L&T eyes acquisitions in UAE

Dubai, Nov 3: Indian engineering and construction company Larsen and Toubro (L&T) is looking at potential acquisition targets in the UAE, even as it executes 700 million dollars (Dh 2.5 billion) worth of orders in construction projects across the region.

Seventeen per cent of the conglomerate's current construction order backlog comes from the UAE and Oman, a senior executive said.

L&T currently has six billion dollars (Dh22bn) worth of order value in projects across India and West Asia.

''We are looking at companies that could add greater value to our operations by way of acquisition,'' said K V Rangaswami.

Mr Rangaswami, who was in Dubai to announce the company's joint venture with Eastern Contracting to build the 150 million dollars (Dh550m) Victory Heights - a signature residential golf course villa community - in Dubai Sports City, said the company's focus in the region is only the UAE.

Among the projects that the company is currently executing in the UAE are 200 million dollars commercial and residential developments in Dubai Silicon Oasis and luxury villas in Nakheel's Jumeirah Islands.

The company is nearing completion on its 350 million dollars Marinascape Twin Tower project in Dubai Marina and a 400 million dollars project in Jumeirah Lake Towers.

The company's projects in the UAE are mainly from two sectors - construction and electricals-related construction such as transmission lines and switchyards.

''Currently, our focus is only on these two sectors, but we will be growing into other sectors as we consolidate operations. We have been growing 25 to 30 per cent year-on-year,'' he told to the sources.

UNI