Construction giant Larsen & Toubro (L&T) on Friday announced its new initiative named L&T-Nxt which will primarily focus on artificial intelligence (AI), Internet of Things (IoT), virtual reality, augmented reality, geo‐spatial solutions and cyber security.
L&T-Nxt will use next generation technologies, digitization and and analytics to commercially render industry solutions in the aforementioned fields.
“We are committing significant investments and talent into this strategic effort and are confident that this will be an enabler for business,” SN Subrahmanyan, CEO and managing director, L&T said.
The L&T-Nxt initiative as of now is started with a team of 150 people with an aim of taking it to 2000 in the next 5 years.
“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 digitization and analytics,”he added.
The company has been working for capability deployment under its long term strategic plan and its management and is confident of developing and expanding these business and is currently mapping the landscape and formulating the road ahead, the company said in a statement.
We see new technology businesses and sunrise enterprises as prime constituents with the latent upside for rapid and substantial value creation.” he further added.
L&T is a leading multinational firm and construction company, headquartered in Mumbai. Currently, it is operating in over 130 countries across the world.