7

COMPANY INFORMATION

62nd ANNUAL GENERAL MEETINGAT BIRLA MATUSHRI SABHAGAR

19, MARINE LINES, MUMBAI 400 020ON FRIDAY, AUGUST 24, 2007

AT 2.15 P. M.

BOARD OF DIRECTORS

A. M. Naik Chairman & Managing Director

J. P. Nayak Whole-time Director & President(Machinery & Industrial Products)

Y. M. Deosthalee Whole-time Director &Chief Financial Officer

K. Venkataramanan Whole-time Director & President(Engineering & ConstructionProjects)

R. N. Mukhija Whole-time Director & President(Electrical & Electronics)

K. V. Rangaswami Whole-time Director & President(Construction)

V. K. Magapu Whole-time Director &Senior Executive Vice President(IT and Technology Services)

M. V. Kotwal Whole-time Director &Senior Executive Vice President(Heavy Engineering)

S. Rajgopal Nominee — UTI

S. N. Talwar Non-Executive Director

M. M. Chitale Non-Executive Director

Lt. Gen. Surinder Nath (Retd.) Non-Executive Director

U. Sundararajan Non-Executive Director

Thomas Mathew T Nominee — LIC

N. Mohan Raj Nominee — LIC

Subodh Bhargava Non-Executive Director

COMPANY SECRETARYN. Hariharan

REGISTERED OFFICE:L&T House, Ballard Estate, Mumbai 400 001

AUDITORSM/s. Sharp & Tannan

SOLICITORSM/s. Manilal Kher Ambalal & Co.

REGISTRAR & SHARE TRANSFERAGENTSSharepro Services (India) Private Limited

L&T’s Corporate Office in Mumbai

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9

Leadership Team

(Front row - from left to right) : Mr. Y.M. Deosthalee, Mr. A.M. Naik and Mr. J.P. Nayak(Rear - from left to right) : Mr. K. Venkataramanan, Mr. K.V. Rangaswami, Mr. M.V. Kotwal, Mr. R.N. Mukhija and Mr. V.K. Magapu.

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What drives a Company that has touchedthe lives of millions? What energizes itsvision? The answer is simple - its people.

L&T recognizes that people are the keydrivers in its success. It is the commitmentof its people which helps L&T attain its goalsand move forward towards its vision. Thisimpels L&T to make sustained investmentsin its people, creating the conditions toattract, develop and retain the best talent atall levels.

Shortening the learning curve

“You can’t predict the future — butyou can make it happen”

Enhancing skills, knowledge andcompetency levels are an ongoing processat L&T. L&T believes in nurturing young talentand making them effective as quickly aspossible. The ‘Campus to Corporate’program enables Graduate EngineerTrainees to understand how the engineeringknowledge acquired in the institute is appliedin the development and delivery of products,projects and services. Further, the programis aimed at enhancing communication andinter personal skills that would facilitate theirsmooth transition into L&T.

People Management

“People whose talents are notexploited become disenchanted anddisruptive. The important thing is thatmanagers must involve employees;lead employees.”

A Company-wide endeavour covering overfour thousand managers has been launchedto enable them to hone their abilities in

people management, and translate thoseskills into effective leadership and motivation.Team building and team maintenance can besustained as an effective managementpractice only if it is supported by strongrelationships between the members of theteams. The process of cascading the programto various levels has begun and is expectedto bring significant change in the peoplemanagement skills of the managers.

Training & Development

“Excellence is an art won by trainingand habituation.”

A dynamic global business scenario requirescontinuous learning and upgrading of skillsin order to retain the competitive edge. Effortscontinue with the expansion of the portfolioof programs offered at L&T. A new series ofprograms linked to the strategic direction ofL&T have been designed for 2007-08. Thisis in addition to the large scale training effortsin the area of competency and professional

People

�If you want to belong to acountry which is becoming anation, you have to keep theeconomy growing bycreating jobs. And you canonly do that by investing intomorrow, and tomorrow ismade by people�

- Henning Holck-Larsen

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management development at the corporatelevel as well as the technical, behaviouraland soft-skill training on a continuous andregular basis.

