Larsen & Toubro (L&T) has secured a substantial work order to set up a Natural Gas Liquids (NGL) plant facility in the Middle East. In an exchange filing, the construction major disclosed that the value of the work order exceeds Rs 15,000 crore.
Furthermore, L&T stated that the scope of the order includes engineering, procurement, construction, installation, and commissioning of a natural gas liquids plant and associated facilities for processing rich associated gas. The company elaborated that the order also includes all associated utilities, as well as off-site and integration with existing facilities.
L&T disclosed that it has won the work order in a consortium with the Consolidated Contractors Group, a Greece-based company. Under the partnership for the project, Larsen & Turbo will be responsible for engineering and procurement, while the Greek company will handle the construction activities.
SN Subrahmanyan, Chairman & Managing Director of L&T, said that the ultra-mega order reaffirms L&T’s position as a trusted partner in delivering mega energy infrastructure.
“It underscores our growing global footprint and ability to execute projects of high complexity in partnership with leading players like CCC,” Subrahmanyan said.
Major construction order
This is the second large work order that L&T has received in October. Last week, the company received a work order in the range of Rs 5,000 crore to Rs 10,000 crore to develop a 5.9 million square feet IT park in Bengaluru.
The company stated that it will be responsible for undertaking major construction and utility works, including civil structure works, façade glazing, architectural lighting, electromechanical services, Solar PV systems, LPG gas banks, and landscaping, within the IT park development project.
L&T share price
On the back of a strong order book, which is boosting investors’ confidence in the company, Larsen and Toubro’s stock has risen by 23.7 per cent in the last six months. In the past month, L&T’s stock has gained about 7 per cent.
On Thursday, at 12:00 AM, L&T’s stock was up 1.1 per cent in the intra-day trade