Mumbai: Piramal Realty, the real estate division of Piramal Group, on Friday said it has awarded contract worth Rs.700 crore to engineering firm Larsen and Toubro (L&T) Construction to build Piramal Aranya, a luxury residential project at Byculla in south Mumbai.

Spread across seven acres of land parcel, the project would be built with a total investment of Rs.4,450 crore and cover around four million sq. ft. of construction area.

American conglomerate GE today said it has signed a pact with engineering firm Larsen & Toubro to manufacture subsea equipment for future deep water projects in Krishna-Godavari basin on the eastern coast of India.

“Contributing to India’s exploration and production (E&P) activities in the oil and gas sector, GE has signed an exclusive MoU with L&T Hydrocarbon Engineering, a wholly-owned subsidiary of L&T,” the company said in a statement.

Heavy engineering major Larsen and Toubro (L&T) along with its partner Sojitz Corp, Japan, is understood to be well on track to win around Rs 4,000-crore contract on the western dedicated freight corridor, sources with knowledge of the development said.

The contract to be awarded by Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) is for a nearly 128-km stretch between Rewari in Haryana to Dadri in Uttar Pradesh.

As part of a larger strategy to restructure its business, Larsen & Toubro (L&T) will soon shift all its operational roads assets into a new entity and invite other pension funds to invest in it. The road assets are currently housed in L&T IDPL, in which L&T owns 97.45%; the Canada Pension Plan Investment Board invested R2,000 crore via preference shares that are compulsorily convertible into equity shares by 2018.

L&T Power has won a contract worth Rs 3,860 crore from Neyveli Uttar Pradesh Power Ltd.

"The power business of Larsen & Toubro (L&T) through its joint venture company L&T-MHPS Boilers Pvt Ltd has secured order of Rs 3,860 crore from Neyveli Uttar Pradesh Power Ltd (NUPPL)," the L&T said in a release.

Mumbai, July 29: Engineering major Larsen & Toubro's June-quarter net profit increased 45.51 per cent to Rs 609.6 crore from Rs 418.94 crore a year ago on the back of an improved performance in various segments.

Total income during the quarter rose 9.10 per cent to Rs 21,873.8 crore from Rs 20,048.24 crore a year ago. Total expenses were higher at Rs 20,434 crore compared with Rs 18,873 crore a year ago.

Larsen & Toubro (L&T) Infotech has listed at Rs 667, 6% below its issue price of Rs 710 per share on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

A discount of Rs 10 per equity share to the issue price of Rs 710 was offered to retail investors.

L&T Infotech, which recently concluded its Rs 1,243-crore IPO, will make its stock market debut on Thursday.

The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers.

Larsen & Toubro is looking at joining hands with US majors for designing and equipment suppliers to design and build future shipbuilding contracts. The vessels will be built at a facility near Chennai.

Speaking at the Indo-US Partnership Conclave 'The march towards $500 billion trade', organised by IACC along with the state ofTamil Nadu, B Kannan, CEO & MD, L&T Shipbuilding said the company is in touch with some US-based firms, for its future projects.

Close on the heels of the successful Rs 1,243-crore L&T Infotech IPO, diversified group L&T’s technology services unit has filed draft prospectus with Sebi for a public offer to raise an estimated Rs 1,000 crore.

Larsen & Toubro would sell up to 15 per cent stake in L&T Technology Services through the proposed IPO.

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