India’s Infrastructure major Larsen & Toubro (L&T) recently announced a new initiative, L&T-Nxt, to focus on next generation technologies such as artificial intelligence and cybersecurity.
L&T-Nxt main priority would be in the field of artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions and cybersecurity, and leverage the experience that L&T has gained over the decades.
“Larsen & Toubro has announced a new strategic initiative, L&T-Nxt, to define the future of the organisation from a fresh perspective. It has been identified as a select initiative in L&T’s five-year strategic plan,” the company said in a statement.
The company has recently developed and implemented IoT, analytics and AI in the industrial sector by converting most operational matters online, including finance, human resources, labour, plant, material etc into smaart, affordable and efficient solutions.
“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,” according to S.N. Subrahmanyan, CEO and managing director, Larsen & Toubro. “We are committing significant investments and talent into this strategic effort and are confident that this will be an enabler for business”.
Capability development in some of these select verticals has been in the works under a long-term strategic plan and L&T’s management is focused on incubating and scaling these business, mapping the landscape, formulating the road ahead, and achieving the stated goal with go-to market solutions, the company said.
According to JD Patil, senior executive vice-president (defence business) and member of the board, the era of cyber-physical systems is just beginning.
“With the lines between the physical and digital blurring, Industry 4.0 is being founded,” he said. “We see new technology businesses and sunrise enterprises as prime constituents with the latent upside for rapid and substantial value creation.”
Larsen & Toubro is engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue. It operates in over 30 countries worldwide.