Engineering and construction major L&T has expressed its interest to Korean steel major Posco, for building the latter’s upcoming steel plant in Orissa.

The company’s chairman AM Naik, is currently on a trip to Korea and Japan, where he will be meeting senior Posco officials to discuss the plan. L&T is one of the companies short-listed for the Posco project.

“I will be meeting senior Posco officials in Korea to discuss our interest in Posco’s steel project in Orissa,” said Naik.

In June, Posco had announced that it will build a $12 billion steel plant in Orissa. The company’s plan is to build an integrated steel plant in the state and produce 12 million tonne of steel annually by 2015.

The Orissa government would be leasing out mines to Posco for a 30-year period that will ensure a supply of 600 million tonne of iron ore.

Spanning the next 3-4 weeks, Naik will also meet the company’s other clients, customers and joint-venture partners on the Korea-Japan trip.

Engineering and construction will be the thrust area for L&T and the company is eyeing at generating income worth $6 billion in the next five years by implementing project Lakshya. Many of the company’s new projects are slated to take off in China and the Middle East.

L&T is planning to consolidate the special purpose vehicles (SPV) that had been floated for its construction activities under the banner L&T Infrastructure Ltd, said Naik.

It would sell off its 11.5 per cent holding in Ultratech Cement after the three-year lock-in period expires (in 2007), Naik said at the company’s recent annual general meeting.

The company’s market capitalisation has grown to Rs 22,000 crore, compared to Rs 4,000 crore five years back.