Larsen & Toubro (L&T) Chairman and Managing Director S N Subrahmanyan on Thursday told shareholders at the annual general meeting there were no project-related leakages at the under-construction Ram Mandir project and the Pragati Maidan tunnel, in New Delhi.
And, the company continues to take multiple steps to address labour shortages, he added.
On queries related to completing certain metro projects in Mumbai, the chairman said, in a light vein, the company had completed its part of the projects.
“The pending works are with other contractors … you should ask the government to give us all the works.”
Over the past one year, L&T was involved as contractor for two projects – the Pragati Maidan tunnel and the Ram Mandir project, where a leakage was reported.
“At Pragati Maidan they said water was leaking. The tunnel is going under Pragati Maidan and on the sides are housing colonies and other government offices. The tunnel is meant for cars and buses, but they are taking all the water from the colonies and offices and putting it there and then saying it is leaking,” he told shareholders.
“There is no leakage at all. The gobaram (sanctum sanctorum) is still under construction and will not be completed before March next year. The drain pipes are yet to be constructed, and the water then comes into the temple … one Maharshi has said there is a leakage.”
On industry’s labour woes
L&T made it to the headlines last month over the chairman’s public comment that the company was facing a shortage of about 30,000 workers.
Subrahmanyan reiterated the number and attributed the shortage to multiple reasons including India’s booming economic activities and the growing labour demand from West Asia.
“We have set up nine skill-training centres in the country and three associate centres through which we train people in carpentry, masonry welding, fitting, etc. We train about 25,000 labourers every year, and 5,000-6,000 remain with some of the other companies or go to West Asia.”
Demerger and share split
The chairman said there were no plans for any further demerger in any of its businesses. Chief Financial Officer R Shankar Raman said there were no other assets up for divestment in the current five-year plan, which ends in 2026. On queries related to any possible share split, Raman said: “The company will consider one once the share price touches Rs 7,000-8,000.”
On Thursday, the L&T stock closed at Rs 3,574.20 on the BSE.
First Published: Jul 04 2024 | 7:49 PM IST