[3] Holck-Larsen and Toubro saw opportunities in India at a time when few Europeans had realised the country's potential for industrial growth.

The imports stopped after the German invasion of Denmark, forcing L&T to start manufacturing dairy equipment indigenously, a move that was successful.

The internment of German engineers who were supposed to build a soda ash plant for the Tatas provided L&T another new opportunity.

[4] At the end of World War II, the war-surplus Caterpillar equipment was available in bulk at low prices.

Holck-Larsen and Toubro gradually transformed L&T into a large business house with diverse interests, and went on to become one of the most successful Indian companies.