Shares of Larsen and Toubro (L&T) were trading in the green and 1% higher on Thursday, 13 March, after the company’s water and wastewater treatment business joint venture got a “major” order to construct a desalination facility in Saudi Arabia.
L&T classifies orders that are between Rs 2,500 crore and Rs 5,000 crore as “large.”
The L&T joint venture with Lantania of Spain signed a contract with ACWA Power, a major Middle Eastern developer, to build the Ras Mohaisen Desalination facility in Saudi Arabia.
The plant will reach a 300,000 cubic meter capacity per day. The scope of the project includes the design, procurement, construction, testing, and commissioning of a seawater reverse osmosis desalination plant.
It comprises 600,000 cubic meters of storage capacity for potable water, as well as automation and instrumentation systems, process units, pumping stations, intake and outfall facilities, electrical special facilities, and related works. A solar PV facility is also included in the project scope, it said.
The project will make drinking water available to the Makkah Al-Mukarramah and Al-Baha districts, benefiting one million people.
L&T continued by saying that this is the second recent desalination order that Saudi Arabia has given to them.
Last week, “large” orders were also acquired by the company’s power transmission and distribution division in India and other countries.
However, at 2:25 pm, the shares of Larsen and Toubro were trading 0.072% lower at Rs 3,191.35 on NSE.
Larsen and Toubro Ltd Insights? Let the Analyst Guide You.
Unlock profitable opportunities every day! Unicorn Signals provides actionable intraday trading signals for stocks and futures. Don’t miss out – download Unicorn Signals and start winning now!