Company News 22nd Jan 2007

L&T signs JV pact with Saudi firm

DUBAI: The Indian construction conglomerate Larsen & Toubro has signed a joint venture (JV) agreement with Saudi Arabia’s A A Turki Contracting and Trading Corporation, which will focus on electromechanical construction for the hydrocarbon and power sect or. The new venture will be known as Larsen & Toubro ATCO (Saudia) LLC.

Ref : Business line

IndianOil puts retail plans in Indonesia on hold

 Indian Oil Corporation Ltd has put on hold its plans to foray into the petroleum retailing industry of Indonesia. A senior company official said, “After evaluating the business prospects in that country we have decided to put on hold our plans to foray into Indonesia’s retail sector till there is more clarity on de-regulation plans there.”

 

However, the company is likely to continue with its lubricant distribution business in Indonesia, he stated. IndianOil was looking at launching its retail outlets in Indonesia by floating a fully owned subsidiary. If the plans had materialised this would have been IndianOil’s third retailing venture abroad. IndianOil entered the Sri Lankan market in 2002 through Lanka IOC Ltd. The Indian petroleum marketing major also has a presence in Mauritius through its subsidiary IndianOil Mauritius Ltd.

Ref : Business line