Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / L&T arm wins Rs5,076 crore Kuwait order
BackBack

L&T arm wins Rs5,076 crore Kuwait order

L&T Hydrocarbon will execute an engineer-procure-construct contract for a gas and crude gathering centre for KOC

KOC is a subsidiary of Kuwait Petroleum Corp. (KPC) which is fully owned by the Kuwait government. Photo: Priyanka Parashar/MintPremium
KOC is a subsidiary of Kuwait Petroleum Corp. (KPC) which is fully owned by the Kuwait government. Photo: Priyanka Parashar/Mint

Mumbai: Engineering and construction company Larsen and Toubro Ltd (L&T) on Monday said that its subsidiary L&T Hydrocarbon has won a 5,076 crore order from the Kuwait Oil Co. (KOC) to execute an engineer-procure-construct (EPC) contract for a gas and crude gathering centre for KOC.

KOC is a subsidiary of Kuwait Petroleum Corp. (KPC) which is fully owned by the Kuwait government.

The scope of the contract includes project management, detailed engineering, procurement, supply, construction, testing, mechanical completion, pre-commissioning and commissioning assistance including performance testing, the company said in a statement.

“The contract was won by L&T against stiff competition from European and Korean EPC majors. It represents a significant step forward in L&T’s strategic growth plan in the international hydrocarbon sector," the statement said.

L&T has been focusing more on securing international orders to counter the sluggish growth in the domestic market. The company’s international order inflows for fiscal 2014 were at 30,752 crore, and grew more than three times on a year-on-year basis, constituting 33% of the total order inflows.

“To tackle the challenges surrounding such opportunities, the company is building its international organization, which aims at replicating the domestic success story in the Middle East," L&T had said in May.

The announcement was made after market hours.

Shares of L&T gained 1.54% to close at 1,598.65 per share on Monday on the BSE, while the benchmark index, Sensex lost 0.07% to close at 25,006.98 points and the BSE Capital Goods Index gained 1.14% to close at 15,139.74 points.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Jul 2014, 05:13 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie