NEW DELHI: Engineering major Larsen & Toubro (L&T) today said its arm L&T Construction has bagged orders worth Rs 1,509 crore so far this month.

"The water and effluent treatment strategic business group of L&T Construction has won new water and waste water infrastructure orders worth Rs 1,509 crore in September 2015," L&T said in a BSE filing.

Bangalore: Larsen and Toubro Ltd (L&T), India’s biggest engineering and construction firm, has decided not to participate in the tender issued by GAIL (India) Ltd for constructing three new liquefied natural gas (LNG) carriers for use by state-run natural gas firm to ship the commodity from the US from January 2019, citing a clause that requires shipyards to hold equity stake of as much as 13% in the LNG carriers that are to be built locally.

L&T’s decision is a big blow to Prime Minister Narendra Modi’s Make in India project.

L&T Finance Holdings, the non banking finance arm of construction giant L&T, today sold stake worth about Rs 708 crore to Boston headquartered global PE giant Bain Capital. The fund will hold 6% stake in the company.

The NBFC issued about 96 million fresh shares to the PE fund at the price of Rs 74 a piece. The stock had closed at Rs 68.6 a share on Bombay Stock Exchange on Friday giving it a market cap of Rs 11,806 crore.

Engineering and construction major Larsen & Toubro (L&T) today said it has bagged a Rs 1,700 crore order from Japan's Marubeni Corporation to set up a 400-Mw gas-based power plant in Bangladesh.

"Bangladesh Power Development Board awarded the EPC contract for setting up the 400-mega watt (Mw) gas-based power plant project to Marubeni Corporation of Japan, which in turn awarded the EPC sub contract to L&T on a turnkey basis," L&T said in a BSE filing.

KOLKATA: A leading body of plant and equipment manufacturers has sought Prime Minister Narendra Modi's intervention to withdraw a recent draft order proposing mandatory standards in making of stainless steel flat products.

The Process Plant and Machinery Association of India (PPMAI), which counts the likes of Larsen & Toubro, Godrej, Thermax and Praj Industries among its members, said in a letter that the draft quality control order will discourage investment in key manufacturing sectors as quality rules under the Bureau of Indian Standards (BIS) are not comprehensive and updated. There is also little demand for stainless steel meeting Indian standards, it said.

MUMBAI: Larsen & Toubro chairman AM Naik has criticised domestic banks saying they have denied relief to the private sector by not cutting lending rates in line with the reduction in benchmark rates announced by the RBI.

Since January, the RBI has effected 75 basis point reduction in the benchmark repo rate, which is an indicative rate for banks. But most lenders have cut their respective lending rates only by 20-30 bps during the period. Naik said industry needs a cut of at least 1% to get some relief.

MUMBAI: Engineering major Larsen & Toubro aims to restructure its top deck as part of its succession plan and will do away with the position of 'managing director and chief executive officer' in its current form after incumbent K Venkataramanan retires in September, chairman AM Naik told ET on Monday.

The $15-billion company has been grooming executives from within the company for leadership roles and SN Subrahmanyan, board member and senior executive vice president (infrastructure and construction), is seen leading the race for the top spot.

Shares of Ratnamani Metals & Tubes were up over 2% at Rs 602 after the company announced that it has received an order from engineering major Larsen & Toubro.

The order is for supply of Carbon Steel (CS) pipes worth Rs 528 crore (net of taxes and duties) and the order will executed by June, 2017, the company said in a release.

Engineering major Larsen & Toubro today said it has bagged a contract worth Rs 1,070 crore in Saudi Arabia for constructing ballastless tracks for Riyadh metro lines.

The water & effluent treatment strategic business group of L&T Construction has won turnkey orders worth Rs 1,489 crore in August 2015, in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (Nagaur).

The projects, funded by Japan International Cooperation Agency (JICA), are aimed at providing potable water to 986 villages and seven urban towns in Nagaur district and 111 villages and two towns of Bikaner district in Rajasthan.

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