L&T signs JV pact with Kuwait Co
In order to expand its construction prospects in the Gulf, engineering and construction major Larsen and Toubro Ltd (L&T) has signed a Joint Venture agreement with a subsidiary of Kuwait-based Bader Al Mulla group.
By PTI |
MUMBAI: In order to expand its construction prospects in the Gulf, engineering and construction major Larsen and Toubro Ltd (L&T) has signed a Joint Venture agreement with a subsidiary of Kuwait-based Bader Al Mulla group.
The JV, Larsen and Toubro Kuwait Construction WLL, will be registered as a local company in Kuwait and will concentrate on oil and gas construction projects, power and infrastructure and electro-mechanical construction, the company informed the Bombay Stock Exchange.
The two companies hope to benefit from the construction boom in Kuwait, specifically in the sectors of oil refining and infrastructure development, it said.
Bader Al Mulla will bring technical expertise of various sectors and project management skills to the Joint Venture.
The shares of the company, which has interests in manufacturing, services and information technology as well, were trading at Rs 1,890.20, up 2.56 per cent at the BSE.
The JV, Larsen and Toubro Kuwait Construction WLL, will be registered as a local company in Kuwait and will concentrate on oil and gas construction projects, power and infrastructure and electro-mechanical construction, the company informed the Bombay Stock Exchange.
The two companies hope to benefit from the construction boom in Kuwait, specifically in the sectors of oil refining and infrastructure development, it said.
Bader Al Mulla will bring technical expertise of various sectors and project management skills to the Joint Venture.
The shares of the company, which has interests in manufacturing, services and information technology as well, were trading at Rs 1,890.20, up 2.56 per cent at the BSE.
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