L&T Enters Into Joint Venture

Larsen & Toubro (L&T) has entered into joint venture with US based Gulf Interstate Engineering Company (GULF). The new venture L&T - GULF Pipeline Engineering will be located in the company's modern engineering campus at Faridabad in the national capital region.

The company provides comprehensive engineering, procurement, construction and commissioning services for pipeline projects in India and overseas with operating centres across the GCC countries and Malaysia. The company has also built the world’s longest LPG pipeline in India.

Established in 1953, GULF is one of the world's leading international, project management and engineering, companies for pipelines and associated facilities and is ranked number two, among pipeline design companies worldwide, by Engineering news record (ENR) 2007. GULF designs large diameter pipelines for extreme conditions and is currently active in the USA, Mexico, South America, Russia and the Middle East.

The joint venture engineering company will augment the company's offering in pipelines, support GULF and provide end-to-end engineering & project management services to the hydrocarbon pipeline industry in India & overseas.

The company made this announcement during the trading hours today, 02 November 2007.

On 1 November 2007, L&T secured engineering, procurement and construction (EPC) contract from Shivaji International Airport (CSIA), Mumbai international Airport (MIAL) to build the new integrated passenger terminal to modern and expand the existing facilities.

On 18 October 2007, L&T bagged four contracts valued at Rs 452 crore for projects in Andhra Pradesh. Of the four orders, one order worth Rs 226 crore is from NTPC for Simhadri Coal Handling Plant. The project is to be completed in 39 months.

Three more contracts aggregating Rs 226 crore are from Public Health & Municipal Engineering Department, Government of Andhra Pradesh.

On 11 October 2007, L&T signed a share sale agreement with Malaysia-based Tamco Corporate Holdings for acquiring Tamco Switchgear Malaysia Sdn Bhd. Tamco Switchgear Malaysia Sdn Bhd is a major player in medium voltage (MV) switchgear sector in Malaysia.

On 10 October 2007, L&T secured $60 million order for setting up a methylamines & dimethyl formamide plants for Methanol Chemical Company in Saudi Arabia.

Larsen & Toubro’s net profit rose 72.95% to Rs 348.02 crore on 43.54% rise in total income to Rs 5,523.27 crore in Q2 September 2007 over Q2 September 2006.

The company manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.