Construction major Larsen & Toubro said it won a ₹ 1150 crore contract from Oil & Natural Gas Corporation (ONGC) for the transportation & installation of the oil company’s Daman Development Project.
The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project, the company said.
The deal was awarded to L&T’s Hydrocarbon Engineering subsidiary. It has been active in the upstream hydrocarbon sector since early the ’90s.
The project, part of ONGC’s strategy to extract gas from Daman Field, is situated in the south western part of Tapti – Daman block in Mumbai Offshore, located at about 160-200 km North West direction from Mumbai city and 160 km West of Daman.
“This contract reiterates the long term association of ONGC with L&T in the development of offshore fields in India,” the company said.
“The Company’s offshore track record includes successful completion of several challenging projects for domestic and international clients.”
Larsen & Toubro is India’s largest construction company, and offers services in technology, engineering, construction, manufacturing and financial services with over USD 17 billion in revenue.
It operates in over 30 countries worldwide.
Larsen & Toubro originated from a company founded in 1938 in London by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro. The company began as a representative of Danish manufacturers of dairy equipment.
However, with the start of the Second World War in 1939 and the resulting restriction on imports, the partners started a small workshop to undertake jobs and provide service facilities. Germany’s invasion of Denmark in 1940 stopped supplies of Danish products.
The war-time need to repair and refit ships offered L&T an opportunity, and led to the formation of a new company, Hilda Ltd, to handle these operations. L&T also started to repair and fabricate ships signalling the expansion of the company. The sudden internment of German engineers in British India (due to suspicions caused by the Second World War), who were to put up a soda ash plant for the Tata’s, gave L&T a chance to enter the field of installation.