New alliance between IOC and L&T

Vol 3, PW 21 (10 Nov 99) News in Brief
     

Indian Oil Corporation (IOC) and Larsen & Toubro have announced an alliance to work together on domestic and overseas projects.

In a Memorandum of Collaboration (MOC) signed in New Delhi on Tuesday, October 26th, L&T said the alliance covers, "a wide range of business activities and opportunities in India and abroad", including, "collaboration in onshore and offshore exploration of crude oil and gas, upgrading and de-bottlenecking refineries, pipelines and petrochemical plants and training and consultancy services". A press release said: "The partners will focus on development of power, petrochemical, pipeline and refinery projects on a joint venture basis".