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L&T bags two large orders from ONGC

Livemint:  June 27, 2019

Mumbai: Larsen & Toubro (L&T) Hydrocarbon Engineering has won twin orders from the country's largest oil and gas exploration and production company, Oil & Natural Gas Corporation (ONGC), for work in the western offshore basin, L&T said in a BSE filing on Thursday.

L&T Hydrocarbon Engineering is a wholly-owned subsidiary of Larsen & Toubro.

The engineering, procurement, construction, installation, and commissioning (EPCIC) contracts have been awarded for the development of the Heera Panna block and Mumbai High South field in the western offshore basin near Mumbai, L&T added.

The orders fall under "large" category which ranges between ₹2,500 crore and ₹5,000 crore, as per its classification of contracts.

The company said these contracts have been awarded through international competitive bidding on a lump sum turnkey basis.

At 2.30 pm, shares of L&T were trading 0.28% higher at ₹1555.15 a piece on the BSE.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.