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Hindustan Times
10 minutes ago
- Hindustan Times
PM inaugurates ₹2,000 crore highway projects for Haryana
Prime Minister Narendra Modi on Sunday inaugurated two major national highway projects worth ₹2,000 crore which will directly benefit Haryana. These are construction of two new four-lane connectivity roads to Sonepat and Bahadurgarh under the Urban Extension Road-2 project. Prime Minister Narendra Modi during the inauguration of the Delhi section of the Dwarka Expressway and the Urban Extension Road-II (UER-II) in New Delhi on Sunday. Haryana CM Nayab Singh Saini, his Delhi counterpart Rekha Gupta and Union minister Nitin Gadkari are also seen. (ANI) Haryana chief minister Nayab Singh Saini while expressing gratitude to the Centre said the projects would be instrumental in the state's development, particularly the national capital region (NCR). Modi also inaugurated the Dwarka Expressway and UER-2 projects connecting Delhi and Haryana at a total cost of about ₹11,000 crore, out of which projects worth ₹2,000 crore will directly benefit Haryana, an official spokesperson said. The chief minister said that Haryana, being the industrial and agricultural hub of northern India, would be the biggest beneficiary of these projects. 'These key projects will not only boost exports, imports and investments by ensuring direct connectivity from Kundli, Sonepat, Bahadurgarh, Gurugram and Manesar to Delhi airport, but will also provide relief from traffic congestion in the region,' Saini said. Saini said that the Centre is creating an extensive network of roadways, railways and airways connectivity. Listing out the projects which will be to Haryana's advantage, Saini named the Western Dedicated Freight Corridor, Rail Coach Repair Factory, Kundli-Manesar-Palwal and Kundli-Ghaziabad-Palwal Expressways, Gurugram-Sikanderpur and Faridabad-Ballabhgarh Metro Links, the country's first elevated railway track in Rohtak, the Rohtak-Meham-Hansi railway line, the National Cancer Institute at AIIMS Jhajjar, and AIIMS in Rewari. He said that Haryana recently received the gift of a metro corridor from Rithala to Kundli. The chief minister also said that these initiatives will give a new impetus to investment, employment and industrial development in the state, further strengthening Haryana's contribution to the national economy.
Economic Times
2 hours ago
- Economic Times
Amid US tariff heat, PM Modi bats for Aatmanirbharta
Synopsis Prime Minister Narendra Modi emphasized the importance of following the principles of Lord Krishna and Mahatma Gandhi to strengthen India and achieve self-reliance. He reiterated his government's commitment to economic reforms and good governance, while criticizing the Congress party for mistreating Dalits with outdated laws. Modi also highlighted infrastructure development and the simplification of life and business through good governance. ANI Prime Minister Narendra Modi asserted on Sunday that India will have to follow the principles of both Lord Krishna and Mahatma Gandhi to become a strong power and to be self-reliant. Reiterating his Independence Day remarks, Modi said his government is committed to far-reaching economic reforms and good governance even as he charged Congress with treating Dalits as "slaves" by continuing with their archaic laws while flashing copies of the a rally here after inaugurating two major national highway projects - the Dwarka Expressway and Urban Extension Road-II - worth ₹11,000 crore, Modi underscored two key themes of his Independence Day speech - of India giving a befitting reply to its enemies and of becoming Aatmanirbhar (self-reliant). "To make India strong, we must move forward taking inspiration from Chakradhari Mohan (Lord Krishna) and to make India self-reliant, we have to tread on the path of Charkhadhari Mohan (Mahatma Gandhi)," Modi appealed to the people to be "vocal for local" and buy swadeshi products. He also underlined that the next-generation GST reforms will be a double bonus for people during Diwali. He emphasised that his government stands for expansion of good governance to make life and business easy. He underlined that good governance means treating the people as supreme. "You are our high command. Our constant endeavour is to make the lives of people easy. This is visible in our policies, in our decisions," he said. Modi attacked the erstwhile Congress governments for what he termed as an "indifferent attitude" towards development. This was visible in the low budgets allocated for infrastructure development."Pressure and interference of the government used to be very high earlier. Our aim is to end both," Modi cited an example of a harsh law against sanitation workers that was prevalent for a long time."Previous governments in Delhi used to treat the sanitation workers as their slaves. Those who dance with (copies of) the Constitution on their head used to trample the Constitution. You will be shocked to hear the truth about how they used to betray your feelings. There was a dangerous law against our sanitation workers. In the Delhi Municipal Corporation Act, there was a provision that if a sanitation worker does not turn up for work for a day without informing (his superiors), then he could be imprisoned for a month. Can you put somebody in jail for such a minor mistake?" Modi claimed that while those who make tall claims about social justice kept such laws in force, his government is looking out for such laws and abolishing them.
