L&T wins Rs 1656 crore project; stock down 0.62 per cent
DSIJ Intelligence / 20 Mar 2017
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro (L&T) has received an order of Rs 1656 crore.
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro (L&T) has received an order of Rs 1656 crore. The company will serve an offshore contract for the Neelam Re-Development & B173AC Project for the Oil & Natural Gas Corporation (ONGC).
L&T’s contract is against international competitive bidding, and encompasses total EPCIC i.e. Engineering, Procurement, Construction, Installation and Commissioning for the project.
The Company’s project includes one new process platform having gas processing and compression facilities, three new well head platforms, 32 km pipeline, clamp-on on three existing platforms and modification work on eight existing platforms in the Neelam Field in western offshore basin in India. It is scheduled to be completed by April 2019.
The stock price of L&T declined 0.62 per cent in early trade, and is trading at Rs 1547.2 on an intraday basis. It has given more than 26 per cent returns to shareholders in last one year.
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