Strategically diversifying its line of businesses, infrastructure giant Larsen & Toubro (L&T) on Friday announced a new initiative L&T-Nxt, which would focus on new-age technologies such as artificial intelligence and cybersecurity.

L&T-Nxt will focus on areas of artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions and cybersecurity, and leverage the experience that L&T has garnered over the decades.

"Larsen & Toubro has announced a new strategic initiative, L&T-Nxt, to define the future of the organisation from a fresh perspective. It has been identified as a select initiative in L&T's five-year strategic plan," the company said in a statement.

The company has deployed IoT, analytics and AI in the industrial sector by converting most operational matters online, including finance, human resources, labour, plant, material, etc into smart, affordable and efficient solutions.

It said that the company has been focusing on capability development in some of these select verticals for a long-term strategic plan and L&T's management is focused on incubating and scaling these businesses, mapping the landscape, formulating the road ahead, and achieving the stated goal with go-to market solutions.

L&T has a wide portfolio range with business in the field of technology, engineering, construction, manufacturing, and financial services and makes revenue of over $18 billion with operations in over 30 countries worldwide.