India''s top engineering and construction firm, Larsen & Toubro Ltd. (L&T), said on July 5, it will launch a $1 billion infrastructure fund in one to two months.Various institutions around the world will invest in that fund...L&T will invest $50 million in that. The fund will work independently to promote various infrastructure projects in India, Chairman A.M. Naik said. Naik also said that L&T will form 3 wholly-owned units for power, shipbuilding and railways to tap growing business potential as Asia''s third-largest economy steps up investment on infrastructure projects to boost growth.
We are creating these separate companies so that we can attract the best talent to be the CEOs...It will take more than 5 years before these companies mature for an independent existence without L&T''s support. In the power business, Nayak said L&T had tied up with Japan''s Mitsubishi Heavy Industries to make super-critical boilers in India
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