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

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

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.

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Indian engineering conglomerate Larsen & Toubro 's exposure to Dubai is in the range of USD 20 million to USD 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 exposure is somewhere between USD 20 million to USD 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," RIS Sidhu, Chief General Manager at Punjab National Bank, said over the telephone.