Larsen & Toubro (L&T) has said that it has received an infrastructure contract worth about $300 million from Saudi Aramco in Saudi Arabia.

India's biggest construction and engineering firm is increasingly looking to find orders abroad in order to compensate for the slowdown in the Indian market. L&T has expanded its presence in the global markets and won an important project at the Abu Dhabi airport. The company said that it is aiming to win $3 billion worth of projects, including more construction work for Aramco and an oil refinery in Oman.

CEO and Managing Director Krishnamurthi Venkataramanan admitted that the competition is tough in the market but the company is ready to compete. Experts say that the Overall Indian economy has faced a slowdown and is expected to grow around 5 per cent in the financial year 2012-2013. General economic slowdown and high borrowing costs resulted in delays in infrastructure projects like construction of roads and power projects.

The company said that infrastructure bottlenecks, non-availability of raw materials and delayed reforms have led to economic slowdown. L&T has recorded a disappointing 6.9 per cent fall in profits to 17.88 billion rupees during the fourth quarter of the financial year 2012-2013.