L&T ties up S Arabia's Kanoo group
India's leading engineering and construction conglomerate Larsen & Toubro Ltd has tied up with Saudi Arabia-based YBA Kanoo Group to offer a range of high-end intelligent electrical systems in the Saudi Arabian market.
A joint venture company has been formed by Larsen & Toubro International FZE and Yusuf Bin Ahmed Kanoo, which would offer intelligent architecture for control and distribution of power. It entails manufacture, marketing and sales of switchboards and related systems solutions as well as allied products.
"L&T's decision to invest in Saudi Arabia is based on indicators of enormous potential in electrical business. These business prospects offer a large potential for L&T's switchboards business among GCC countries." L&T CMD A M Naik said.
L&T would hold a majority stake besides management and operational control of the joint venture company, it informed the stock exchanges.
The Kanoo Group is a diversified business conglomerate with business activities ranging from shipping, machinery, oil & gas, power & industrial projects, logistics and other retail and commercial activities.