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Thursday, Dec 23, 2004

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L&T acquires 50 pc stake in Valdel Engg

Our Bureau

Mumbai , Dec. 22

LARSEN & Toubro has signed an agreement to acquire a 50 per cent stake in the upstream oil and gas exploration and production business of the Bangalore-based Valdel Engineers and Constructors Pvt Ltd.

The deal has been inked for an undisclosed amount.

In a press release, Mr K. Venkataramanan, President (Operations) of L&T, said, "We are keen to grow in the engineering space and offer design and engineering services for the oil and gas industry. This acquisition would help us in that direction".

Having worked with Valdel from the days it was John Brown Technologies (India) Pvt Ltd, L&T enjoyed a good equation with the Bangalore company, he said.

According to a spokesperson of the MS Ramaiah group company, the demerger of the upstream project will take another 60 days to materialise and, hence, a figure cannot be put to the deal. The new joint venture will be named L&T Valdel Engineering Pvt Ltd.

Mr M.J. Shantharam, Managing Director, Valdel Corporation, the holding company of Valdel Engineers, said L&T has been one of its key customers.

"This transition into a partnership gives us complete synergy to strengthen our position in upstream engineering services sector, in domestic and international sectors".

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