L&T's Ambitious Growth in Construction Machinery

Larsen & Toubro expects a 20% growth in its construction and mining machinery business in the upcoming fiscal year. The company is also aiming to double its sales in five years by investing in service capabilities, with a new mini excavator boosting growth.

Larsen & Toubro, a major player in infrastructure, is forecasting a 20% growth in its construction and mining machinery sector for the next fiscal year. The company has set an ambitious target to double its sales in the next five years through strategic investments and new product launches.

According to Arvind K Garg, Senior Vice President and head of L&T's Construction and Mining Machinery business, the strategy relies heavily on boosting service capabilities and leveraging partnerships. This year, L&T introduced the Komatsu PC35 mini excavator, further fueling business expansion.

Since its joint venture inception with Komatsu in 1998, L&T now solely manages customer interaction, sales, and after-market services for Komatsu's hydraulic excavators in India. The company is also rolling out a five-year strategic initiative called the Lakshya Vision Plan to adapt to market demands and regulatory changes, including a shift toward using higher-percentage biofuels.

(With inputs from agencies.)