Business Daily from THE HINDU group of publications
Thursday, May 17, 2007
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Business Daily from THE HINDU group of publications Thursday, May 17, 2007 ePaper |
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Overseas Investments Corporate - Mergers & Acquisitions
Anil Sasi
New Delhi May 16 L&T is on the lookout for acquisitions overseas in the engineering and construction space, with focus on the West Asian market. Leveraging on the current economic buoyancy in West Asia, the company plans to ramp up its presence in a slew of business segments. Speaking to Business Line, Mr K.V. Rangaswami, President (Construction) and board member, said: "We are looking at acquiring construction companies in Abu Dhabi, Dubai and other locations - areas that offer growth and profitability." He added: "We are also open to considering possible targets in the new engineering space of hydro power and water engineering, besides metals and minerals companies in the region." Hydro power, water engineering and metals and minerals are segments where L&T wants to augment its expertise, while in the construction segment it prefers to acquire rather than go in for greenfield manufacturing in the region, he said. Over the years, L&T has been working towards ramping up its international presence, with worksites in 20 countries across West Asia, South Asia, South-East Asia, the CIS region and Africa. L&T is also keen on taking up power transmission projects in Western Africa. L&T's engineering and construction segment reported 43 per cent growth in order booking during the first nine months of 2006-07, to Rs 19,127 crore. The order book backlog as on December 31, 2006 in the segment stood at Rs 34,142 crore.
More Stories on : Overseas Investments | Mergers & Acquisitions | Diversified | Larsen & Toubro Ltd
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