L&T’s Dubai exposure at $20-$25 mn

L&T’s Dubai exposure at $20-$25 mn

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.