Time of India
2 hours ago
- Time of India
Our business philosophy is clear - grow to sell or sell to grow, says SN Subrahmanyan, chairman & MD, Larsen & Toubro
Larsen & Toubro is undergoing a bold transformation—exiting legacy businesses, entering new ones, and betting on sectors like semiconductors, green hydrogen, and data centres—even as its core EPC business continues to drive megaprojects at home and overseas. In a candid conversation with ET, SN Subrahmanyan , chairman & MD, outlines the group's 'grow to sell, sell to grow' playbook, sharper capital allocation, technology-driven pivot, and a focus on building a younger, agile leadership. From real estate and defence to AI and chip design, Subrahmanyan maps out L&T's next decade. Edited excerpts: Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency How does L&T approach the challenge of sustaining long-term organisational relevance? L&T operates across three segments —EPC projects, manufacturing, and IT/technology services. Our philosophy is simple: grow to sell or sell to grow. 'Grow to sell' means scaling businesses until they're attractive for monetisation. 'Sell to grow' applies when businesses underperform—we exit and reallocate capital. I've applied this approach extensively. And when a business isn't saleable, we wind it down. For instance, we've sold electrical switchgear to Schneider Electric , renewable power to ReNew, and exited ports/airports. Nabha Power generates reasonable returns, but we're open to selling if opportunities arise. We're seeding growth in four frontier areas: real estate, semiconductors, green energy, and data centres. What drove L&T's transformation into the real estate sector? It started out of necessity and strategic foresight. We had some land in Powai (Mumbai), but the area was becoming increasingly residential, so we shifted factories to Hazira and explored monetising the freed land. AM Naik (chairman emeritus, L&T) suggested self-development—that's how our real estate business started. Today we have 75 million square feet under development—80% residential, 20% commercial. Our goal is to reach 100 million sq ft in the next year, making us one of the top two real estate players in India. Live Events How are you conceptualising the technology services strategy? We acquired Mindtree just before Covid and later merged it with L&T Infotech (LTI) to create a $4.5 billion global IT services firm. With L&T Technology Services, this segment contributes 15–17% revenue and is growing faster than EPC. Services businesses tend to be more profitable—they're not material-intensive like EPC. That's why we're pushing the services portfolio faster. Realty, L&T Finance, LTI Mindtree , and L&T Technology Services form that high-margin, capital-light segment of our portfolio. What are your plans for the semiconductor sector? Our two-year-old chip design business employs 400 engineers—primarily Bengaluru-based, with offices in Austin, Munich, and Tokyo. We are focusing on analog chips in larger nodes (28-48 nanometers). The strategy is to design chips, develop proof of concept, showcase to clients, then do contract-manufacture. We may become the first Indian company to design and commercialise chips fully in-house. Seven clients are already onboard. How are your green energy initiatives developing? We focus on electrolysers, green hydrogen, and green ammonia. We've built India's first electrolyser and sold several units. We're executing the world's largest green hydrogen plant—100 MW producing 10 million tonnes annually at Indian Oil's Panipat refinery. For green ammonia, we've partnered with Japan's ITOCHU Corporation for a 300 KTPA facility at Kandla, Gujarat. What is the current trajectory of L&T's data centre operations? We currently have about 32 MW of data centre capacity. Beyond infrastructure, we're developing cloud services layered on top. Despite typical new business teething issues, we're confident this vertical will scale well. The model is in place, and momentum is building. Which verticals will drive future revenue growth? EPC projects remain our dominant segment at about 75% of revenue, with manufacturing contributing 5-7%, and services accounting for 15-17%. While services are experiencing accelerated growth, EPC is continuing its strong trajectory as well—we're benefiting from expansion across all three verticals. Our robust financial position, with virtually zero debt and substantial cash reserves, provides ample resources for growth initiatives. Each business unit must demonstrate self-sufficiency rather than relying on headquarters funding. Priority is establishing stronger B2C capabilities. Will these diversification efforts require organisational restructuring? Not necessarily. Our ownership structure (15% employee trust, remainder distributed among mutual funds, institutional investors, shareholders) limits extensive restructuring. L&T remains the primary holding company for EPC and manufacturing. Profitable, sustainable subsidiaries will be considered for separate listings after demonstrating consistent growth over about two years. How are you preparing the workforce for these strategic transitions? We're leveraging a new generation of employees who bring fresh perspectives. We have identified high-potential individuals across verticals for accelerated development through expanded responsibilities and controlled learning experiences. Many project sites are now managed by 28-32 year-olds, replacing traditional 40-year-old leadership requirements. India's largest hockey stadium in Rourkela was delivered by a 28-year-old former executive assistant. What strategic considerations will influence capital deployment decisions moving forward? Our Lakshya strategic framework guides allocation. The current four-year plan concludes March 2026, with preliminary assessments showing we're meeting or exceeding targets despite pandemic challenges. The next cycle (2026-2031) encompasses both quantitative and qualitative business aspects, organisational restructuring, succession planning, technology