L&T wins GSPC contract worth Rs1,450 crore

Last year, L&T received GSPC’s first offshore wellhead platform contract for the development of Deen Dayal West Field in KG Basin

Larsen & Toubro (L&T) has won an offshore process platform contract from Gujarat State Petroleum Corporation (GSPC) worth Rs1,450 crore ($317.5 million).

GSPC awarded this offshore process cum living quarters platform project to L&T under international competitive bidding to meet its challenging target of production of hydrocarbon by July 2013 from KG Basin, off the East Coast of India.

L&T has been serving the upstream hydrocarbon sector since early 1990s and successfully executed several demanding and hallmark projects for domestic and international clients.

This order is a second contract received by L&T from GSPC. Last year, L&T received GSPC's first offshore wellhead platform contract for the development of Deen Dayal West Field in KG Basin.

L&T has already demonstrated its capabilities by delivering superstructure of the offshore platform from its newest manufacturing facilities at Kattupalli near Ennore within year of commencing operations. Upon final commissioning, the facilities will add about 6 million standard cubic metres of hydrocarbon gas per day to India's energy production.

This contract is an outcome of L&T's reliable, single-source capabilities in executing critical projects for oil companies.

On Wednesday, L&T ended 0.14% up at Rs1,505.75 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.28% down at 18,086.20.

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Union KBC Mutual Fund floats Equity Fund

Union KBC Mutual Fund new issue opens on 20th May and closes on 3rd June

Union KBC Mutual Fund has launched Union KBC Equity Fund, an open-ended equity scheme. The new issue opens on 20th May and closes on 3rd June. The scheme re-opens on 17 June 2011.

The investment objective of the scheme is to achieve long-term capital appreciation by investing in equity and equity related securities. The scheme would allocate 75% to 100% of assets in equity and equity related instruments including equity linked derivatives with medium to high risk profile. On the other side it would allocate up to 25% of assets in debt and money market instruments with low to medium risk profile.

The minimum investment amount is Rs5,000. Benchmark index for the scheme is BSE-100. Ashish Ranawade will be the fund manager for the scheme.

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MasterCard announces top executive appointments to harness growth markets

Ajay Bhalla will move from division president for South East and South Asia to president of DataCash effective 6 June 2011, and will be based in the UK

MasterCard Worldwide has announced three key executive moves that demonstrate the company's ability to exploit new growth opportunities.   

Ajay Bhalla will move from division president for South East and South Asia to president of DataCash effective 6 June 2011, and will be based in the UK.

Matthew Driver will take on the role of division president, South East Asia with immediate effect, and will be responsible for leading MasterCard's business in Singapore, Malaysia, Thailand, the Philippines, Indonesia and Indochina.  

TV Seshadri will take up the position of general manager of South Asia and country president, India, responsible for promoting MasterCard's business in India, Sri Lanka, Bangladesh, Nepal, Bhutan and the Maldives. During his 14 years with MasterCard, Mr Seshadri has held several roles overseeing operations in South East Asia, and in country management in Singapore and South Asia. He has been credited with many successes, including spearheading the introduction of many innovative card products and new payment alternatives such as mobile commerce, as well as launching initiatives in e-commerce & chip design. 

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