Saudi Aramco’s recent decision to pause its expansion plans has raised questions about the impact on Larsen & Toubro (L&T), one of the largest clients of the engineering major. However, L&T’s Chief Financial Officer, R Shankar Raman, sees this pause as a stocktaking measure rather than a suspension. He explains that when a company implements a programme of $50 billion capex year on year, it is expected that they will periodically evaluate their progress and recalibrate their plans. Raman emphasizes that Saudi Arabia’s 2030 vision has not been abandoned and that this pause is a part of their long-term strategy. He further assures that L&T has a substantial number of projects worth $16 billion to be executed for Aramco, which will keep them busy for the next two-and-a-half years. Additionally, he believes that the break before the next round of orders will help contractors balance their capacity. L&T is closely working with Aramco and Raman treats this pause as an interim stocktaking measure. Moving on to other segments, Raman discusses the viability gap funding (VGF) for offshore wind projects, announced by the government in the budget. As part of their renewable business, L&T has been exploring offshore wind opportunities abroad and has been in discussions with potential developers of offshore wind projects in the UK, Europe, and the North Sea. Raman acknowledges the government’s announcement of VGF as an opportunity and mentions that they are awaiting further details on eligibility and distribution administration. While L&T is well-prepared due to their experience in offshore wind projects abroad, Raman believes that the VGF will open up additional opportunities in the Indian market. In terms of the semiconductor business, Raman states that L&T has set up the company and is currently in the process of hiring people. Business development teams are being prioritized, and the kind of chips they receive orders for will determine the hiring of design engineers with the necessary skills. He mentions that technology in the semiconductor industry changes rapidly, so it is crucial for L&T to ensure that their hires are up-to-date with the latest technology. Raman estimates that it will take around six months for L&T to confidently approach customers and communicate their capabilities. However, the organization-building effort is underway, and Raman expects L&T to be better prepared by fiscal year 2025-26. In conclusion, Raman reveals that the CEO is already in place and the board’s approval was based on the CEO and the leadership team’s shared aspiration and plans for making it worthwhile for L&T to invest.