New Delhi, July 13 : Larsen & Toubro on Monday said that its board of directors has decided to induct Subramanian Sarma, Non-Executive Director on the board as an Executive Director.
In its meeting on July 11, the board of directors also decided to elevate S.V. Desai and T. Madhava Das to the board, L&T said in a regulatory filing on Monday.
"The slew of board level appointments reflects L&T's resolve to chart an aggressive future in its businesses," L&T said in the filing.
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 and Senior Executive Vice President (Energy). Effective August 19, 2020, he will hold board-level responsibility for L&T's Power business, in addition to his current responsibility in the Hydrocarbon business.
Desai and Madhava Das are both members of the company's apex-level Executive Management Committee and have been elevated to the Board with immediate effect. Desai has been designated Whole-Time Director and Senior Executive Vice President (Civil Infrastructure) and Madhava Das will be designated Whole-Time Director & Sr. Executive Vice President (Utilities).
Commenting on the board appointments, S.N. Subrahmanyan, CEO & Managing Director, L&T 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." He added that both Desai and Madhava Das bring to the Board their expertise and competence across diverse fields both in the domestic and overseas markets, which will add a cutting edge as we look to take our company's business to the next level.