L&T to consolidate foreign business.

Policy changes and a provision for guaranteed returns must be put in place to boost infrastructure development, which requires large-scale funding, said Larsen & Toubro (L&T) Chairman A M Naik. Companies will invest only if there is an assurance of returns, he said in an interaction with reporters.

Over the past few years, L&T has been looking abroad for orders. Naik said the company would consolidate its international business by replicating its domestic structure and systems and that it is hopeful of domestic projects coming on track with the new government approving coal mines and taking policy decisions to support investment.

International orders contributed to 33 per cent of the company's total order inflows last year. While the prime focus of L&T's abroad business is West Asia, the international outreach also extends to south-east Asia, Commonwealth of Independent States and Africa. Naik said the company would also strengthen its multi cultural leadership to boost its foreign business.

BS