Larsen & Toubro (L&T) announced on Monday that its Power Transmission & Distribution (PT&D) business has secured significant 'mega' orders across Saudi Arabia, the United Arab Emirates, and India. This development led to a 2% increase in the engineering and construction major's shares during Monday's trading session.
L&T defines 'mega' orders as those valued between Rs 10,000 crore and Rs 15,000 crore. These new projects are focused on enhancing power transmission infrastructure and facilitating the evacuation of renewable energy across the regions.
Expanding Grid Capacity in Saudi Arabia
In Saudi Arabia, L&T's PT&D unit has won contracts for 380 kV transmission and substation segments. These projects are crucial for augmenting the kingdom's transmission capacity and integrating renewable energy sources into the national grid, thereby strengthening the overall power network.
New Substations for the UAE
The United Arab Emirates will see L&T's involvement in constructing 132/11 kV substations, along with all associated cabling works, further developing its energy infrastructure.
Boosting Transmission in India
Domestically, L&T has secured an order from a prominent private sector developer to establish a comprehensive transmission system in Visakhapatnam, India. The scope of work includes both transmission lines and substations.
"These order wins demonstrate the breadth of PT&D's engineering and execution capabilities and the ability to deliver complex power infrastructure solutions across geographies," stated Joji Sebastian, Executive Vice President & Head - PT&D, L&T. "With the growing demand for grid strengthening, renewable energy integration and associated infrastructure, we are leveraging our technology, project execution expertise and global presence to deliver value for our esteemed clients.”
On the back of these announcements, L&T shares reached a high of Rs 3,744.90, marking a 1.61% gain from their previous close of Rs 3,685.50.
L&T's PT&D business offers integrated, end-to-end services covering the design, manufacturing, supply, installation, and commissioning of various power infrastructure elements, including transmission lines, substations, underground cable networks, and power quality improvement projects.