The Hindu Business Line : L&T ties up with Saudi Kanoo group

Larsen & Toubro has entered into a joint venture with Saudi Arabia's well-known house of Kanoo for what has been described as a high-end electrical systems project.

Larsen & Toubro International FZE signed a joint venture agreement with Yusuf Bin Ahmed Kanoo to offer "intelligent architecture for the control and distribution of power". This entails manufacture, marketing and sales of switchboards and related systems solutions and allied products.

L&T will hold majority stake in the new company, and will also be in management and operational control.

"Saudi Arabia has given huge thrust on development and improvement in infrastructure for making the economy driven by not only oil but also many other industrial projects and petrochemicals. These business prospects offer a large potential for L&T's switchboards business among GCC countries," said Mr A.M. Naik, Chairman and Managing Director, L&T.

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