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L&T commits to donate Rs. 150 Crore to the PM-CARES Fund

Posted On: 2020-03-30 10:41:08


Larsen & Toubro, India's leading technology, engineering, construction, manufacturing and financial services conglomerate, is committed to participate in corporate India's response to COVID-19 through funds, community welfare plans and through leveraging its expertise to offer assistance. Responding to the call given by Hon'ble Prime Minister of India, the company will donate T150 Crore to the PM-CARES Fund.

The project management conglomerate has set aside an outlay of over T500 Crore per month to support about 160,000 contract workers by continuing to pay their wages during the ongoing lockdown and providing them with food and basic amenities at labour camps, while maintaining the COVID-19 prevention and containment protocol.

Commenting on the company's preparedness to fight this pandemic, Mr. AM Naik, Group Chairman, Larsen & Toubro, said: "L&T has always stood by the nation in its hour of need. We are helping India's fight against COVID-19 by way of immediate funding, and through a range of welfare initiatives including converting our training schools into Isolation Centers. We are also leveraging our engineering and construction expertise to help the authorities deal with the crisis."

L&T is considering transforming all company-owned training centers and other select establishments into isolation wards. It is exploring to supply critical healthcare equipment to hospitals engaged in treating COVID-19 patients. The company has also committed to offer use of its community Health & Medical Centers 24X7 and use ambulances to transport patients to nearest hospitals.

L&T Smart World & Communication, a business unit of Larsen & Toubro, has installed smart technologies in over 20 major cities, including Mumbai, Pune, Nagpur, Prayagraj, Ahmedabad, Visakhapatnam, Hyderabad and others. These technologies will help various state governments and local authorities to fight COVID-19 pandemic effectively.

Here is a summary of other efforts undertaken by L&T in this fight against COVID-19:

Welfare Initiatives:

- Remitting timely wages to Workmen and Subcontractors despite the lockdown. Payment to the workmen being made directly to their linked bank accounts.

- Extra vigilance across the labour camps attached to project sites to ensure that proper hygiene, catering, waste management, cleanliness and preventive measures including social distancing is being rigorously maintained.

- 24X7 availability of Ambulances, Doctors and other Medical Facilities for medical assistance to workmen and employees across all locations.

- Use of mobile application (Workforce induction and Skills Application - WISA) to send SMS alerts, in English, Hindi and other vernacular languages, to workmen and employees on the nature of COVID-19, its symptoms, testing facilities available locally.

Employees Initiatives:

- Relaying various health advisories and related messaging to 1,20,000 employees, daily

- Closure of all offices and other establishments as per the directives of Government of India and various state governments / local authorities. Employees encouraged to work from home.

- Formation of COVID-19 Response Teams (CRT) across businesses to take timely action and Decision Response Team (DRT) at the corporate level to keep a constant vigil on the evolving situation and take necessary actions.

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.836.9 as compared to the previous close of Rs. 839.9. The total number of shares traded during the day was 421118 in over 19080 trades.

The stock hit an intraday high of Rs. 890 and intraday low of 812.3. The net turnover during the day was Rs. 355902074.


Source: Equity Bulls

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