($25.5 billion) worth of cash holdings, according to Reuters calculations, at a time when private capital spending is weak and bad loans are on the rise. As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety. Investing via mutual funds entails an average fee of about 100 basis points of assets under management, according to debt fund managers and bankers. One-year bank deposits, at the country's largest lender State Bank of India which holds the largest amount of corporate deposits, yields 7.25-7.50 percent compared with nearly 7.5 percent for benchmark 10-year governments bonds. Das Gupta of Barclays said the narrower spread between bank deposits and 10-year bonds could be one reason companies buy "liquid and safe" government bonds. "On a risk-adjusted basis, the total return from a sovereign security has been much better than any other asset class like fixed deposits, mutual funds," said Ashish Vaidya, executive director and head of trading at DBS Bank in Mumbai. Government bonds have rallied in the past year as the RBI has cut interest rates by 150 basis points to a five-year low of 6.50 per cent. Further gains, however, may now be capped given that the RBI is expected to cut the repo rate only once more this year and inflationary risks have risen. Reliance Industries, India's biggest energy firm, has outstanding government bond investments worth 79.21 billion rupees ($1.19 billion) as of March 2015, according to its 2014/15 annual report. Larsen & Toubro held 14.7 billion rupees ($220 million) of government bonds as of March 2015. It has yet to publish its annual report for 2015/16.

India's cash-rich firms may deepen govt bond market but spur volatility

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