L&T slips on news of not getting Abu Dhabi Airport contract

Larsen & Toubro slipped 2% following news that it did not qualify for the $4 billion worth of contracts for the construction of the new Abu Dhabi Airport. However, L&T refused to comment on this development, says CNBC-TV18.

If the order had come through, sources say it would have boosted the company’s revenues as it is facing an order slowdown in Indian on the back of stringent government policies.

L&T along with its consortium partners had bid for the $12 billion project in November in an internationally competitive bidding. L&T was the leader of the consortium, as in the previous bidding for the Al-Salalah airport in Oman. It had expected to get up to $4 billion worth of contracts from the entire project.

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