Construction major Larsen & Toubro is set to hike its topline to Rs 20,000 crore (Rs 200 billion) and said it will soon come up with a new business plan to ensure a 20 per cent annual sales growth by 2009.

"The new business plan would be ready by September this year and would target Rs 20,000 crore by 2009," L&T chairman and managing director A M Naik told PTI in New Delhi.

"All divisions have been asked to frame their individual growth strategies to be merged with the comprehensive business plan and they would start working on their plans from early next month itself," he said.

They should earn at least 30 per cent of their sales from overseas operations and should contribute minimum Rs 500 crore (Rs 5 billion) or five per cent sales revenue towards the overall turnover by 2009, Naik said.

In addition, all the divisions should ensure a minimum 20 per cent growth for their topline and bottomline.

"The idea behind the new plan is that each entity should have a sustainable existence in a competitive world," he said.

The company is confident to end the current fiscal with a sales turnover close to that of the last fiscal, despite the demerger of its cement division. It hopes to cross the magical Rs 10,000 crore (Rs 100 billion) turnover mark by March 2005.

L&T aims at generating Rs 3,000 crore (Rs 30 billion) towards total sales turnover from its global operations by 2006 and cross the Rs 5,000 crore (Rs 50 billion) global sales mark by 2009.

L&T aims at a 20 per cent compounded growth in its topline for the next five years, while the bottomline should commensurate with the growth in sales turnover. 

On the strategy to fill up the sales gap to be created by demerger of cement division, Naik said: "We will take care of this issue in the business plan."

In order to generate over Rs 2,200 crore (Rs 22 billion) sales turnover that the demerged division used to contribute, L&T has started laying special thrust on its hydro and nuclear power wing, under the Engineering and Construction Contracts division.

"The strategic business unit for hydro and nuclear power should contribute at least Rs 1,500 crore (Rs 15 billion) by 2005," Naik said.

It is also laying focus on the Rs 150 crore (Rs 1.50 billion) defence division for future business generation.

Pointing out that L&T is keen on overseas acquisition, he said the company is looking at acquiring an engineering and technology company in the United States. On when this acquisition would materialise, he said, "Hopefully by the next six months."

On whether L&T would be listed overseas, Naik said: "Not in the next two years at least."