New Delhi: The decision by Engineers India Ltd (EIL), India’s leading engineering and related technical services provider, to focus on overseas markets in the last one year has led to a doubling of its order book position.
In 2005-06, EIL notched up orders worth Rs800 crore. Things really picked up for the company in the current fiscal, and it has bagged orders worth Rs1,800 crore till now.
With EIL no longer being the first choice of state-owned undertakings to implement engineering contracts, the company has decided to seek out business abroad, said analysts.
The firm’s focus has now turned towards countries that are sitting on vast amounts of hydrocarbon reserves, but unable to exploit them due to lack of technology.
To start with, EIL is currently in talks with the Uzbekistan government for helping it set up two gas complexes at Mubarak and Soharten in the Central Asian country.
“An EIL team is at present in Uzbekistan for discussions and to work out the details. We are also in talks with the Azerbaijan government for setting up a gas and petrochemicals project for them,” Mukesh Rohatgi, chairman and managing director of EIL, told Mint.
Other projects include a $1 billion (Rs4,400 crore) aromatics complex in Abu Dhabi for which the company is partnering with an international consortium. EIL expects its share of business in this project to be upwards of Rs1,000 crore.
It is also vying to offer engineering and consultancy services for setting up a 15million-tonne greenfield refinery in Kuwait at a cost of $4 billion.
EIL has teamed up with a Chinese partner and initiated talks with Tehran for setting up a five mt condensate refinery at Bandarbas in Iran.
Among the company’s new projects is a one mt fertilizer unit in Papua New Guinea, for which the preparation of initial engineering plan is under way. “When completed, the project may require a total capital investment of $2 billion,” Rohatgi added. The major projects for which EIL has provided its services and those which are under implementation include 40 petroleum refinery projects, 7 petrochemical complexes, 200 offshore platforms, 35 oil and gas processing projects, 25 mining and metallurgical plants and 37 crude oil, gas, petroleum products and pipelines.