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FINANCIAL NEWS
L&T to boost ME business, expects double orders
07 Jul 2011
(MENAFN) Larsen & Toubro’s (L&T) Chief Financial Officer, Y.M. Deosthalee, stated that the Indian leading builder of networks and refineries plans on boosting its Middle East business and on doubling its overseas orders during the coming 3 years, reported Times of Oman.
Deosthalee also said that a new structure would help L&T keep up with its South Korean competing builders for projects in the Middle East.
The CFO added that the company would focus on increasing its focus on the Gulf region as its countries had big plans for economic development. He pointed out that the company already was present in Oman.
It is worth noting that Hyundai Engineering & Construction is South Koreas largest builder and one of the L&T’s top competitors. Hyundai has a large share of 38 percent of sales in the Middle East.
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