Punj Lloyd bags Rs350 crore order from Indian Oil Corporation
01 Sep 2006
Mumbai: Punj Lloyd Ltd has won a Rs350 crore ($75.3 million) contract from Indian Oil Corporation (IOC) for building storage tanks and other facilities at its Panipat refinery. The state-run refiner is building storage tanks and other facilities for a naphtha cracker at Panipat, 100 km north of Delhi.
"With this win, the order backlog for Punj Lloyd group, including SembCorp Engineers & Constructors, Singapore, stands at Rs12,259 crore ($2.63 billion)," the company said in a statement.
IOC also awarded a Rs1,200-crore ($247-million) contract to Larsen & Toubro Ltd., to build a power plant at Panipat.
IOC's naphtha cracker unit at Panipat, which is expected to be completed by the end of 2009, will process 2-2.3 million tonnes of naphtha to produce ethylene, propylene, benzene and pyrolysis gasoline.
Punj Lloyd expects a 13-15 per cent rise in its operating profit in the year to March 2007 to absorb the cost of its recent acquisition.