October 16, 2008

L&T to invest INR 1,800 crore in oil, gas & port sectors

Engineering and construction major Larsen & Toubro has announced that it would invest around INR 1,800 crore in the oil and gas and port sectors.

Mr K Venkataramanan president operations of L&T said that it would invest around INR 650 crore for building an installation vessel for the upstream sector. He added that it was keen to acquire technological strength in deep water exploration through collaboration with foreign companies.

Mr Venkataramanan said that it would also invest INR 1,000 crore for constructing a shipyard and was also building a port at Sohar near Oman at an investment of around INR 118 crore. Besides the energy sector, it is engaged in the construction of Greenfield airports at Hyderabad and Bangalore.

He further added that as more foreign companies would bid under the new exploration licensing policy, L&T would have an enormous opportunity for providing onshore and offshore rigs for drilling. It is coming up with a project management institute at Baroda.