L&T’s Dubai exposure at $20-$25 mn

L&T’s Dubai exposure at $20-$25 mn
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First Published: Fri, Nov 27 2009. 05 18 PM IST
Updated: Fri, Nov 27 2009. 05 18 PM IST
Mumbai: The engineering conglomerate Larsen & Toubro’s exposure to Dubai is in the range of $20 million to $25 million, a senior company official told a television channel on Friday.
Developer DLF and Punjab National Bank said they had no current exposure to Dubai.
“The expopsure is somewhere between $20 million to $25 million in terms of several retention amounts which are due, which if things go from bad to worse can become suspect receivables,” L&T’s executive vice president, Shankar Raman, told TV channel CNBC-TV18.
“We have no exposure as yet,” R.I.S. Sidhu, chief general manager at Punjab National Bank, said over the telephone.
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First Published: Fri, Nov 27 2009. 05 18 PM IST