Mumbai: Larsen & Toubro's hydrocarbon business has bagged orders worth Rs 807 crore for petrochemical complexes of oil companies in India, the engineering major said in a statement Friday.
The orders includes jobs for supply of cracking furnace modules and parts, supply of equipment, engineering, procurement and construction execution of cryogenic ethylene package, civil, structural, mechanical, electrical and instrumentation for petrochemical complexes of oil companies in India. Fabrication and assembly work for all the modules and equipment will be done at L&T's modular fabrication facility at Hazira near Surat, the company said.
L&T's recently initiated the process to set up a separate subsidiary, L&T Hydrocarbon Engineering, for hydrocarbon business is aimed at scaling up the business internationally and listing the company subsequently. The company aims to increase the subsidiary's sales to $ 5 billion over the next five years from $2 billion now and subsequently list the subsidiary to enhance shareholders' value.
Shares of L&T closed flat on Friday at Rs 722.25 on the Bombay Stock Exchange. BSE's benchmark Sensex ended up 1.2% at 18619.72.
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