L&T’s construction moves up as its arm wins EPC Order for Amaala project in Saudi Arabia

Larsen & Toubro is currently trading at Rs. 3533.60, up by 44.40 points or 1.27% from its previous closing of Rs. 3489.20 on the BSE.

The scrip opened at Rs. 3492.30 and has touched a high and low of Rs. 3548.00 and Rs. 3492.30 respectively. So far 15715 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3,548.00 on 27-Dec-2023 and a 52 week low of Rs. 2058.10 on 04-Jan-2023.

Last one week high and low of the scrip stood at Rs. 3548.00 and Rs. 3333.00 respectively. The current market cap of the company is Rs. 484363.34 crore.

The Institutions and Non-Institutions held 63.10% and 36.89% stake respectively in the company.

Larsen & Toubro’s (L&T) construction arm -- L&T construction has been chosen as the turnkey Engineering, Procurement and Construction (EPC) contractor to establish various systems related to renewable energy generation and utilities, for the Amaala project in the Red Sea region, Saudi Arabia.

Amaala is an ultra-luxury destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia’s northwestern coast. Spanning an area of 4155 square kilometers, the project features pristine landscape and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture. Once completed, this destination will have 25 hotels and 900 luxury residential villas, apartments and estate homes alongside high-end retail establishments, fine dining, wellness and recreational facilities. The consortium of UAE's clean energy powerhouse, Masdar, and French Electricity utility EDF has signed the concession agreement for the fully integrated utility project with the developers of Amaala. Larsen & Toubro has entered into an EPC agreement with the Sponsors viz. EDF and Masdar. 

In line with the ambition of going beyond sustainability and have a regenerative impact on environment, the project awarded to L&T will have an optimized off-grid renewable energy system comprising of 250MWp Solar PV plant and >700MWh Battery Energy Storage System. The scope for power systems also involves biofuel based internal combustion engines, three Gas Insulated Substations, high voltage transmission lines and medium voltage distribution networks. The scope for water systems involves constructing a 37 MLD Seawater Reverse Osmosis Plant, 6 MLD Sewage Treatment Plants, marine works including intake and outfall, tank farms, potable water network, wastewater network and treated sewage effluent network.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.