L&T Infotech listing deferred to 2009

L&T Infotech listing deferred to 2009

Indian engineering firm Larsen & Toubro Monday said it has rescheduled the initial public offering of unit L&T Infotech to 2009, reports CNBC-TV18 quoting NW18.

"We are not in a hurry and we will not get the required valuation in the present market conditions. So we have postponed it," Chairman and Managing Director A M Naik told reporters on the sidelines of a company event.

The IPO was originally scheduled for late this year, 2008.

Naik said also that the likely slowdown in the global economy isn't worrying the company's infotech division. "We are growing faster than any other mid-sized software company," he said.