L&T bags significant orders for hydrocarbon business

28 Nov 2022 , 12:03 PM

As per L&T classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore. The EPC major said that the business has received Indias first contract for decommissioning of offshore facilities from British Gas Exploration and Production India (BGEPL, part of Shell Plc Group of companies). The contract scope of work involves engineering, preparation, removal and transportation of five offshore wellhead platforms and associated facilities at the Tapti field, off Indias west coast, which is being operated by the joint venture of BGEPL, Oil & Natural Gas Corporation (ONGC), and Reliance Industries (RIL). The L&T Energy business has also secured an order from ONGC for balance works of Pipeline Replacement Project-VI (PRP-VI). The scope involves laying of approximately 42 kilometers subsea pipelines and associated subsea works across Indias west coast offshore fields of ONGC. Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. The EPC majors consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22. The scrip slipped 0.18% to currently trade at Rs 2058.55 on the BSE. Powered by Capital Market – Live News