Latest news with #L&T
Hans India
10 hours ago
- Business
- Hans India
Amaravati to have Quantum Valley Park
The Andhra Pradesh IT Department has officially confirmed the establishment of Quantum Valley Park in Amaravati, following the ratification of the Quantum Valley Technology Park Memorandum of Understanding (MoU). The state government has entered into agreements with three prominent companies—Tata Consultancy Services (TCS), Larsen & Toubro (L&T), and IBM—to spearhead the construction of this ambitious project. As part of its contribution, IBM plans to install a 156-qubit Quantum System-2 at the Quantum Park, heralding a new era in quantum computing capabilities. TCS will focus on delivering quantum computing services, innovative solutions, and hybrid computing strategies, alongside essential quantum research initiatives. Meanwhile, L&T will apply its engineering expertise to effectively manage client networks and support emerging startups within the park. The Quantum Valley Technology Park is anticipated to be completed by January 1, 2026, marking a significant milestone in the region's technological landscape.
Time of India
13 hours ago
- Business
- Time of India
LTIMindtree CEO Debashis Chatterjee retires early; Venugopal Lambu takes charge amid leadership confusion
Debashis Chatterjee , chief executive officer (CEO) and managing director (MD) of IT firm LTIMindtree , has opted to retire due to personal reasons effective May 30, six months before his term ends on November 13 this year. Venugopal Lambu , currently the CEO Designate, has been appointed CEO and MD of LTIMindtree with effect from May 31, the sixth-largest IT services company by revenue, said in a statement. The decision was taken at the board meeting of the Larsen & Toubro (L&T) subsidiary at its 29th annual general meeting (AGM) on Friday. Lambu has also been appointed as a director on its board with effect from May 31, 2025, up to his original date of appointment as director, i.e. January 23, 2030, the statement added. Before rejoining LTIMindtree, Lambu served as the CEO of talent recruitment firm Randstad Digital, the $3 billion digital arm of Randstad. Lambu, who has previously worked at LTIMindtree from October 2020 to January 2023, was appointed CEO designate in January this year. Lambu's comeback is seen as a strategy to stabilise the ship at LTIMindtree, which has seen a series of over 10 senior executive exits over the past two years, especially after its formation in November 2022. Chatterjee led the newly formed LTIMindtree after serving as CEO and MD of Mindtree from 2019 until its merger with L&T Infotech. 'Debashis Chatterjee has been working closely with Mr. Venu Lambu to ensure a seamless leadership transition, facilitating continuity and strategic alignment as the company moves forward,' the statement added. The Mumbai-based software services provider reported subdued financial numbers over the past quarters, with the fourth and final quarter of FY25 ending March seeing its profit rise 2.5% on a revenue growth of 9.9% at Rs 9,772 crore. The quarter was helped by foreign exchange gains arising from the rupee's weakness against the dollar. The overall business demand continued to be impacted by macro uncertainties and cautious client spending, along industry lines. For the full year, its net profit declined 1.7% to $544 million, while revenue grew 4.8% to $4.5 billion. LTIMindtree's order book for the January-March period declined marginally to $1.6 billion from the previous quarter's $1.68 billion, but improved from $1.43 billion a year earlier. This month, LTIMIndtree clinched its largest-ever deal -- a $450 million, seven-year engagement with a global agribusiness player.
Hindustan Times
17 hours ago
- Business
- Hindustan Times
Relief for L&T, SC okays scrapping of key tender
In relief to engineering and construction company Larsen & Toubro, which was challenging its disqualification in the tender process for the Thane-Ghodbunder to Bhayandar tunnel and elevated road projects, the Mumbai Metropolitan Region Development Authority (MMRDA) told the Supreme Court that it has decided to scrap the entire tender process. Senior advocate Mukul Rohatgi told a bench headed by chief justice of India (CJI) Bhushan R Gavai that the process has been scrapped and the authority will await for further directions from the state government. Recording Rohatgi's submission, the bench in its order said, 'Senior counsel appearing on behalf of the respondent (MMRDA), fairly submit that the state has decided to scrap the entire tender process in the larger public interest and will take such steps, as are advised.' The bench, also comprising justices AG Masih and Atul S Chandurkar, said, 'In that view of the matter, the present special leave petitions have been rendered infructuous and are disposed of as such.' L&T had approached the top court against an order of the Bombay high court passed on May 20, which allowed MMRDA to open the other financial bids.L&T said it came to know of its disqualification only in early May. The company submitted its techniocal bid in December. The top court earlier expressed surprise at how the company which constructed the Central Vista project was disqualified. On Friday, the court appreciated the MMRDA's stand and said, 'We are in an era of transparency,' pointing out that it was concerned about the 'larger public interest' as public money is involved. In July, MMRDA issued a notice inviting tenders for its public infrastructure projects involving the Road Tunnel project (Gaumukh to Fountain Hotel junction on Thane Ghodbunder Road). This projects envisaged 5-kilometre-long twin tunnels of finished diameter 14.6 metres estimated at ₹8,000 crore. The second project involving construction of a 9.8 kilometre long Elevated Road envisaged a bridge passing along the Vasai Creek. Both projects were meant to be an extension of the Mumbai Coastal Road project and a part of MMRDA's larger road expansion project involving construction of approximately 15 kilometre of road from Gaumukh (in Thane) to Bhayander. L&T submitted its technical bid in December 2024 and this was opened on January 1. In May, the company learnt that MMRDA sent letters to qualified technical bidders asking them to appear for the opening of the financial bids on May 13. L&T had approached the Bombay high court, which initially stayed the opening of the financial bids but then ruled against L&T in its May 20 order, prompting the appeal.
