Larsen and Toubro Chairman and Managing Director A M Naik (centre) addressing the press conference in Doha yesterday. S N Subrahmanyan (third left), Member of the Board and Senior Executive Vice President (Construction); Dileep Shevde (third right), Corporate Adviser, International Business Development and senior officials of L&T are also seen. Salim Matramkot
By Satish Kanady
DOHA: Larsen & Toubro (L&T), the India-focused engineering and construction conglomerate, has announced its plans to emerge as a key partner in booming Qatar’s development strategies.
The $12bn company is set to boost the value of its projects in Qatar close to $2bn in next three-four years. “We see great deal of future for L&T in Qatar’s prosperity. We have a two-year plans to move forward,” L&T Chairman and Managing Director A M Naik said here yesterday.
Hydrocarbon, infrastructure, electricity and water sector are some of the keys sectors L&T is looking for in Qatar, as part of reinforcing the company’s presence in the region. L&T is a company that has already made its mark in the global hydrocarbon sector. It has one of the best expertise in one of the most complicated platforms of in the hydrocarbon sector like underground pipeline, he said.
Currently, in Qatar, L&T is executing a 26km pipeline, substations and allied networks for Qatar Petroleum. The multi-faceted project is expected to be completed by April 2012. A 192-MLD sewerage treatment plant for The Public Works Authority (Ashghal) will be completed by the end of this year. In the power, transmission and distribution sectors, L&T is building a 220kv 66km under ground cable system at Sailiyah, as well as a 220kv substation and twelve 132kv substations for Qatar General Electricity and Water Authority (Kahramaa).
Besides hydrocarbon, the company is looking to get involved in Qatar’s plans to augment its water and electricity sectors in the run up to the 2022 mega event, said S N Subrahmanyan, Member of the Board and Senior Executive Vice President (Construction). “L&T is a company with great track record in developing rail network. We are also keen on Qatar’s proposed rail and metro rail projects,” he said.
The company is known for building iconic structures that have become urban landmarks in Qatar. These include the 25,000 capacity stadium for Al Rayyan Club at Umm-Al-Afaai, a 20,000 capacity stadium for Al-Ittehad Club at Gharaffa, the 30,000sqm office building for the Ministry of Public Health in the Hamad Medical City (Asian Games Village) and the 41,475 sqm Al Jazeera Tower in the West Bay. Other projects undertaken by L&T in Qatar include HV substations, power plants, civil works, offshore platforms, liquid processing units, power transmission systems, electrical and telecom utilities.
In the Middle East, L&T has a track record in building plant and equipment for the oil and gas sector refineries, infrastructure and power projects, and has technology relationships with world leaders that will enable it to execute world-class projects in the region.
Earlier, replying to a query, Naik said L&T’s Gulf operations account for 10 to 12 percent of the company’s total turnover. The idea is to enhance it to 15 percent in the coming years.
He said L&T has no plans to raise capital. “L&T has a strong balance sheet. It is a highly liquid company with immense cash in hand. We don’t want to raise capital and dilute our liquidity”.