Larsen and Toubro bags gold plant order in Saudi

L&T Construction's Metallurgical and Material handling division received a contract worth more than Rs. 2,000 crore to set up a gold processing project in Saudi Arabia. The company won the contract through a stiff bidding process outclassing global competitors. The order is the biggest single EPC order for the metallurgical business in the global market.

The project is awarded by subsidiary of MA'ADEN, a Saudi Arabia-based mining company with global presence. The Engineering, Procurement and Construction (EPC) project consists of setting up Mansourah Massarrah Gold plant to be develop in a consortium with Finnish company OUTOTEC based on its Pressure Oxidation Technology (PDX).

The scope of the order includes design, EPC, installation and commissioning of sub units of the process plant and other infrastructure works in the Central Arabian Gold region.

Earlier, the company had announced that it will hold its board meeting on Friday, May 10 to declare Q4FY19 and full year results and recommend a dividend.

Meanwhile, in the morning session, the stock of L&T was quoting Rs. 1,351.25 per share, up by 0.26 per cent on Thursday.