Larsen and Toubro wins 1.18 billion dollars contracts from Oil and Natural Gas Corporation

Larsen & Toubro (L&T) has won two offshore platform contracts worth over Rs 5,300 crore ($1.18 billion) from Oil & Natural Gas Corporation (ONGC). The order, the single largest in the Indian hydrocarbons sector, comes to about 13% of L&T's net sales in 2008-09.

The company secured the turn key order for the Mumbai High North process platform & living quarters project, with an additional order to build three process gas compression modules in the same complex. The projects have to be completed within three years.

Hyundai, Samsung and National Projects Construction Corporation were the other bidders for the contracts.

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High Court asks Ambanis to frame new gas pact

The Bombay High Court on Monday ordered Mukesh Ambani-owned Reliance Industries Ltd, India’s largest company, to sell natural gas to brother Anil Ambani’s Reliance Natural Resources Ltd at a price that is 44% lower than the price proposed by the government earlier.

The order could significantly impact the contours of the natural gas economy in the country. RIL has been asked to supply natural gas to RNRL for 17 years at $2.34 per million British thermal units. RNRL, however, cannot trade the gas but can use it as raw material in its power projects. Natural gas accounts for about 18% of the total energy-mix of the Indian economy.

An RIL spokesperson said: “The full text of the judgment of the honourable High Court has been received by us and is being reviewed by us.

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