L&T Oman LLC, part of L&T Construction, has won a new order worth Rs156 crore from a client for the construction of an electrical substation and associated work
L&T Construction has won new orders valued over Rs1,120 crore across various business segments in March 2012.
Power Transmission & Distribution IC has secured new international orders worth Rs548 crore from Abu Dhabi Water & Electricity Authority, UAE for the construction of 220 kV overhead lines, switching stations and other related electrical works. L&T Oman LLC, part of L&T Construction, has won a new order worth Rs156 crore from a client for the construction of an electrical substation and associated work.
The Building & Factories IC has secured orders aggregating Rs416 crore from various customers. Major orders include those for construction of factory projects, and include contracts for additional work from various ongoing projects.
In the late afternoon, Larsen & Toubro was trading at around Rs1,313 per share on the Bombay Stock Exchange, 2.60% down from the previous close.
‘Joseph has a long history with Otis and extensive experience in India, and these experiences will be of tremendous value in his new role,’ Otis' Pacific Asia area president Patrick Blethon said.
Otis Elevator Company, a unit of United Technologies Corp, said it has appointed S Joseph as managing director of its Indian business. In this role, Joseph will lead Otis' business operations throughout India, the world's second largest elevator market, the company said in a release.
“Otis has been committed to India since our first elevator was installed in the country in 1892,” Otis' Pacific Asia area president Patrick Blethon said. Joseph's leadership represents the next step in efforts to ensure that the people of India benefit from Otis' extraordinary service, quality and energy-saving products, he said. Blethon further said Joseph has a long history with Otis and extensive experience in India, and these experiences will be of tremendous value in his new role.
“I look forward to leading the over 2,400 employees of Otis India and demonstrating our commitment to deliver safe, innovative and energy-efficient products and services in this most important market,” Joseph said.
The World Bank envisages lending $14 billion for projects in India between 2009 and 2012
The World Bank will not reduce financial assistance to India for poverty alleviation measures because of the recent official data that showed a decline in the number of poor people in the country.
The international funding agency takes a long-term view on its commitments and the poverty data released on Monday will not have any bearing on that commitment, World Bank country head, Mr N Roberto Zagha, told PTI on the sidelines of an event.
Mr Zagha said, however, that the Bank does use official data put out by Indian agencies while making its plans. “We are constantly analysing (data), and right now I don’t feel there will be any cut because the data has shown a reduction in poverty.”
The Washington-based multilateral lender envisages lending $14 billion for projects in the country between 2009 and 2012, according to the Bank’s country web site.
According to the data by the Planning Commission, the number of people under the poverty line—whose daily consumption is below Rs28.65 for urban centres and Rs22.43 for rural areas—declined to 29.8% in 2009-10, from 37.2% in 2004.
Mr Zagha welcomed the Union Budget 2012-13 that was presented to Parliament last week, calling it “realistic”.
He said, however, that energy, uneducated labour force, increased urbanisation and regulatory issues are the challenges faced by the country at present and demand the added attention of policymakers.