As per L&T’s classification, the value of the ‘significant' contract lies between Rs 1,000 crore and Rs 2,500 crore.
The order involves engineering, procurement, construction, installation & commissioning (EPCIC) of 129-km subsea pipelines and associated modification works across India’s west coast offshore fields of the ONGC.
Subramanian Sarma, Whole-time director & president, Energy, L&T, said, “This order reflects ONGC’s continued confidence in L&T, and this emanates from our track record of successfully delivering complex offshore projects. This order further demonstrates L&T's unwavering commitment to India’s energy requirement.”
Organised under offshore, onshore EPC, modular fabrication, advanced value engineering & technology (AdVENT) and offshore wind farm business Groups, LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers, said the company.
Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer focused approach and the constant quest for top class quality has enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of March 2023.
Shares of Larsen & Toubro fell 0.82% to Rs 3,520.40 while ONGC shed 0.42% to Rs 272.95 on the BSE.