integration, digitalisation, and AI implementation. We are targeting doubling of revenue every five years. What are the anticipated capital spending requirements? Annual operational capex averages Rs 5,000-6,000 crore. Strategic investments in semiconductor, data centre, and realty businesses are projected at approximately Rs 1.5 lakh crores over five years, plus campus expansion initiatives. With zero debt, excluding minimal Hyderabad Metro obligations, and over `50,000 crore group cash reserves, we're positioned for strategic opportunities. What is L&T's approach to startup sector investments? Have you personally participated in funding early-stage companies? The board allocated funds for startup investments. Seven transactions have been completed so far, representing 10-15% stakes that do not require consolidation. We maintain board positions or observer status in several portfolio companies. Our strategy focuses on ecosystem investments aligned with our business domains, enabling us to provide business opportunities and mentoring while nurturing startups to sustainable growth levels. Personally, I find young entrepreneurs remarkably inspiring. I regularly visit their facilities and engage with their operations. Young entrepreneurs are remarkably inspiring with their passion, determination, and innovation—often coming from middle-class backgrounds with modest resources. With over half of revenue coming from overseas, what is your international growth view? I prefer India to be higher—we're fundamentally an Indian company. But we've succeeded in the Middle East with our 2.0 strategy. Earlier, every vertical went there; now it's predominantly hydrocarbon, renewable, and power transmission distribution verticals, with occasional infrastructure like Metro. This focused approach works well. What are the current workforce challenges facing L&T? The pandemic prompted many experienced workers to relocate permanently—they haven't returned since due to improved domestic conditions and attractive Middle East opportunities. Our growth to `3 lakh crore sales requires about 400,000 labourers. Construction work—outdoor conditions, safety equipment, height work—doesn't appeal to younger generations who prefer retail, IT, or sales environments with better working conditions and available alternatives. How are you resolving the worker shortage issue? We've established 14 skill training institutes—ten proprietary, four with state governments, each specialising in vertical-specific skills. We are training about 25,000 individuals annually with stipends, accommodation, meals, uniforms, and safety education. Our 35-40% retention rate shows substantial improvement. High performers receive advanced training and can progress to foreman positions. How do you foresee the defence vertical development? Our defence portfolio spans multiple domains. Land systems include bridging systems for armoured column river crossings in Punjab and Rajasthan, and the K-9 Vajra artillery system—100 units completed with 100 remaining. This indigenously manufactured system delivers a 45-kilometre range with exceptional accuracy and rapid repositioning capabilities. We've developed India's first indigenous light tank, Zorawar, a 25-tonne vehicle designed for high-altitude operations in regions like Ladakh. The naval operations centre at our Kattupalli facility in Chennai is producing offshore patrol vessels, anti-submarine warfare ships, and carrier trading vessels exclusively for military applications. We've delivered ships to Vietnam's defence forces and maintain repair agreements with the US Navy for Indian Ocean operations. We are contributing to Akash, BrahMos, and Pinaka missile systems plus launch infrastructure. As India's largest private defence company with $1 billion revenue, we continue to expand this strategic business area. Why prioritise electrolysis over solar manufacturing? We missed the solar manufacturing opportunity, but we're the world's largest solar EPC contractor, executing about 5 gigawatts annually across the Middle East and India. We've completed massive installations including 2.8 GW facilities. Rather than entering saturated solar manufacturing, we chose electrolysis as our strategic focus. What are your plans for nuclear power? We possess unique capabilities in nuclear infrastructure—end shields, calandria, steam generators, and complete nuclear plant construction. We built Tarapur and are currently constructing Kudankulam. However, international expansion attempts, including in France, haven't succeeded. Our upcoming strategic plan will reassess nuclear opportunities, though this sector requires substantial bandwidth, ecosystem management, and cultural understanding. Why did L&T resume bidding for thermal power plants after previously deciding to avoid them? India's 6-7% economic growth increased power demand beyond renewable capacity. Solar provides only 5-6 hours daily, battery storage remains expensive and pump storage is emerging slowly. Base load fluctuations from solar integration require coal-fired power as the primary available resource for consistent base load generation. Government recognition of potential power deficits and grid instability from solar-base power imbalances prompted renewed coal-fired power development. What's your long-term strategy for improving return-on-equity (ROE) and shareholder value creation? We've demonstrated substantial improvement, increasing ROE from 10-11% to 17%. Market capitalisation grew 3.3x while revenue increased 2.3x. Net working capital expansion is limited to 1.4x with current return on equity at 17% and CSR spending at 1.6% of profits. How did your wife respond to your viral comment on 'how long can you stare at your wife'? She didn't appreciate being referenced unnecessarily in professional discussion. It was an internal comment addressing operational pressures that someone violated policy by recording and circulating. While neither sought apologies, we both felt uncomfortable. My informal communication style sometimes creates unintended consequences.
