Monday, 7 January 2008

L&T bags over Rs 1,300 cr order from Cairn India

L&T bags over Rs 1,300 cr order from Cairn India

Press Trust Of India Mumbai, January 07, 2008

Engineering and construction major Larsen & Toubro (L&T) on Monday said it has bagged two contracts worth over Rs 1,300 crore from Cairn India for construction related works for the Northern Area Development Project near Barmer in Rajasthan.

"L&T is proud to be associated with Cairn in being able to leverage our own strengths to boost India's needs of fuel resources. Our technology and dedicated team will be able to deliver the job, on time," L&T President (Engineering & Construction Projects) K Venkataramanan said.

The scope of work covers development of infrastructure facilities, detailed engineering and construction of all civil as well as electromechanical works at the Mangala and Raageshwari fields and the telecom network, L&T said in a filing to the Bombay Stock Exchange.

Implementation of the field developmental activities would lead to a step change in oil production levels and this project would make significant contribution for reducing India's current oil supply or demand imbalance, L&T added.

The government has approved development plans for Mangala, Aishwarya, Saraswati and Raageshwari fields. Initial focus would be to bring Mangala onstream at the earliest opportunity, which is currently scheduled for 2009, with the other fields following.

Earlier in 2007, state-run Oil and Natural Gas Corp and Cairn India reached an agreement to build a 340-million dollar pipeline to transport crude oil found in Barmer district of Rajasthan to Gujarat. "Both the joint venture partners are getting ready for first oil exploration in 2009," the company said.

Shares of L&T were trading at Rs 4287.50, up 1.02 per cent on the BSE in morning trade.

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