L&T construction arm bags 'significant' orders

The EPC major announced that its construction arm has secured 'significant' orders for its heavy civil infrastructure business.

As per L&T classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.

The EPC major said that its heavy civil infrastructure business of L&T Construction has secured an order from Greenko group, one of the world's leading renewable energy companies, for development of an off stream pumped storage project in Madhya Pradesh.

The project is designed to meet a pumped storage capacity of 10,080 megawatt-hours. It envisages creation of an upper reservoir near Khemla block village, (about 75 kiometers from Neemuch, Madhya Pradesh) while the existing Gandhisagar reservoir will be the lower reservoir.

The scope of Gandhisagar pumped storage project (PSP) involves constructing an upper dam (to form the upper reservoir), intake structure with approach channel, steel lined buried penstock/pressure shaft (vertical & horizontal), surface powerhouse, draft tube tunnel, tailrace outlet structure, tailrace channel, etc.

The civil and hydromechanical works of the project will be executed through a consortium led by L&T, under a stringent timeline of 30 months. Upon completion, the project will be one of the largest clean energy projects of its kind in India, said the company.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.95% to currently trade at Rs 2,043.55 on the BSE.

Powered by Capital Market - Live News