L&T has always sought to be a forwardintegrator of people, ideas and knowledge.The e-learning portal – Any Time Learning,has been launched to ensure that everyemployee, even in the remotest location orat an international posting, can extend hisknowledge-base and understanding of workrelated subjects. The portal ensures acomprehensive coverage of knowledge,skills and competencies through a diverseset of e-learning modules.

Leadership Development

“The quality of leadership, more thanany other single factor, determinesthe success or failure of anorganization.”

To ensure quality and depth of leadership,L&T has linked the leadership process withconsistency of performance. This is atransparent process to recognize, rewardand grow talent. Select employees are alsosent to premier business schools andmanagement institutes to gain experienceand knowledge through their AdvancedManagement Programmes.

Building an efficient, effective and highlymotivated team enhances L&T’s competitiveposition and provides it support to facebusiness challenges. In the end, however,what continues to be a motivating source forall our employees is a free and openenvironment that stimulates learning,provides opportunities for career growth andinvokes a sense of immense worksatisfaction. In today’s global scenario,where people look at their jobs as stop-stations, we take pride in being known as aCompany to which people are proud tobelong.

L&T is, and will continue to be, a vibrant learning organization. Periodic upgradation of skill levelsenables professionals to stay abreast of developments in a fast changing world.

Training is not confined only to classrooms and lecture sessions. Here at L&T’s Management &Development Centre in Lonavla near Mumbai, participants learn the nuances of team-building ininteresting and unforgettable ways.

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Design & Engineering

�Every great advance inscience has emerged from anew audacity ofimagination.�

Technology is the springboard to the future.It is the bridge between aspiration andaccomplishment. Every technologicalachievement is both destination and point ofdeparture for one breakthrough leads toanother… and another. If technology drivesindustry, what drives technology? The answerlies in the human mind, in a spirit that isimpatient with the status quo and in thesoaring flight of the imagination. It is ananswer that is well known to L&T, and isindeed reflected in its tagline – ‘It’s all aboutImagineering’.

“Strive for perfection in everythingyou do. Take the best that exists andmake it better. When it does notexist, design it.”

Engineering & ConstructionIn the field of engineering and construction,L&T’s technology resources constitute astrategic mix of in-house strengths and theexpertise of its joint venture partners.Engineering Centres at Mumbai, Vadodaraand Delhi carry out process design and

simulation, analysis of Computational FluidDynamics, mechanical design by analysis,failure analysis and trouble shooting. L&Thas set up an engineering and projectmanagement centre in Abu Dhabi, with amandate to undertake oil and gas relatedprojects as well as engineering andconsultancy services. Further, anengineering centre set up in Sharjah formsan extended arm in the Gulf that will beinvolved in proposal engineering, fieldengineering and detailed engineering inclose coordination with the centres in India.All this is supplemented throughcollaborations with key players: L&T-Valdelfor engineering services in the upstreamhydrocarbon sector; L&T-Chiyoda for the midand down stream sectors, and L&T-Sargent& Lundy for the power sector.

Technology in infrastructure developmentcontributes to superior quality, higher safetythresholds and greater speed ofconstruction. In several critical applications,advanced technology provides breakthroughsolutions that enable the successful

completion of complex structures at difficultlocations. The engineering services providedby L&T’s Engineering Design ResearchCentres at Chennai and Kolkatta includefeasibility studies, project reports, systemengineering, architectural, structural and civildesign. The cable-stayed bridge built byL&T’s Construction Division in Jordanillustrates the Company’s ability to buildbridges of various types and in different spanranges.

3D model of a synthesis gas reformer, executedby L&T’s Engineering & Construction Division

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Engineers at L&T’s newly inaugurated Design & Engineering Center in Delhi.

L&T-Ramboll Consulting Engineers Limitedprovides civil engineering and consultancyservices for a wide range of projects in thetransportation sector - ports, airports, high-ways and bridges.

“Design adds value faster than it addscost.”

