Financial Daily from THE HINDU group of publications
Saturday, Jun 26, 2004
Financial Daily from THE HINDU group of publications Saturday, Jun 26, 2004 |
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Corporate
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Announcements PSL bags 3 orders worth Rs 300 cr Our Bureau
Mumbai , June 25 PSL Ltd has bagged three orders for a value totalling Rs 300 crore from Bangladesh Gas Transmission Co Ltd, Indian Oil Corporation and Hyundai Heavy Industries for ONGC. The first order worth $ 9.3 million for supply of 30-inch diameter API steel pipes for gas transportation from GTCL has been bagged amidst competition from international giants from China and South Korea. The scope of the project includes manufacturing/coating and supply of approximately 10,000 tonnes of pipes to be executed by PSL at its Chennai and Vizag facilities. The second order bagged from IOC is for coating of 700-km-long Chennai-Tiruchi oil pipeline. This order, worth Rs 32.1 crore, will be executed over a 6-month time frame at the company's Chennai coating plant. PSL emerged as the lowest bidder for the project due to the proximity of its facilities at Chennai to the projects. This is in keeping with the company's strategy adopted to locate pipe mills and coating facilities at strategic locations around the country. The third order is the contract of offshore pipe coating work for the Mumbai Uran Trunk (MUT) pipeline project along with Feeder Pipelines from HHI, Korea (EPC contractor) of $ 48.50 millions. This project comprising 510-km pipe length of 4,00,000 mt, is the biggest pipeline project in the Asia Pacific region and will be completed in a tight schedule between July 2004 and March 2005.
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