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Sat 27 Jan 2007 12:00 AM

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L&T forms new JV with Saudi’s ATCO

Indian construction giant, Larsen & Toubro (L&T), has signed a joint-venture deal with Al Turki Contracting & Trading Corporation (ATCO) of Saudi Arabia.

Indian construction giant, Larsen & Toubro (L&T), has signed a joint-venture deal with Al Turki Contracting & Trading Corporation (ATCO) of Saudi Arabia.

The new venture, to be known as Larsen & Toubro ATCO (Saudia), will be registered as a local company in the Kingdom.

"The new venture will focus more on electromechanical construction for hydrocarbon and power sector construction," said Vivek B Gadgil, executive vice president, L&T.

The move is expected to boost business opportunities for the joint venture in the GCC.

"We are also seeking more job orders in the Kingdom, which is one of the biggest markets in the GCC," said Gadgil.

L&T has made inroads in the GCC by establishing engineering and project management centers in Abu Dhabi and Sharjah as well as through the construction of its own deep-water offshore platforms and modular fabrication yard at Sohar in Oman.

ATCO is owned by Al-Turki, a Saudi Arabian conglomerate.

"The joint venture will enable the two companies to benefit significantly from the boom in the oil and gas infrastructure sectors in the Kingdom," said Ziad Ali Al-Turki, executive vice president, ATCO.

L&T's work in Saudi Arabia has so far included the construction of schools, hospitals and sub-stations.

The company is also building a factory for its own electrical products and services in the eastern province.

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