India's top engineering and construction firm Larsen & Toubro (L&T) said its board of directors has decided to induct Subramanian Sarma (a non-executive director in the board) as an executive director and also elevate SV Desai and T Madhava Das to the board.
The slew of board level appointments reflects L&T’s resolve to chart an aggressive future in its businesses.
Sarma is at present CEO and MD of L&T Hydrocarbon Engineering, a wholly-owned subsidiary of L&T. In his new role, Sarma will be designated Whole-Time Director & Senior Executive VP (Energy).
Effective August 19, he will hold board level responsibility for L&T’s Power business, in addition to his current responsibility in the Hydrocarbon business.
In the big revamp, Desai and Madhava Das, both members of the company’s apex-level executive management committee, have been elevated to the board with immediate effect.
Desai has been designated Whole-Time Director & Senior Executive VP (Civil Infrastructure) and will be responsible for the Heavy Civil Infrastructure and Transportation Infrastructure businesses, while Madhava Das will be designated Whole-Time Director & Senior Executive VP (Utilities) and will be responsible for the Power Transmission & Distribution and Water & Effluent Treatment (WET) businesses.
Lauding the board appointments, CEO & Managing Director S N Subrahmanyan, said: "Internationally, the hydrocarbon and power businesses are generally viewed as a cluster, and L&T will now adopt the same integrated strategy."
"Sarma’s experience and business insights especially in the intensively competitive Gulf markets are going to add great value to our energy thrust. Desai and Madhava Das bring to the board their expertise and competence across diverse fields, both in the domestic and overseas markets, that will add a cutting edge as we look to take our company’s business to the next level," noted Subrahmanyan.
"We require a global vision with a strong local orientation. All these colleagues have proven their worth in extremely testing circumstances and are well-equipped to take on the added responsibility of steering the future course of their respective businesses," he added.
On the new role, Sarma said: "L&T’s power business has carved a niche for itself as an EPC player backed by strong, indigenous manufacturing capability that covers the full spectrum – boilers, turbine generators and balance of plant. The team has done well, given the circumstances."
"I am looking forward to the challenge of handling an integrated ‘Energy’ portfolio encompassing both hydrocarbon and power. Given the excellent track record of L&T and its subsidiary L&T Hydrocarbon, I am sure that we will be able to make a positive impact on the industry while ensuring that the company meets its growth objectives," he added.
A graduate in chemical engineering, Sarma completed his Masters from IIT Bombay. A seasoned professional, he has over 37 years of experience, with 28 years being in the Middle East. During his career span, Sarma has handled the complete oil and gas value chain including executive management, business development, project management and process engineering.
On his appointment, Desai said the elevation to the board is a great honour and "I am conscious of the enormous responsibility of leading these businesses at a challenging time in the company’s history."
"L&T has done pioneering work in building some of the country’s largest and marque Infrastructure projects. We will continue to be Nation-builders. Given the institution’s capabilities and inherent strengths, I am confident that we will do well, and ensure that we realize our true potential," he added.
Desai is a civil engineer with Post-Graduation from IIT Madras. He started his career in 1986. Beginning his journey with L&T in 1997, he has served as HeadContracts (Buildings & Factories), Head-Procurement & Contracts (Delhi International Airport), Segment Head – Integrated Projects, Segment Head – Metros, Business Unit Head of Metros & Defence BU. He has extensive experience in bid estimation, finalisation of large value projects like Riyadh & Doha Metros.
Madhava Das said: "I have always believed that one of the pillars that L&T is founded on is meritocracy and this honour of being inducted on to the board is a reflection of that value."
"L&T has done unique work both in power transmission distribution and in urban rural electrification works. We have taken Power & Water Infrastructure to the hinterland of the country and have brought the essentials of water and light to many citizens of the country. These two businesses have developed a significant footprint in the GCC, Asean and Africa," he noted.
"I look forward to the challenge ahead. I am fortunate to have a fine team, and all of us re-dedicate ourselves to take the Company’s interests forward," he added.
Madhava Das is a graduate in Electrical Engineering from NIT Calicut and MBA from XIM Bhubaneswar, joined L&T in 1985 and has held various key positions in the electrical business of L&TECC. He headed the TL business in India and later moved to GCC as Head of the International (Cluster – 1).
He assumed his present position in 2014 and under his leadership, the domestic Power Transmission, Substation, Distribution and the PT&D business in UAE, Saudi Arabia, Oman & Kuwait have grown significantly.
