Engineering major Larsen & Toubro Ltd (L&T) has signed a joint venture with A Turki Contracting & Trading Corporation (ATCO) of Saudi Arabia to undertake construction activities in It will focus on electromechanical construction for the hydrocarbon and power sector construction.
ATCO, belongs to Sheikh Abdulrahman Ali al-Turki, and is a leading conglomerate in Saudi Arabia.
The new venture, Larsen & Toubro ATCO (Saudia) Llc, will operate as a local company in Saudi Arabia. Saudi Arabia is one of the biggest markets in the GCC, and L&T established engineering and project management centres in GCC member country, the UAE, in Abu Dhabi and Sharjah.
It is also commissioning its own deep-water offshore platforms and modular fabrication yard at Sohar, Oman.
"The joint venture will enable the two companies to benefit significantly from the boom in the oil and gas and infrastructure fields," Ziad Ali al-Turki, executive vice president, ATCO.
L&T has completed several projects in Saudi Arabia and is now executing over a $120- million contract for methanol or carbon monoxide project. It has also constructed schools, hospitals and sub-stations and is building a factory for electrical products and services in the eastern province.