L&T eyes USD 2 billion business from Gulf

Written by Agencies | Dubai, January 31: | Updated: Jan 31 2008, 20:27pm hrs
Engineering and construction major Larsen & Toubro Ltd (L&T) has said it is targeting a business of two billion dollars from the Gulf region in the next 2-3 years.

The company has nearly one billion dollars worth of projects in infrastructure, power and hydrocarbon sectors in the Gulf and Middle-East regions, which it wants to double to two billion dollars in the next 2-3 years, L&T President (operations) Jagdish P Nayak told PTI.

The focus on Gulf and the Middle-East regions comes as a part of our strategy to expand L&T's footprint outside India.

The Middle East region is the company's top priority, Nayak added.

"At present, around 18 per cent of L&T's total revenues come from international operations, out of which a huge chunk come from the region. We want to increase it to 25 per cent in three years and 30 per cent by 2015," he added.

Demonstrating its long-term commitment to the region by building a strong local presence, L&T has taken the initiative of forming joint venture companies with local partners.

It has already established several joint venture companies in the UAE, Qatar, Saudi Arabia, Kuwait and Oman. L&T is also involved in the construction of prestigious residential and commercial complexes in Dubai and other parts of the UAE.

The six-billion dollar company is taking up turnkey projects in several sectors such as hydrocarbon, power and cement plants, as well as civil and infrastructure projects.