ABU DHABI, 8 Jan, 05 (WAM) - Larsen and Toubro, L&T,a $2.8 billion international engineering andtechnology company headquarted in India, is planningto make the UAE its headquarters for expanding itspresence in the Gulf and Middle East region and haslined up a number of projects and businessinitiatives in the UAE.
A.M. Naik, Chairman and Managing Director of L&T,told reporters in Abu Dhabi today that L&T, which hasbagged some major contracts in the Abu Dhabi oil andgas and power sectors, is looking to have long termrelationships with industry in the region. The companyis scouting for alliances in the UAE to set up a fullfledged facility for assembly and execution of lowtension switch gear and power and motor controlcentres, a fabrication facility for large sizedstructures and equipment and an engineering centre.
These and other initiatives and projects could boostbusiness from the current $400 million to nearly $1billion in the Gulf and West Asian region in three tofour years, the official said.A.M. Naik said that the UAE has excellent potentialand atmosphere for doing business. He anticipated thatone-third of the Indian MNC's growth in the Gulf wouldcome from business ventures and contracts in the UAE.
L&T is targeting the West Asian region, Africa, Kazakhstan and China as part of its global expansion, Naik said. The company will have three area offices inUAE, Oman and Saudi Arabia to cover the Middle Eastregion. It already has offices in Malaysia,Kazakhstan, East Africa and Shangai.
Naik stressed that L&T would be definitelyinterested in returning to Iraq to take up projectsonce the situation there was conducive. He also hopedto carry out a couple of projects this year in Iran,where an office has been set up.
The subsidiary L&T Infotech is looking for businessopportunities in the Gulf region. The company has alsoalready bagged an order in Saudi Arabia and isplanning to offer its IT expertise in the oil and gassector to major companies in the region.
L&T currently has $250 million worth of projectsbeing executed in the UAE, including construction of aprocess platform for Bunduq Company in Abu Dhabi and agas compression facility for Gasco, an environmentprotection facility for Takreer, sub-station, packageunits and transmission lines for ADWEA. It is alsobuilding of four bridges on the Palm Jumeirah and highrise buildings in Dubai Marina.
L&T is also executing a critical section of an oilplatform for Qatar Petroleum, while several projectshave been taken up in Oman, Saudi Arabia and KuwaitAmman and Bahrain.