Manufacturing

Design & engineering strengths in the sphereof manufacturing constitute a majorcompetitive advantage for L&T. It is thesestrengths that enable L&T to set newbenchmarks in terms of scale, sophisticationand speed. The Company has dedicatedengineering centres at each of themanufacturing locations of process plantequipment and defence related equipment.Two ‘Technology Development Centres’ havebeen set up, tasked with development of newproducts and of new manufacturingtechnologies. L&T also has collaborationagreements with the Indian Space ResearchOrganization as well as other niche playersto bolster its capabilities in the strategicsectors of aerospace, defence and nuclearpower.

L&T’s rich technology base secureswidespread public recognition as itsuccessfully manufactures equipment thatset bold new precedents. Recently, forinstance, L&T manufactured one of theworld’s largest FCC regenerators, with aninternal diameter of 16.3 metres and weightof over 1320 tonnes. Earlier, L&T engineershad also manufactured the world’s largestreactors in the metal composition of ChromeMolybdenum Vanadium.

In the mining sector, L&T’s R&D engineershave successfully developed an indigenousmodel of the surface miner with enhancedaesthetics and superior ergonomics. The newmodel is scheduled to roll out this year.

“Innovation is the ability to see changeas an opportunity - not a threat”

L&T’s Electrical and Electronics Division hasbeen regarded as a pioneer in the design ofswitchgear and switchboards that areengineered for tropical conditions. It has builtfurther on this rich legacy, leveraging its R&Dstrengths to develop a host of new productfeatures. In 2006-07, the Division had filedapplications for as many as 80 patents. Whentaken along with the patents applied for andsecured earlier, L&T’s Electrical & ElectronicsDivision has a tally of 247 – a landmark foran Indian company. Patent applications coverinnovations made on a variety of low voltageindigenously developed switchgear productslike the Air Circuit Breakers (ACBs) andMoulded Case Circuit Breakers (MCCBs),medical products, petroleum dispensingpumps, tooling solutions and switchboards.They are visible testimony of the creativity ofL&T’s R&D engineers and the technologyroute that the Company continues to adopt.Further testimony comes from the high rateof introduction of new products. In the3D model of steam drum internals -

manufactured by L&T.

switchgear products business, for instance,35 per cent of the annual revenue comesfrom new products.

“The new electronic independence re-creates the world in the image of aglobal village.”

Technology Services

In the technology services space, L&Tprovides its global client base the winningedge through development of optimalsolutions. L&T’s e-engineering servicesleverage the Company’s own engineeringpedigree and experience. The EmbeddedSystems unit provides technologicalassistance across a broad spectrum –design, maintenance, re-engineering, testing,prototyping and industrial design.

In every sphere of L&T’s operations,technology will continue to be a key enabler,reinforcing its leadership position andsustaining its competitive strengths inindustry while to many, technology is a meansto an end, for L&T, technology representsendless possibilities.

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The 425-metre Wadi-Abdoun cable-stayedbridge built by L&T at Amman, Jordan.

Our vision of becoming an Indian multinationalencompasses much more than intermittentengagements in international markets. Itembodies a long term commitment toconsolidating our presence in selectedgeographies. This involves going through allthe intermediate steps of setting up offices,allying with collaborators, putting in place asupply chain mechanism, developingmarketing networks, brand promotion, and iffeasible, building manufacturing capability.Individual businesses within L&T view foreignmarkets through the prism of their owncompetitive strengths and the logistics of theirofferings. A common focus across most ofthe businesses is the Gulf region and China.

The Middle East

L&T has formed several joint venturecompanies in Gulf Cooperation Councilcountries - United Arab Emirates, Qatar,Kingdom of Saudi Arabia, Kuwait andSultanate of Oman for projects in hydrocarbonand infrastructure sectors.

In the manufacturing sector, L&T isestablishing state-of-the-art fabricationfacilities for modular structures, heavyjackets and oil rigs at Sohar in the Sultanateof Oman. The yard spread over 400,000sq.m. will have facilities for heavy structuralfabrication, sophisticated equipment,systems integration & testing and load-outof ultra-large modules. L&T is also settingup an electrical assembly factory forswitchgear and related electricalproducts at Dammam in the Kingdom ofSaudi Arabia.

