L&T plans to generate 20,000 jobs this fiscal

Date: 11-Jan-2010

SURAT: Having a strong order book worth Rs 90,000 crore and immediate expansion plans worth Rs 7,000 crore on cards, Larsen & (L&T) is on a massive recruitment mode. The engineering and construction conglomerate is expected to generate close to 20,000 jobs in next 12 months directly and indirectly.

L&T is expected to invest Rs 25,000 crore in next five years for expanding capacities, port facilities, commissioning of power plants, shipyard and roads, among others. It will commission one new factory in every 3-4 months. “We have committed investments worth Rs 7,000 crore in worst of the time when nobody was willing to take such risks. L&T will emerge as national treasure when market gains momentum on account of its capabilities and talent. I don’t think there is anyone better prepared than us,” Mr Naik said in Surat on Saturday. He added that adequate talent is available to meet company targets since good engineering talent is available now.

L&T group companies with current headcount of about 45,000 will recruit 5,000 technical and non-technical people and 1,500 IT people in next 12 months. It is also claiming to generate over 13,000 indirect employment through contracts.

Mr Naik, a vocal critic of IT sector for taking away engineering talent in call centres and BPOs, said, “In last couple of years, IT companies have not recruited much and hence we will not face troubles in finding the right talent. I believe that engineers should work in the field of engineering and construction. In IT sector, barely 10% of the engineers do what they have studied.” Majority of the new recruitments would be done for L&T group’s major base Vadodara and Hazira in Gujarat.

In last one month only, L&T has bagged orders worth Rs 5,000 crore constructing chemical plants, atomic power station, IT park, material handling units, residential towers, hospital, exhibition centre and factory building projects. In Hazira alone, L&T is setting up seven new factories to manufacture equipment for power sector.

Besides investing in new plants, L&T is commissioning 1,500 mw power plant in Punjab and has set vision to commission additional 5,500 mw thermal and hydro power generation capacities by 2015. L&T’s power equipment making plants too would be expanded in phases. It is also going expand its two port facilities and commission a shipyard at Chennai. The company is also working on five road projects of the state and centre governments in Gujarat, Maharashtra, Tamil Nadu and Karnataka.

Nr Naik was in Surat to kick off commissioning of proposed steel manufacturing and heavy forging plant at Hazira in collaboration with central government undertaking Nuclear Power Corporation of India Limited for commissioning and operating nuclear power plants. Mr Naik stated that L&T is confident to even export nuclear power equipment after proving itself in India. Proposed facilities will have capacity to produce ingots weighing up to 600 million tonnes each and a world’s largest heavy forge shop. It will enable L&T to enter into the exclusive club of manufacturers with an integrated capability covering entire range from melting of steel to finished products.

Meanwhile, Mr Naik China is systematically eliminating our manufacturing industry with its subsidy structure that allows it to offer products 25% cheaper. “Strong company like L&T would survive but we are concerned about the small players. Indian government should impose anti dumping duty on Chinese goods to protect local manufacturers,” said Mr Naik.

He expressed his concerns over power generation equipment for 50,000 MW capacity to China from India.

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