FINANCIAL NEWS

India’s L&T increases presence in GCC

12 Oct 2010

(MENAFN) A statement issued by Larsen & Toubro Limited, L&T, an Indian technology and construction giant, said that the company is increasing its footprint in the Gulf Corporation Council, GCC, and that it expects to maintain strong annual growth in its regional business despite of the consequences of the global meltdown, Khaleej Times reported.

L&T which is worth of $10 billion has accomplished GCC profits of about $1 billion in the fiscal year of 2009 ? 2010 because the company has not been affected by the global crisis either in India or in the Gulf countries.

The statement added that this fiscal year, regional business is anticipated to increase by more than 40 percent.

The Indian company boosted its footprint in the Middle East and will carry on investing in it, because the region is considered to be a focus area.

According to the statement, in addition to strengthening its position in the existing market segments including oil and gas, water, cement and metal, L&T?s Systems Integration business is also planning to control the emerging opportunities in the infrastructure sector such as metro rail, highway traffic management and other projects.

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