International Finance Corporation, the private sector arm of the World Bank Group, will provide a loan of $50 million to Larsen & Toubro, one of India's largest engineering and construction companies.
The loan will facilitate L&T's ongoing plans to expand its business in overseas markets, particularly in Africa, Southeast Asia, and the Middle East, an IFC press release said in Washington.
"This financing will establish a strong relationship between L&T and IFC and lead to long-term cooperation in a range of projects in different sectors, including infrastructure and oil and gas," Dimitris Tsitsiragos, IFC's director for South Asia was quoted as saying.
Commenting on the larger impact of the loan, he added, "L&T's expansion plans will promote south-south cooperation and support regional economic development.
"This loan is a first step toward developing a long-term partnership with IFC, which is a means to achieving our goal of becoming an Indian multinational," said Y M Deosthalee, chief financial officer of L&T.
Established in 1938, L&T is engaged in engineering, procurement, and construction for large infrastructure, industrial, and utilities projects; manufacturing of cement and the manufacturing of electrical and electronics equipment, the release notes.
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