Companies

L&T arm bags order from ONGC

PTI New Delhi | Updated on March 08, 2019 Published on March 08, 2019

L&T Hydrocarbon Engineering, a wholly-owned subsidiary of engineering major Larsen & Toubro, on Friday said it has won a “significant” order from Oil & Natural Gas Corporation (ONGC).

The engineering and construction company, however, did not provide the exact value of the contract; but according to its project classification, the value of the contract was in the “significant” category, which is valued in the range of Rs 1,000 crore to Rs 2,500 crore.

The engineering, procurement, construction, installation and commissioning (EPCIC) contract is for the development of a cluster-8 marginal field, which is part of the Mumbai High Asset, located about 210 km west of Mumbai city, L&T said in BSE filing.

L&T said the contract has been awarded through international competitive bidding on a lumpsum, turnkey basis. Shares of Larsen & Toubro were trading 0.35 per cent higher at Rs 1,356 apiece on the BSE.

Published on March 08, 2019
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