The Hindu Business Line : L&T inks jt venture agreement in Kuwait

The new venture will be known as `Larsen & Toubro Kuwait Construction WLL' and will be registered as a local company in Kuwait. The company will deal with construction projects in oil & gas, power and infrastructure, with a primary focus on electro-mechanical construction. Both companies hope to benefit from the construction boom in Kuwait, specifically in the sectors of oil refining and infrastructure development.

The joint venture comes after Mr A.M. Naik, Chairman & Managing Director of L&T, led a high level delegation to Kuwait. The company was keen on developing long-term relationships with the industry in the GCC region, and was actively scouting for alliances with companies that shared its vision and had a complementary capability profile, a news release said.

Major projects that L&T have executed in Kuwait over the past few years include building of the Indian Embassy by their Construction Division, ECC and supplying of various units to the oil and gas industry by L&T's Heavy Engineering Division.

Shares of L&T fell by Rs 10.60 to end at Rs 1,832.40 on the BSE.

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