L&T Bags ₹ 3,375-Cr Metro Rail Project in Mau­ri­tius

Com­pany says it aims to com­plete and de­liver a pri­or­ity sec­tion of 13 km in just 24 months

The Economic Times - - Smart - The Job­sheet

Mumbai: Larsen & Toubro has bagged an or­der worth Rs 3,375 crore to build a metro rail project for the gover nment of Mau­ri­tius, the $17-bil­lion en­gi­neer­ing ma­jor said on Wed­nes­day. L&T has been up­beat about metro rail projects and is ex­e­cut­ing such ven­tures in Riyadh, Doha and 17 other lo­ca­tions in In­dia. On Wed­nes­day, ET ex­clu­sively re­ported that the com­pany is close to win­ning or­ders for two pack­ages worth to­tal ₹ 1,300 crore as part of the Mumbai Metro Line 4.

“This or­der is per­fectly in sync with our strat­egy to ex­pand L&T’s rail­ways business into mar­kets beyond In­dia and we are ex­tremely happy to have found a foothold in the African con­ti­nent,” Ra­jeev Jy­oti, chief ex­ec­u­tive of­fi­cer of rail­ways business at L&T, was quoted as say­ing in a state­ment.

The Mau­ri­tius project en­tails de­sign­ing and build­ing of an in­te­grated light rail-based ur­ban tran­sit sys­tem over a 26-km route con­nect­ing Curepipe to Im­mi­gra­tion Square in Port Louis, Mau­ri­tius. L&T would build 19 sta­tions which would in­clude two el­e­vated ones.

L&T bagged the projects through the com­pet­i­tive bid­ding route and it will be fully funded through a gov­ern­ment of In­dia grant and line of credit. While the project is sched- uled to be com­pleted in 48 months, L&T said it aims to com­plete and de­liver a pri­or­ity sec­tion of 13 km in 24 months.

L&T’s new or­ders fell 11% year-onyear to ₹ 26,352 crore in the first quar­ter of 2017-18, dragged by a steep fall in or­ders from the West Asia and muted or­ders from the do­mes­tic mar­ket. While the com­pany’s or­der in­flow and net profit in the quar­ter dis­ap­pointed the Street, the man­age­ment of the com­pany ex­pressed op­ti­mism on the way ahead, given the pick-up in do­mes­tic or­der ex­e­cu­tion and new or­ders.

“The pick-up in L&T’s do­mes­tic ex­e­cu­tion, while pos­i­tive, is in line with the re­quired run rate to achieve the FY18 growth guid­ance. Weak or­der in­flow has meant an in­crease in re­quired or­der in­flow growth to 18% year-on-year for the bal­ance year, which ap­pears s t e e p, ” IDFC Se­cu­ri­ties said in a re­port af­ter the com­pany’s earn­ings last week. The L&T man­age­ment said it is on track to achieve a growth guid­ance of 12-14% for or­der in­flows and 12% for rev­enue growth in 2017-18 and may re­view its tar­get at the end of six months.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.