L&T Acquires 12.25% Stake Worth ₹ 12.5 Cr in IFQM, A Not-for-Profit Organization

Larsen & Toubro (L&T) has acquired a 12.25% stake in the Indian Foundation for Quality Management (IFQM) by purchasing 12.5 million equity shares for Rs 12.5 crore. This acquisition aligns with L&T's goal to enhance "Brand India" globally by continuously improving product and service quality.

The Indian Foundation for Quality Management (IFQM) is a not-for-profit organization dedicated to promoting quality management practices across various sectors in India. IFQM empower and encourage Indian organizations to embrace and integrate quality values, principles, and practices in all aspects of management.

Quality Management can lead to substantial improvements in efficiency, customer satisfaction, and overall business performance.

IFQM was established, in 2023, with the support of several leading Indian companies, including Tata Sons, TVS Motor Company, Sun Pharma, Motherson Group, Bharat Forge, Boeing India, and Biocon. The foundation's mission is to enhance the "Make in India" brand on the global stage by fostering a culture of quality and innovation within Indian businesses.

The leadership team at the Indian Foundation for Quality Management (IFQM) comprises several prominent figures from various leading Indian companies.

Venu Srinivasan, Chairman Emeritus of TVS Motor Company, is the Chairman of IFQM. Soumitra Bhattacharya is CEO and Director of IFQM. Board of directors of IFQM include – N. Chandrasekaran, Executive Chairman of Tata Sons; Dilip Shanghvi, Managing Director of Sun Pharma; Kiran Mazumdar-Shaw: Executive Chairperson of Biocon, and T. V. Narendran, CEO & Managing Director of Tata Steel Ltd., among others.

With L&T's acquisition of stakes in IFQM, S. N. Subrahmanyan, Chairman & Managing Director of Larsen & Toubro, will sit in the board of IFQM.

Quality management offers numerous benefits to organizations, helping them achieve higher efficiency, customer satisfaction, and overall competitiveness.

Toyota’s implementation of the Toyota Production System (TPS) is a classic example of quality management. TPS focuses on continuous improvement (Kaizen), respect for people, and standard work practices. This system has helped Toyota become one of the most efficient and high-quality automobile manufacturers in the world.

Dell implemented ISO 9001 standards to improve its quality management system. Within a year, Dell turned around a significant operating loss to profitability, achieved 40% business growth, increased unit sales by 145%, and reduced manufacturing costs by 15%.

Boeing implemented Total Quality Management (TQM) principles to improve its manufacturing processes and product quality. This approach has helped Boeing maintain its position as a leading aerospace manufacturer.
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