Infrastructure giant Larsen & Toubro (L&T) Friday announced a new initiative, L&T-Nxt, to focus on new-age technologies like artificial intelligence and cybersecurity.
L&T-Nxt will focus on the areas of artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions as well as cybersecurity and leverage the experience that L&T has garnered over the decades.
"Larsen & Toubro has announced a new strategic initiative, L&T-Nxt, to define the future of the organisation from a fresh perspective. It has been identified as a select initiative in L&T's five-year strategic plan," the company said in a statement.
The company said it is ideally placed to capitalise on these huge emerging opportunities with its large palette spanning software to hardcore engineering, backed by a strong technology base.
The company has deployed IoT, analytics and AI in the industrial sector by converting most operational matters online like finance, human resources, labour, plant, material etc into smart, affordable and efficient solutions.
"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 digitalisation and analytics," said S N Subrahmanyan, CEO and Managing Director, Larsen & Toubro.
Subrahmanyan further said "we are committing significant investments and talent into this strategic effort and are confident that this will be an enabler for business".
Capability development in some of these select verticals has been in the works under a long-term strategic plan and L&T's management is focused on incubating and scaling these businesses, mapping the landscape, formulating the road ahead, and achieving the stated goal with go to market solutions, the company said.
JD Patil - Senior Executive Vice President (Defence Business) and member of the board feels that the era of cyber-physical systems is just beginning.
"With the lines between the physical and digital blurring, Industry 4.0 is being founded," he commented and added: "we see new technology businesses and sunrise enterprises as prime constituents with the latent upside for rapid and substantial value creation."Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $ 18 billion in revenue. It operates in over 30 countries worldwide.