Friday, September 30, 2022

L&T secures twin ‘large’ orders from ONGC

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New Delhi: Larsen & Toubro (L&T) Hydrocarbon Engineering said on Thursday that it has secured two orders from state-run Oil & Natural Gas Corporation (ONGC) for work in the western offshore basin. The firm said that the orders fall under the “large” category, which means that they must be between Rs 2,500 crore and Rs 5,000 crore as per its classification of contracts.

What are the orders

L&T has secured the order for the engineering, procurement, construction, installation and commissioning (EPCIC) of Heera Panna block and Mumbai High South field of the western offshore basin near Mumbai, the company said in a regulatory filing. The firm added that the contracts have been awarded through international competitive bidding on a lump sum turnkey basis. L&T Hydrocarbon Engineering is a wholly-owned subsidiary of Larsen & Toubro. On Thursday, shares of L&T were trading 0.75 percent higher at Rs 1,562.50 apiece on BSE.

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