Financial Daily from THE HINDU group of publications
Thursday, Apr 07, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 07, 2005 |
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Corporate
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Announcements L&T bags Rs 930-cr ONGC order Our Bureau
Mumbai , April 6 ENGINEERING and construction company Larsen and Toubro said on Wednesday that it had received an order valued Rs 930 crore from Oil and Natural Gas Corporation. The order is part of the Rs 1,864-crore offshore renovation contract that was won jointly by L&T and the US-based Global Industries Offshore. The project involves replacing old submarine pipeline and laying new ones, modification of oil well and process platforms in the western offshore production areas of ONGC, including Bombay High and Heera fields. The entire work has to be completed in three years. "The first-year schedule is critical as about 45 per cent of the work is to be completed by April 2006," said a company release. These pipelines and platforms were originally installed by ONGC over the last 30 years and the project is designed to extend the life and reliability of the facilities. ONGC is expected to award another three offshore contracts this year. Mr K. Venkataramanan, L&T President (Operations), said the project was bagged against instense international competition.
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