L&T secures major order from Saudi Aramco


 Mumbai January 8, 2014:
India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) on Tuesday said its Saudi Arabian subsidiary has secured a major international engineering, procurement and construction (EPC) order from the Saudi Arabian Oil Co. (Saudi Aramco).
The company did not disclose the value of the order.
L&T’s power transmission and distribution business secured the order through its wholly owned subsidiary L&T Saudi Arabia Llc.
The order entails the construction of 55km of 230 kV double circuit overhead transmission lines and underground cabling.
The project is to be completed in 26 months.
“With significant growth potential in oil production in the Kingdom, the winning of this order not only comes at a most opportune time but is also strategic from the point of view of L&T’s capability to execute such projects in an extremely competitive environment. It is also a significant step forward in L&T’s expansion plans into the international arena,” said S.N. Subrahmanyan, member of the board and senior executive vice president at L&T.
In June, L&T’s Saudi Arabia unit had secured a $300 million order from Saudi Aramco.
K. Venkataramanan, chief executive and managing director at L&T, toldMint in June that his company is bidding for more business in West Asia, Indonesia and Malaysia.
“In this financial year, $3 billion worth of orders would be finalized in these above (mentioned) region and we are bidding for the same,” he said.
On Monday, L&T said it had secured new orders worth Rs.2,962 crore across various business segments.Mint