L&T to expand business in Southeast Asia, Africa: Report

In a bid to cover up for losses in West Asia, Larsen & Toubro (L&T) is reportedly planning to scale-up its business in Southeast Asia and Africa. Overseas orders now account for a third of the company's order inflow, up from 10-12 per cent a few years ago.

The $16-billion Mumbai-based conglomerate diversified into West Asia with the aim to reduce its exposure to the domestic market. However, it has faced challenges in West Asia, incurring huge losses on hydrocarbon projects while the fall in crude oil prices has led to drying of the order pipeline.

L&T is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector.