News: L&T signs JV pact with Saudi firm

(BL 22/01/2007) Dubai - The Indian construction conglomerate Larsen & Toubro has signed a joint venture (JV) agreement with Saudi Arabia's A A Turki Contracting and Trading Corporation, which will focus on electromechanical construction for the hydrocarbon and power sect or. The new venture will be known as Larsen & Toubro ATCO (Saudia) LLC.

Ziad Ali Al Turki, Executive Vice-President, ATCO, said the joint venture would enable the two companies to benefit significantly from the boom in the oil and gas and infrastructure fields.

L&T has completed many projects in Saudi Arabia. "Saudi Arabia is one of the biggest markets in the GCC, and as a part of its strategic plans, L&T has taken important steps in the region by establishing engineering and project management centres in Abu D habi and Sharjah," L&T said in a release here.