ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Eyes more infrastructure contracts in Africa, Asia

MUMBAI (NewsRise) -- Larsen & Toubro, India's largest engineering and construction company, is seeking to enter new markets in Africa and Asia as it grapples with lackluster demand at home and slowing orders in the Middle East.

   L&T is striving for "geographical diversification as a bulwark against single-country dependency," Chairman A.M. Naik told shareholders at the company's annual meeting on Wednesday. "We are looking at a few other countries in Africa." The company's first-quarter profit plunged a worse-than-expected 37%, as spending on infrastructure suffered in India where economic growth is yet to show a sustained pick up. L&T, which has won a string of metro rail and road projects in Qatar and Saudi Arabia in recent years, now faces a slowdown in orders in the Middle East amid plunging crude oil prices.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more