PSL bags Mundra-Delhi pipeline coating order

Chennai: The country''s largest pipe manufacturer PSL Limited (capacity 10.25 lakh ton) has emerged as a successful bidder the coating contract for Mundra-Delhi pipeline project of Hindustan Petroleum Corporation Limited (HPCL). The contract worth is around Rs72 crore.

This is the second time that PSL will be associated with HPCL in the current year, with the first one being the Rs250 crore contract bagged in the month of June 2005 for manufacturing API Grade X-65 pipes for the same project. .

According to managing director Ashok Punj, "Our first project with HPCL has already commenced at Varsana Works and is proceeding ahead of schedule towards completion."

PSL at its AGM also confirmed a dividend payout for the year at 45 per cent with the final dividend of 20 per cent. This is the 11th consecutive year of dividend payout by this rapidly growing company.