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Engineering and construction company Larsen & Toubro (link) has won a sizeable international order from the Arriyadh Development Authority (link), as part of a consortium to build a metro for the city of Riyadh, in Saudi Arabia. L&T said that it has got an order worth $1.4 billion or Rs 8,250 crore for design, construction and commissioning of a metro project.
Engineering company Larsen & Toubro has got an Rs 1,210 crore order to set up a 13 power sub-stations in Qatar. Its power and transmission division has got this order which has to be executed between 18 and 26 months. This is a relatively small order compared to its existing book of Rs 130,217 crore worth of orders in hand.
Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and Infrastructure Development Finance Company (IDFC) are setting up a joint venture to fund road construction in the country. After energy, road construction is one of the key areas for the government to lower the infrastructure defcit. Khazanah’s value of assets was Malaysian Ringitt (RM) 112.6 billion or about Rs 168,000 crore as of December 31. Continue Reading →
Infrastructure Development Finance Company had sought to raise funds from investors for funding infrastructure projects through a second bonds issue. The government has permitted infrastructure finance companies to raise funds, from investors, for funding long term infrastructure projects. These bonds will be eligible for a tax exemption of Rs 20,000 from the taxable income, under section 80ccf of the Income Tax Act.
Larsen & Toubro’s performance in the September 2009 quarter is a reflection of the slowdown in capital expenditure in the past. Engineering companies’s revenues fluctuate across quarters, since their revenues are booked depending on the stage of project completion. But expenses will be booked as they are incurred.
IRB Infrastructure Developer’s bid for the Sindhudurg Airport has been accepted. The Maharashtra Industrial Development Corporation (MIDC), the special planning authority for the project, has selected it, said the company in a release to the BSE. The airport operator will have to design, build and operate the airport. Continue Reading →
The Finance Minister Pranab Mukherjee has proposed amendments to the Budget. It is customary for the FM to take in suggestions from various sides and introduce any necessary amendments. The FM has said that the priority was to provide a stimulus to economic activity.
Infrastructure projects in India are now being executed in half the time it took some years ago. Well, that may well be the headline a few years down the line, if the government succeeds in yet another effort to speed up infrastructure projects in the country. The government has set up a big committee of ministers to oversee the process of approval and execution of infrastructure projects.
JSW Steel, India’s third largest steel-maker, will make steel structurals in a joint venture with Severfield Structures. JSW Severfield Structures will be a 50:50 JV, with JSW’s investment being routed through a subsidiary, JSW Building Systems. The JV will spend ₤30mn pounds or Rs 220 crore to set up a plant that will fabricate 35,000 tonnes of structural steel.