L&T lands $150mn mega power deals
The transmission and distributions deals were secured in the month of November
Larsen & Toubro has bagged orders worth $150mn from power transmission and distribution sector in the month of November, the engineering major has said.
These orders include jobs worth $108.2mn for the construction of five 132 kV Substations at Hail area from the National Grid, Saudi Arabia, a subsidiary of Saudi Electricity Company. This order was bagged by L&T's overseas arm Larsen & Toubro Saudi Arabia LLC. These projects are in the central province of Saudi Arabia and are scheduled to be completed in 24 months.
In the domestic market, the business has bagged an order from the Odisha Power Transmission Corporation.
The $15bn industry bellwether cut its growth guidance for order inflow to 5-7% from 15% earlier for 2015-16 on concerns that investment climate may remain "subdued". The company also lowered its revenue growth guidance to 10-12% from 15% earlier as project executions continued to be sluggish.