India's Larsen & Toubro Wins $160 Million in Orders

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Researched by Industrial Info Resources (Sugar Land, Texas)--Larsen & Toubro Limited (BSE:500510) (L&T) (Mumbai), one of India's leading engineering, manufacturing, technology and construction companies, announced that its metallurgical, material handling and water operating company has secured orders worth $160 million from customers such as power company Indiabulls Power Limited (BSE:533122) (Mumbai), Coal India Limited (CIL) (Kolkata, West Bengal) and aluminum company Hindalco Industries Limited (BSE:500440) (Mumbai).

In the material-handling sector, L&T has secured a $59 million turnkey contract from CIL, a public-sector enterprise and one of the world's largest coal-mining companies, to set up a coal-handling plant at the open-pit coal mine in Amlohri in Madhya Pradesh. The Amlohri mine is operated by Northern Coalfields Limited (Sidhi, Madhya Pradesh), a subsidiary of CIL. L&T's construction unit will execute the engineering, procurement and construction project, which is likely to take 24 months. The company's scope of work involves sourcing and installation of electrical, mechanical and instrumentation parts for the plant.

L&T also has bagged a $56 million order from Indiabulls Power to construct coal-handling plants at the Nasik and Amaravati thermal power plants in Maharashtra. The project is scheduled to be completed in 28 months. As per the contract, L&T's scope for both projects includes design, engineering, supply and installation of electrical, instrumentation and mechanical equipment, comprehensive testing, and commissioning of the coal-handling plants. Indiabulls Power is currently setting up a 1,320-MW supercritical thermal power plant in two phases at Nandgaonpeth, in the Amravati district. The company is building another 1,320-MW thermal plant at Sinnar, in the Nasik district.

In addition, L&T's metallurgical sector has won a $45 million project from Hindalco Industries, a part of the Aditya Birla Group, for building an aluminum rolling mill complex at Hirakud, in the Sambalpur district of Orissa. According to the contract, L&T will be responsible for the facility's civil and structural works. The project is to be completed in 16 months. Hindalco is investing about $213 million in the proposed downstream plant that will be built near the company's existing smelter plant at Hirakud.

L&T's consolidated net revenues for fiscal year 2009-10 stood at $9.39 billion. With a market capitalization of more than $20.6 billion, the company is on a robust growth path. As of May 2010, L&T's order inflow for 2010-11 is $14.8 billion, which is a 35% growth over the previous fiscal year. The order book grew 43% to $21.4 billion during the same period. The process sector, which includes metallurgical and material-handling business units, accounts for 13% of the current order inflows. The company's power generation and equipment business leads the order book with a 33% share, followed by the infrastructure business with 27% for 2010-11. L&T is keen to continue focusing on power, infrastructure, construction and industrial sectors in the domestic and overseas markets, all of which provide ample opportunities for growth.

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