L & T TO INVEST RS 1,800 CR IN OIL,GAS & PORT
Larsen & Toubro Ltd (L & T), a Engineering and Construction company has announced that it will be investing Rs 1,800 Crore in the oil, gas and port sectors.The company would invest around Rs 650 crore for building an installation vessel for the upstream sector. K Venkataramanan, L & T President(operations), said that L & T is keen to acquire technological strength in deep water exploration for which it is entering into collabaration with foreign companies. And the company is also upgrading its facility at Hazira.
As more foreign companies bid under the new exploration licensing policy, L & T would have an enormous oppurtunity for providing onshore and offshore rigs for drilling.Apart from this, L & T is also setting up a project management institute at Baroda. L & T would also invest Rs 1000 crore for constructing a shipyard and was also building a port at Sohar near Oman at an investment of around Rs 118 crore. Beside the energy sector, L & T is also engaged in the construction of Greenfield Airports at Hyderabad and Bangalore.
