Indian engineering giant Larsen & Toubro is likely to benefit from a buoyant domestic offshore engineering, procurement and construction market, as state-owned Oil & Natural Gas Corporation (ONGC) has continued with its spending plans despite the depressed oil price.
Although L&T faces intense competition from leading international contractors, and this year has lost out on some key domestic offshore projects, it stands to gain from increased domestic activity and recent tie-ups with international contractors on crucial deep-water projects.