On the engineering services front, L&T hasset up offices to offer design & engineeringconsultancy services in oil & gas as well ascivil works in the United Arab Emirates(UAE). Besides this, special efforts are alsobeing made to offer information technologyrelated services.

L&T has also taken initiatives for allying withinternational EPC players.

China

L&T has multiple engagements with China,viewing it as a market for the Company’s hightechnology products, a manufacturing centre,a procurement base and a source for exportsto third countries.

With oil majors planning world-scale venturesin China, L&T sees a promising opportunityin participating in these projects. To succeedin China’s cost competitive environment, localpresence is essential. A manufacturing facility

International Operations

�Boundaries exist only inminds that accept them.�

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Reformed Gas Boiler manufactured and supplied by L&T for a Gas-To-Liquid project overseas.

for valves is therefore being set-up inJiangsu.

In China, the sheer size of the electricalmarket, the recent addition of more than100,000 MW power generation capacity andcontinuous investment in infrastructuredevelopment promise an expanding marketfor electrical products. In view of this, L&Thas set up its own new factory at Wuxi formanufacturing and marketing its indigenouslydeveloped, high-end Air Circuit Breakers(ACBs) and Moulded Case Circuit Breakers(MCCBs). It has received ISO 9000 andChina Compulsory Certification (CCC).

China is also an important market for rubberprocessing machinery, as tyre majors haveset up facilities in China. L&T intends tocapitalize on this opportunity by developingand supplying presses in line with the qualityof products being currently supplied to globalmajors from India. To meet this objective, L&Thas taken over a running unit of QingdaoOver-World Group Company Limited (OWG).L&T is also building a new state-of-the-art-factory and expects to operate from thispremise from 2008.

L&T has set up a sourcing office at Shanghaiand is procuring a variety of materials andcomponents from China.

L&T’s Heavy Engineering Division hasfurther consolidated its presence in theChinese market with more orders for criticalequipment for petrochemicals and powerplants.

During the year, L&T bagged its largestoverseas project in the upstreamhydrocarbon sector. The order reflects thehigh level of customer confidence in L&T asa reliable source for single-point executionof vital energy sector projects.

L&T’s investments in its internationaloperations have been a calculated measureof opportunities and risks. With itsbusinesses going increasingly global, L&Twill continue to leverage its engineeringexperience and technological expertise toestablish its leadership position worldwide.

L&T’s manufacturing footprint overseas - a factory for switchgear at Wuxi, in China. L&T’s otherfacilities at China include factories for valves and tyre curing presses.

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Corporate Social Responsibility

L&T believes that the true and full measureof growth, success and progress does not liein balance sheets or conventional economicindices. Rather, it is best seen in the tangibledifference that business and industry maketo the lives of people. Through a broadportfolio of social investments, L&Taddresses the needs of communities residingin the vicinity of its operations, takingsustainable initiatives in the areas of healthand education, environment conservation,infrastructure and community development.L&T attaches equal importance to incidentsof concern and people who are victims ofnature’s fury or social neglect. Many of oursocial initiatives are undertaken in partnershipwith government agencies and NGOs.

Health

“When health is absent, wisdomcannot reveal itself, art cannotmanifest, strength cannot fight, wealthbecomes useless, and intelligencecannot be applied.”

L&T’s participation in building a healthycommunity manifests itself through

continuing initiatives in several areas ofhealthcare - with a focus on mother & childcare and HIV/AIDS awareness. All L&Tlocations, including construction sites, havein-house AIDS awareness programs. Fiveadditional mother and childcare centershave been set up in 2006-07. In partnershipwith local NGOs, these centres will benefitchildren of commercial sex workers, streetchildren and tribal communities.

Several family planning camps organized byL&T last year, offering tubectomy andimmunization services, benefited more than7,700 patients. Over 25,000 patients fromlocal communities annually avail of theservices offered by OPD facilities at the L&THealth Centre in Mumbai.The Center hasbeen functioning since 1967. Till date,41,185 sterilizations have been undertakenand 229,801 immunization doses have beenadministered. Similar Health Centers set upby L&T in the vicinity of its operations aroundthe country organize health checkups,provide gynecology and laboratory facilities,carry out free cataract surgeries and intraocular lens implantations and help maintainhealth data for children.

