1. L&T bags offshore contract worth Rs 2,715 cr from ONGC

L&T bags offshore contract worth Rs 2,715 cr from ONGC

L&T Hydrocarbon Engineering Ltd (LTHE), a subsidiary of Larsen & Toubro (L&T), said it has bagged an offshore contract from ONGC valued at Rs 2,715 crore.

By: | New Delhi | Updated: June 24, 2015 12:11 PM
LARSEN-RE-L

The contract was won by L&T Hydrocarbon Engineering Ltd against international competitive bidding for the Oil & Natural Gas Corporation (ONGC) project at Bassein field near Mumbai coast in western offshore basin of India. (Photo: Reuters)

L&T Hydrocarbon Engineering Ltd (LTHE), a subsidiary of Larsen & Toubro (L&T), on Wednesday said it has bagged an offshore contract from ONGC valued at Rs 2,715 crore.

The contract was won against international competitive bidding for the Oil & Natural Gas Corporation (ONGC) project at Bassein field near Mumbai coast in western offshore basin of India.

It encompasses total ‘EPCI’ — Engineering, Procurement, Construction and Installation — for the project, LTHE said in a filing.

“The project, part of ONGC’s strategy to enhance the field life and increase the recovery of Bassein Field, is scheduled to be completed by December 2017,” LTHE said in the filing.

The cumulative production from the field till 2027-28 is pegged at 19.56 billion cubic meters (BCM) of gas, 1.97 million cubic meters of condensate and 1.83 million metric tonnes (MMT) of oil.

This contract reiterates the long-term association of ONGC with L&T in the development of offshore fields in India, the filing added.

On June 22, L& T had also informed that its another arm, L&T Metallurgical and Material Handling (L&T-MMH) business has secured new orders worth Rs 1,507 crore across various verticals.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $15 billion revenue. It operates in 30 countries worldwide.

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Tags: L&T
  1. H
    Harry Potter
    Nov 4, 2015 at 9:43 pm
    Please refer ET article May 2013 - L&T Hydrocarbon Engineering will empower the leadership team to take independent decisions and make the process faster: K Venkataraman - Excerpts - We want to scale up the subsidiary's s to $5 billion over the next five years. Please refer Feb 2014 BS article - L&T needs younger leadership; succession to be in place by '16: A M Naik - excerpts - I won’t get best talent globally, as they have reservations about working for an Indian company. And, live in India, where quality of life is an issue. So, we have decided to move our business headquarters to Dubai. We have found an Italian who will take over one part of the hydrocarbon business. Please refer BS article Aug 6, 2014 - L&T International orders worth Rs 30,000 cr at risk. Excerpt - operating loss of Rs 900 crore in its hydrocarbon subsidiary, losses on six contracts in the Gulf. July 31 2015 - L&T appoints Subramanian Sarma as CEO for hydrocarbon business. Please refer BS article - Oct 2015 - Financial mismanagement charges see a dozen leaving L&T arm. Oct 2015 L&T managing director & CEO retires. -------------------------------------------------L&T lost 25 percent in last 4 months from all time high of 1879 to 18 month low of 1375 on Nov 2 2015. Its not just Junior Engineer turned Chairman Mr Naik (aged 73), L&T is personal fiefdom of an old-men club, it is divided between septuagenarians vertical wise. Like BCCI, LnT is no less cozy club, an Old-Men club enjoying Fire Proof jobs and stratospheric compensation. Expensive CXO Maha Kumbh Mela at LnT - what is the number of CEOs at LnT and all its subsidiaries (138), their CTC? How far higher, this is to manage LnT group revenues of $14 bln than Mr Sikka (aged 46) of Infosys highest paid professional CEO (Rs 30 cr) in India, entrusted with business worth $ 8 bln in revenues. At LnT, just Chairman Mr Naik and group CEO Mr Vankatramanan (alas hanged his boots) were pegged at 21 and 14 crores. Information Age leaders, top-man of TATA group, Infosys, Microsoft are in their 40s, why this super 70s at LnT?--------------------------------------------------------------Why this super 70s at LnT? Direct from horses mouth - Mr Naik's musings on succession - – QUOTE- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UNQUOTE. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. -------------------------------------------------------------------------------------Career span of 50 years with L&T as Paid Employee, second highest paid professional executive in India Inc - SCANDALOUS. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to fix retirement age at L&T to 60 - ASAP !
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