L&T's overseas JV wins Saudi Chemical's contract

L&T's JV won a contract for procurement and construction of solution polyethylene and specialty elastomers package in Al-Jubail Industrial City

Mumbai: Engineering company Larsen & Toubro (L&T) on Tuesday said its overseas joint venture Larsen & Toubro ATCO Saudia has won a procure and construction contract from Sadara Chemical Company in Saudi Arabia, reports PTI. However, the company did not disclose the value of the project.

Sadara Chemical, a joint venture of Saudi Arabian Oil Company (Saudi Aramco) and the Dow Chemical Company (Dow), has awarded the contract for procurement and construction of solution polyethylene and specialty elastomers package in Al-Jubail Industrial City II in Saudi Arabia, where it is constructing a world scale chemical complex, L&T said in a statement.

"The prestigious contract was won by L&T-ATCO against stiff local and international competition. It is part of L&T's strategic growth plan in the international chemicals sector," the statement said.

L&T joined hands with Saudi Arabia-based AA Turki Contracting and Trading Corp (Atco) in 2007 for construction activities in the hydrocarbon and power sectors.

The joint venture offers electro-mechanical construction services in key segments covering oil and gas, hydrocarbon, petrochemical, pipelines, power projects, water and effluent treatment plants.

"L&T has been making significant strides in engineering and construction in the international market through its well-established capabilities in the execution and delivery of turnkey solutions and services. The new order will further consolidate L&T's credentials as a major engineering and construction player in the international chemicals market," the company said.

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Ministers, VVIPs tour expenses rises ten times in FY12

VIP tour expenses increased more than 10 times to Rs678.5 crore in FY12 from Rs56.2 crore a year ago

New Delhi: Expenses on foreign and domestic tours of central ministers and VVIPs rose by more than ten times to Rs678.5 crore in 2011-12, up from Rs56.2 crore in the previous year, reports PTI.

The tour expenses was increased from Rs46.95 crore in the budget estimates of 2011-12 to Rs499.89 crore in the revised estimates, due to payment dues to Air India for VVIP travels and maintenance of aircraft, government informed the Lok Sabha on Tuesday.

Minister of State for Home Affairs Jitendra Singh said in a written reply that the actual expenses on domestic and foreign tours of cabinet ministers and ministers of state declined to Rs56.16 crore in the financial year 2010-11, from Rs81.54 crore during 2009-10, before rising again in 2011-12.

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Consumer forum asks PNB to compensate for cheque loss

Punjab National Bank admitted that cheque was lost during transit but contended that it could not be held responsible for the lapse

Mandi: Citing deficiency in service, the Consumer Forum of Mandi has directed Suindernagar branch of Punjab National Bank (PNB) to pay Rs5,000 as compensation and Rs2,000 as cost to a person, whose cheque was lost by the bank, reports PTI.

The forum also directed the bank to issue a duplicate cheque to the consumer within thirty days.

A cheque of Rs20,999 was issued to Sunil Kumar in April 2009 by the executive engineer, PWD, Kullu, which Mr Kumar deposited in the account. However, months passed but the money did not reflect in his account. Even after passage of one year the branch also did not take action on his request of issuing a duplicate cheque, said the forum.

The bank admitted that cheque was lost during transit to Kullu branch but contended that it could not be held responsible for the lapse as it had been clearly written on the deposit slips that it would not be liable in such cases.

The forum held that act of bank amounted to "deficiency in service" as it neither ordered any inquiry in to the matter nor issued a duplicate cheque to the customer which caused harassment to him.

Forum directed bank to complete necessary formalities for issuing of duplicate cheque with in thirty days, and further directed the bank to pay Rs5,000 as compensation on account of deficiency in service along with cost of Rs2,000 to the complainant.

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