L&T bags $185 million contract for UAE gas pipeline project

Abu Dhabi Gas Industries (GASCO) has awarded a lump-sum turnkey contract worth an estimated $185 million for engineering, procurement, construction and commissioning works on a new gas pipeline to the company

Abu Dhabi Gas Industries (GASCO) has awarded a lump-sum turnkey contract worth an estimated $185 million for engineering, procurement, construction and commissioning works on a new gas pipeline to Larsen & Toubro (L&T), according to an announcement.

The new gas pipeline in the UAE is intended to supply natural gas to the Abu Dhabi Oil Refining Company's new refinery expansion project and to the Abu Dhabi Water and Electricity Authority (ADWEA), a statement released by the UAE's official news agency, Wam, said.

The project is said to be worth $185 million (695 million dirham).

L&T will undertake home office (design and procurement) activities from its office near New Delhi and the team will later move to the site for managing the construction activities, the statement said.

These EPC works will deploy a significant quantity of construction equipment and labour personnel, technicians and supervisors at the site, while adhering to health, safety and environment (HSE) requirements.

L&T closed at Rs 1,610.55 per share (1.18% down from its previous close of Rs1,629.85), while the benchmark BSE Sensex ended 132.27 points down at 16,857.91 from its previous close of 16,990.18.

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JSW Steel production up 15% to 5.99 lakh tonnes in July

The company had to cut production by 35% due to the ban imposed by the Supreme Court on 29th July on iron ore mining in Karnataka’s Bellary district

JSW Steel today reported a 15% increase in crude steel production to 5.99 lakh tonnes (LT) in July this year from 5.20 lakh tonnes in the corresponding year-ago period.

"The production in July 2011, would have been higher had the suspension and transportation of mining of iron ore not been there," the company said in a statement, adding that during the month, JSW had to cut production by 35% due to the ban imposed by the Supreme Court on 29th July on iron ore mining in Karnataka's Bellary district.

The statement further said that after last week's order of the Supreme Court on the issue, which permitted only state-run NMDC to produce up to one million tonnes (MT) per month (or 12 MT annually) from Bellary, the company has restored production to 80% of installed capacity.

In addition, the company completed installation of the fourth blast furnace and sinter plant at its Vijayanagar plant on 20th July as part of a 3.2 million tonnes per annum (MTPA) expansion project and the units are undergoing trial runs, the statement said. Post-commissioning, the Vijayanagar plant now has a total steel production capacity of 10 MTPA.

JSW Steel closed at Rs 654.05 per share (3.22% down from its previous close of Rs 675.80), while the benchmark BSE Sensex ended 132.27 points down at 16,857.91 from its previous close of 16,990.18.

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Dabur India sets up new subsidiary in Sri Lanka

As part of its plans for the island nation, the company is in the process of setting up a manufacturing facility which is expected to start production by the end of this fiscal

FMCG firm Dabur India today said it has formed a new entity, Dabur Lanka Pvt Ltd, as part of a strategy to strengthen its presence in Sri Lanka.

In a filing to the Bombay Stock Exchange (BSE), Dabur said Dabur Lanka has been incorporated under its wholly-owned subsidiary, Dabur International, which manages the company's overseas operations. "Accordingly, Dabur Lanka Pvt Ltd has become the company's step-down subsidiary company," Dabur India said.

As part of its plans for the island nation, Dabur is in the process of setting up a manufacturing facility which is expected to start production by the end of this fiscal. According to company officials, Dabur currently does not have a significant presence in Sri Lanka.

However, it has identified the country as one of its focus markets in the coming years.

Around 22% of the company's sales come from international markets, including African nations, Nepal and Bangladesh.

Dabur India closed at Rs104 per share (1.22% up from its previous close of Rs102.75), while the benchmark BSE Sensex ended 132.27 points down at 16,857.91 from the previous close of 16,990.18.

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