LT - Current Affairs Questions and Answers

ANSWER: Anil Manibhai Naik

Explanation:
BoD of Larsen & Toubro on April 7, 2017 elevated SN Subrahmanyan as CEO and MD from the post of Deputy MD and President of the company.

Anil Manibhai Naik was appointed the non-executive chairman w.e.f Oct 1, 2017 for 3 years.

Subrahmanyan will take charge as CEO on July 1, 2017.

Naik, or AMN as he is popularly called, had given himself five-year extension in 2012 to restructure the complex businesses, focus on core business, exit non-core businesses and find his successor.

His current term as group executive chairman ends on September 30, 2017.

Naik was asked by BOD to provide advice, guidance and mentorship to the company’s executive management in the capacity of non-executive chairman, according to a company statement.

Naik has acceded to the Board’s request after working with L&T for over 52 years.

L&T: Know More

• Headquarters: Mumbai
• Key Subsidiaries: Larsen & Toubro Infotech, L & T Mutual Fund
• Founders: Søren Kristian Toubro, Henning Holck-Larsen

ANSWER: SN Subrahmanyan

Explanation:
Deputy Managing Director and President, Larsen & Toubro, SN Subrahmanyan will take over as chairman of the USD 16 billion engineering and construction powerhouse from AM Naik.

• Naik introduced Subrahmanyam as his successor at the company’s 71st AGM
• Naik has been with L&T for over 50 years now
• Company is expecting to double its revenue to INR 2 lakh crore by 2021 based on India’s success story
• India is currently at the cusp of a turnaround. All indicators are positive as the projected GDP growth rate is 7.4 percent in 2016-2017
• India is the fastest growing large economy in the world
• Government’s thrust on infrastructure and its Make in India initiatives will fuel growth
• The company is banking on the defence sector
• It is expected the defence sector will generate business opportunities worth INR 13 lakh crores over the next 10 years.
• With the resolution of the issues pertaining to fuel supply and clearer understanding on nuclear liability issues, Nuclear power sector is expected to grow over the next 10 years to INR 50,000 crore.
• L&T plans to make missiles one day, Naik said.

ANSWER: Nagpur

Explanation:
Larsen & Toubro has been identified as the implementation partner to convert Orange City of Nagpur into the nation’s first large scale integrated Smart City as per Letter of Intent handed over by Maharashtra CM Devendra Fadnavis to representatives of the company

• The modifications will be leveraged to cover the tire city and following Jaipur, this is a positive step for L&T.
• Markets have reacted favourably to the announcement with Larsen & Toubro trading up INR 7.95 or 0.53 percent from its previous closing.

ANSWER: L&T

Explanation:
IT department has signed a contract with L&T Infotech for implementing Project Insight to strengthen non intrusive information driven approach for improving tax compliance.

• The project will be rolled out in three phases and the first phase platform is expected to of live from May 2017
• Integrated platform will play a key role in widening tax base and data mining to track tax evaders.

ANSWER: Aftab Ullah

Explanation:
Infotech has hired BoA India’s head of global delivery centres of expertise Aftab Ullah as the Chief Operating Officer of the IT arm of Larsen & Toubro, continuing its journey to become a publicly listed player. CEO Sanjay Jalona has announced the appointment. Ullah has 23 years of professional experience in the IT services space. Prior to BoA, Ullah was Global Delivery Head for Financial Services at Capgemini for 4 years.