L&T eyes deep water projects

Close on the heels of acquiring a major contract worth Rs 1,300 crore from the Oil and Natural Gas Corporation (ONGC), Larsen and Toubro (L&T) is gearing up to explore deep water engineering and construction opportunities.

"Going forward, we are gearing up for deep water opportunities in Kakinada and Krishna-Godavari basin," K Venkataraman said on Wednesday.

The company plans to start physical investment for these projects within the next two years, he said, adding it was looking at getting qualified for E&C projects in these areas.

L&T has recently bagged a Rs 1,300 crore contract from ONGC for the execution of a BCP-B2 booster compressor platform in the Bassein gas field, 80 km north-west of Mumbai.

Asked whether the foray into deep water projects would be on a standalone basis or through a consortium, Venkatramanan said the company is open to both and was evaluating the options. "Sometimes we will be alone and sometimes it might be a consortium but it will be for the E&C," he said.

The company is also looking at doubling its revenues from the middle east region in the next five years. "Our revenues from the Middle East is currently about $500 million and we want to go the $1 billion-mark in 5 years," Venkatramanan said. Our major focus over the next five years would be the Gulf and some parts of Africa, he added.