In order to drive its order book and to make up for slowdown in domestic market, the country's infrastructure giant, Larsen & Toubro (L&T) has voiced plans to bid for USD 3 billion hydrocarbon projects outside the country in this fiscal, said the media reports.
"Ordering process is slowing down in India due to various reasons. We see an order pipeline from ONGC and GSPL but with elections round the corner, the overall ordering may continue to be muted in the country...We will be bidding for hydrocarbon projects worth USD 3 billion in the Middle-East and Malaysia in FY14," L&T, CEO & MD, K Venkataramanan told media.
The company is currently in the process of setting up L&T Hydrocarbon Engineering, a separate subsidiary to accelerate the hydrocarbon business globally.
L&T aims to increase the sales of its subsidiary from current USD 2 billion to USD 5 billion over the next 5 years. Moreover, it is also looking for listing the subsidiary with an aim to enhance shareholders' value, the report added.