L&T to acquire 50% in Valdel

Larsen and Toubro Ltd (L&T) would acquire a 50 per cent stake in the carved out upstream engineering business of Bangalore-based Valdel Engineers and Constructors Pvt Ltd.

The upstream engineering business will be named “L&T Valdel Engineering Pvt Ltd”. The new joint venture JV will explore and expand prospects in the detailed engineering for the upstream oil and gas segment and look for new opportunities, said a Valdel release.

K. Venkataramanan, President (Operations), L&T said, “We are keen to grow in engineering and offer design and engineering services for the oil and gas industry. This would help us in that direction.”