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L&T's construction arm bags Rs 8,250 cr Riyadh Metro project

By Religare
L&T's construction arm bags Rs 8,250 cr Riyadh Metro project
Larsen & Toubro (L&T) on Monday said its construction arm has made a major breakthrough in the international market, bagging an order worth Rs 8,250 crore from ArRiyadh Development Authority, Kingdom of Saudi Arabia for the design, construction and commissioning of metro project in Riyadh.

The order has been secured by ArRiyadh New Mobility Consortium where L&T is a JV partner. Other partners in the consortium are Ansaldo STS, Italy, Bombardier Transportation Ltd, UK, Impregilo S.p.A., Italy, Nesma& Partners- Saudi Arabia. The total order is worth Rs 35,000 crore, said L&T in a filing to the BSE on July 29, 2013.

According to the agreement, the consortium will get eight months to prepare the detailed designs and to carry out the enabling works for the project, followed by four years to implement the design and then another four months for trial runs and project hand-over.

At 12:34 hours, shares of the company were trading at Rs 852.10 a piece, up 0.76 per cent from previous close on BSE.

Read more about: larsen toubro
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