Engineering major Larsen & Toubro plans to invest
$100-150 million over the next 12-18 months in
building infrastructure overseas in a bid to push
revenues from those markets from 17-18% now, chief
financial officer Y H Deosthalee said on Friday.
L&T to put $100-150 m into overseas ventures
part of this investment would be earmarked for West
Asia, where the company is now enjoying significant
are several things we are doing to grow our
international business. We will invest in joint
ventures, set up our fabrication facilities, and at
a later stage, have our own manufacturing
facilities. A significant portion of our investments
would be in the Middle East (West Asia),” Deosthalee
told reporters on the sidelines of a Confederation
of Indian Industry seminar on corporate governance.
project Lakshya, L&T is aiming to generate a quarter
of its revenues from the overseas market by 2009.
West Asia has become a happy hunting ground for the
Rs 15,000-crore engineering company. It has found
good acceptance in markets like Oman and United Arab
Emirates for its engineering and construction
entered the West Asian market a few years back and
in order to win market share, it accepted initial
orders at lower margins. Deosthalee said the company
is not compromising on margins any more. “With an
order book of Rs 30,000 crore, we don’t have to
accept any projects that don’t bring margins,” he
manufacturing, L&T is scouting for a joint venture
partner in China to set up a rubber processing
plant. It would be L&T’s second manufacturing
centre in the Middle Kingdom, the first one being a
switch gear plant.