Larsen & Toubro expects $1 billion revenue from L&T Nxt in 5-7 years

Infrastructure giant Larsen & Toubro is eyeing more than $1 billion revenue from its newly launched new-age technology platform L&T Nxt in the next five to seven years, a top company official has said.

The L&T Nxt initiative, which was launched last week, will focus on the areas of artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions as well as cybersecurity.

The announcement came at a time when L&T has made an offer to buy up to 66 per cent stake in IT firm Mindtree for around Rs 10,800 crore. It has entered into a deal to buy Cafe Coffee Day owner V G Siddhartha’s 20.32 per cent share in Mindtree and has also placed an order with brokers to pick up another 15 per cent of the company shares from the open market.