L&T's power business bags Rs 3,860 crore contract; Stock down 0.50%

L&T-MHPS Boilers Private Limited (LMB), the power business of Larsen and Toubro (L&T), has bagged order worth Rs 3,860 crore from from Neyveli Uttar Pradesh Power Limited (NUPPL).

LMB is a joint venture (JV) between L&T India and Mitsubishi Hitachi Power Systems from Japan. In this power JV, L&T holds 51% equity and Mitsubishi Hitachi Power Systems holds 49% equity. 

The LMB contract includes design, engineering, manufacture, supply, erection and commissioning of 3x660 megawatts (MW) Ghatampur Thermal Power Project - Steam Generator and Auxiliaries package for NUPPL at Ghatampur Tehsil, Uttar Pradesh, L&T said in a filing to the Bombay Stock Exchange (BSE) on Wednesday.

“This is a prestigious order from NUPPL for supercritical steam generators, with state-of-the-art equipment meeting new emission norms. LMB will meet the project schedule with best endeavours and resources conforming to international quality standards,” said L &T Power chief executive officer and managing director and L&T's whole-time director, Shailendra Roy in a statement.

LMB is currently executing nine units of steam generator packages for similar large capacity steam generators (660 MW) in India totalling 5,940 MW, cited the release.

Larsen & Toubro (L&T) is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue.

At 11:34 hours, the stock of L&T was trading down 0.50% or Rs 7.50 at Rs 1,496.60 on the BSE.

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