L&T Bags Project Worth Over Rs 15,000 Crore In The Middle East

Engineering and infrastructure giant, Larsen & Toubro (L&T), is set to embark on another grand venture after securing a Letter of Intent (LoI) for a significant 'Ultra-Mega' onshore project in the Middle East. The company announced an official exchange filing.

This LoI follows another 'Ultra-Mega' project win in the Middle East, involving the construction of a gas compression plant. L&T designates orders exceeding a staggering value of Rs 15,000 crore as 'Ultra-Mega,' showcasing the scale and magnitude of these projects.

The new project's scope encompasses the full spectrum of engineering, procurement, and construction for a cutting-edge gas processing plant. This facility will feature state-of-the-art inlet separation facilities, a booster compression system, and other essential infrastructure.

L&T's Managing Director and CEO, SN Subrahmanyan, expressed his enthusiasm for the project, saying, 'This is a huge order that will not only strengthen our balance sheet but also provide impetus to our demonstrated credentials in the Hydrocarbon EPC space.'

In addition to this significant Middle East win, L&T's construction division has also secured 'large' orders in the Power Transmission and distribution sector, both in India and abroad. These 'large' orders fall within the range of Rs 2,500 crore to Rs 5,000 crore, further expanding L&T's portfolio.

The conglomerate is set to release its financial results for the September quarter today. As of 1 pm today, L&T's stock was trading at Rs 2,914.10 per share, with a decrease of 0.42%.