Financial Daily from THE HINDU group of publications
Wednesday, Sep 04, 2002
Financial Daily from THE HINDU group of publications Wednesday, Sep 04, 2002 |
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Corporate
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Outlook L&T unit exploring tie-ups in W. Asia — Eyes Rs 4,400-cr turnover Our Bureau
Mr K.V. Rangaswami, Executive Vice-President, ECC division, Larsen & Toubro Ltd, with Mr V.N. Bhat, Regional Manager, addressing a press conference in the Capital on Tuesday.
NEW DELHI, Sept. 3 LARSEN & Toubro's Engineering, Construction and Contracts (ECC) division hopes to record a turnover of Rs 4,400 crore during fiscal 2002-03. This performance would represent a 22.20 per cent growth to the turnover of Rs 3,600 crore recorded last fiscal. The ECC division accounted for about 45 per cent of the turnover of L&T in 2001-02. "Our sales growth this year would be much better than the one witnessed last year despite the fact that the investment climate in the country is not as good as witnessed in the mid-nineties. But we will not see the growth levels that were seen in 1995-96. There are not many cement or steel plants coming up now. It's only road projects and revenues from construction projects undertaken abroad that are helping us post such growth rates," Mr K.V. Rangaswami, Executive Vice-President, ECC division, told newspersons here. About eight per cent of ECC's turnover in 2001-02 came from projects undertaken abroad. This is expected to touch a level of 12 per cent during the current fiscal. By 2006, ECC hopes to record a turnover of Rs 9,000 crore. He also said that the ECC division was eyeing a few construction companies in West Asia for possible tie-ups. "We are not looking at large construction organisations. We are keen on companies, especially that have engineering design capabilities, which have about 100 engineers on their rolls. A partnership with such an organisation would also help us in undertaking more projects in that region," Mr Rangaswami said. The ECC division's senior official said that L&T-promoted HITEX (Hyderabad International Trade Exposition Ltd) - an exhibition centre on the lines of Pragati Maidan in New Delhi - would be opened in January 2003. HITEX is a company with equity participation by National Academy of Construction (NAC), Hyderabad Urban Development Authority (HUDA), Andhra Pradesh Tourism Development Corporation (APTDC) and Municipal Corporation of Hyderabad. Mr Rangaswami also said that ECC would have about 50-60 ready mixed concrete (RMC) facilities in the country by 2006 and that the RMC strategic business unit (SBU) would generate a turnover of Rs 500 crore for the division in that year.
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