India's top engineering and construction company, Larsen & Toubro, has started a restructuring plan to split the conglomerate into nine companies, the Economic Times reported on Wednesday.

Each of the nine "independent companies" will manage its own profit and loss account and have a separate chief executive, chief financial officer and human resources head, the newspaper said, citing L&T Chairman AM Naik.

Some of these companies could be spun out of L&T and listed on the stock markets before 2015, Naik told the paper.