MUMBAI, Nov. 5 -- Larsen and Toubro Ltd (L&T) is looking to expand beyond building infrastructure projects and become a bigger manufacturer, exploring at least half a dozen new businesses ranging from nuclear fuel rods and tunnel boring machines to rockets and drones and their components. The move is aimed at diversifying a business still heavily dependent on project execution, as the company approaches Rs.3 trillion in annual revenue and seeks to sustain growth of 12-15%.

The Mumbai-based engineering and construction major is also evaluating opportunities in pod taxis, battery energy storage systems (BESS), traction motors for electric vehicles, and prefabricated residential units, including modular bedrooms and bathrooms that can be in...