India Today
18 hours ago
- Business
- India Today
AMCA Explained: How India Plans to Build Its Own Stealth Fighter
India's next-gen stealth fighter, the Advanced Medium Combat Aircraft (AMCA), just got a massive push from the government with Defence Minister Rajnath Singh clearing an execution model for the jet's design and development. On this episode of In Our Defence, veteran defence journalist Sandeep Unnithan breaks down what this means for the future of Indian airpower, how private players like Tata and L&T could shape the aircraft production ecosystem, and what role the state-owned Hindustan Aeronautics Limited is likely to play. Sandeep also decodes the different generations of fighter aircraft, detailing what makes a fifth-generation jet stand out from the current crop of Indian Air Force jets such as the Rafales, Tejas, Sukhois and Mirages, among others. The episode also features a discussion on India's attempts to develop its own fighter jet engine and how that quest -- unsuccessful so far -- becomes all the more important for the AMCA. Produced by Prateek Lidhoo Sound mix by Rohan Bharti
The Print
18 hours ago
- Business
- The Print
Post legal battle with L&T, MMRDA says it will retender 2 infra projects in ‘public interest'
Following the MMRDA's decision, the Supreme Court disposed off a petition filed by Larsen & Toubro appealing against a Bombay High Court order dated 20 May. L&T had filed two petitions in the high court on two separate occasions, alleging irregularities in the opening of financial bids. The high court had denied relief to the company, declining to stay the opening of bids. The MMRDA told the Supreme Court Friday that it will scrap the two tenders. In a statement later in the day, the development authority said it will reinitiate the tendering process for the Ghodbunder (Thane)-Bhayander road tunnel and bridge project. It said the decision has been taken 'purely in public interest'. Mumbai: Following a legal battle with construction firm Larsen & Toubro over alleged tender irregularities in two ambitious projects, the Mumbai Metropolitan Region Development Authority (MMRDA) has decided to scrap the two tenders, and reinitiate the process. In a statement, the MMRDA said, 'Although the authority's (MMRDA's) legal position was upheld at every level, the decision has been taken purely in public interest and to ensure judicious use of taxpayer money.' The MMRDA's decision to scrap the tender comes four days after Chief Justice of India B R Gavai asked the development authority if it was willing to retender the projects, failing which the apex court might have to freeze the whole tender process. The two projects, said to be roughly worth Rs 14,000 crore, involve linking Thane and Mira Bhayander. One of the two projects involves building a 5-km twin tunnel from Gaimukh to the Fountain Hotel junction at Shilphata at about Rs 8,000 crore, while the other is a 9.8-km elevated creek bridge to connect Bhayander with Ghodbunder Road in Thane. This is estimated to cost about Rs 6,000 crore. L&T did not respond to ThePrint's email seeking a comment. The report will be updated if and when a response is received. Also Read: MMRDA prepares for 'most challenging' part of Worli-Sewri connector: A double-decker 'Elphinstone Bridge' The battle over bids In both the projects, the MMRDA had declared Megha Engineering & Infrastructure Limited to be the lowest bidder. The L&T's main grouse was that it was dropped from the tender process after the submission of technical bids without being given any reason or any intimation. The company also said that its bids for the two projects were cumulatively about Rs 3,000 crore lower than Megha Engineering's bid. As per the MMRDA, the authority disqualified L&T after the technical bidding stage as the company failed to comply with 'an essential eligibility clause.' The clause required L&T to submit an undertaking confirming that no bridge or barrage constructed by the company had collapsed within the 'last two years of completion'. 'This rendered them ineligible as per the tender norms. Their financial bid was therefore never opened,' the MMRDA said in its statement. In the retendering of bids, the development authority has said that it will try to reduce the overall project cost for the two works by Rs 3,000 crore. (Edited by Ajeet Tiwari) Also Read: From airport to metro, 2025 will see completion of some of Mumbai's long-pending infra projects
