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Friday, November 27, 2009

L&T says Dubai exposure at $20-$25 mln

Indian 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.a

"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 .

"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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