L&T bets on space exploration as India expands private rocket industry
Larsen & Toubro said it is betting on aerospace as a potential growth engine, including launch vehicle and satellite manufacturing, as the country cuts reliance on imports and boosts private participation.
L&T, considered a bellwether for India's infrastructure spending because of how many industries its work touches, is the country's largest private-sector defense manufacturer by revenue; its Precision Engineering and Systems unit posted revenue of 46.10 billion rupees ($548.3 million) in the 2024 fiscal year, up 41 per cent from the previous year.
At its factory in Coimbatore, in the southern Indian state of Tamil Nadu, L&T is assembling the country's first privately built Polar Satellite Launch Vehicle (PSLV), a mainstay of Isro's launch programme, through a consortium with Hindustan Aeronautics Limited. It is also building equipment for Isro's other deep space exploration programs.