Larsen & Toubro's venture in Oman to raise capital

Muscat: Larsen & Toubro's Modular Fabrication Yard LLC (L&T MFY), a joint venture between L&T and Zubair Corp of Oman, aims to raise its capital to $100 million (Dh367 million) in coming years.

"The total investment so far in L&T MFY is over $60 million and we expect it to raise to $100 million," K. Venkataramanan, member of the L&T board and the company's president of operations, said.

He was addressing a press conference at the Muscat Inter-Continental Hotel to dedicate its state-of-the-art fabrication facility to Oman during celebrations marking the country's 40th National Day.