L&T has built 25 deep tube wells providingsafe drinking water to over 10,000 people.Equipment and aids for orphanages andphysically challenged children, periodiccounselling to combat rampant alcoholism,awareness camps on chi ldcare,reproductive health, sanitation, dentalcheck-up, cancer awareness etc. are someof the other healthcare activities that L&Tpursues.

�Another happy smile,another twinkle in the eye,another vibrant life, anothersoaring spirit - that�s thevision for tomorrow.�

An eye-care camp - part of the range of healthservices offered by L&T to the community

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Education

“Education is the fundamental methodof social progress and reform.”

To educate is to empower. But althougheverybody has the fundamental right toeducation in India, not many have access toit. L&T’s diverse and sustained programmesin education seek to bridge this gap,providing underprivileged children withlearning opportunities through educationmaterials, teaching aids, recreational toolsand up scaling school infrastructure. L&Talso enriches children’s lives throughprogrammes like summer camps, mathslearning, providing facilities like sciencelaboratories, scholarship to deservingstudents etc.

The vocational training institutes of theLarsen and Toubro Public Charitable Trustprovide skill-based training in Formwork,Masonry, Agro Mechanics, Electricals,Fabrication-Welding and Housekeeping tolocal communities. Various diploma coursesare also conducted by L&T Institute ofTechnology for the children of the employees.L&T has developed training modules in locallanguages in six centres across India forimparting skill sets in construction. L&TTraining Centers undertake sessions forimproving the standards of electricalengineering practices and for upgradingknowledge of maintenance, repair andwelding.

Environment

“We generate our own environment.We get exactly what we deserve. Whocan change it, anytime we wish, butus?”

Global warming is the subject of intensemedia scrutiny today. At L&T, we have allalong been conscious of the need to achieveprogress in harmony with the environment.We continuously seek newer environment-friendly approaches in all our operations -conserving energy, exploring alternativesources like wind and solar energy, reducingwater wastage etc. The Zero Dischargeconcept adopted by the Powai Campus ishelping save over 350,000 litres water dailythrough water treatment and recycling. Morethan 13,500 trees have been planted indifferent L&T campuses during the last yearand an additional 4,000 saplings distributedamong local communities.

Response to natural calamities

The character of a person is best seenin times of a tragedy. L&T and L&T-iteshave been at the forefront of providingrelief measures during natural calamitieslike earthquake and floods. L&T hasass is ted in d isaster re l ie f through

L&T provides assistance to schools for under-priviledged children - opening the doors toopportunity for many.

employee and corporate donat ions,medical and food supplies, employeevolunteering and supply of constructionmaterials. In the aftermath of the floods inSurat, Gujarat, L&T played a major role inroad-clearing operation, organizing ofmedical camps, and supply of food, water,clothes and relief material.

Employee Volunteering…through heartand hands

Social responsibility is born of personalconviction, a matter of individual choice. AtL&T, a climate conducive to the spirit ofvolunteering enables CSR activities to bevirtually self-driven while remaining consistentand structured. L&T employees and the 17‘ladies clubs’ formed by their spouses atdifferent locations volunteer to serve theircommunities by investing personal resourcesand time. From taking initiatives in building thenext generation of productive citizens,empowering women, paying regular visits toold age homes, and orphanages, to organizingblood donation camps, our employees havealways believed in truly making a differenceto the world in which they live.

More is possible and needed.

L&T maintains a public garden - ‘Maheshwari Udyan’ - at a busy roundabout in central Mumbai.

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Peer Recognition

A host of awards, medals and trophies demonstrate that L&T�s effortsand achievements are widely recognized by its peers and the media inIndia and abroad.Inset: A Wall Street Journal survey featured L&T among Asia�s �MostAdmired Companies� and ranked the Company No. 1 for quality ofproducts and for overall reputation. The survey also highlighted L&T�skey role in building India�s infrastructure.

Awards

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L&T - Nationwide Network

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