Engineering and construction giant Larsen & Toubro (L&T) has won a Rs 1,550 crore road project in Oman, the company said today.
"The Transportation Infrastructure Business of L&T has bagged a prestigious international order worth Rs 1,550 crore from the Ministry of Transport and Communications, Sultanate of Oman, for the construction of a road between Bidbid-Sur Section," it said in a statement.
The scope of L&T’s works involve widening of the existing 76 km two-lane road into three-lane dual carriageway, the construction of 10 arch type interchanges, 5 two-cell vehicular underpasses, 7 single-cell pedestrian underpasses and 15 kilometers of linked and service roads along the stretch, it said.
The project is scheduled to be completed in 38 months. When completed, it will transform the existing single- lane carriageway into an international-class, all-weather motorway, on which vehicles can be driven at a speed of 120 kilometers per hour, it added.
Commenting on the contract, Member of the L&T Board and Senior EVP, Infrastructure and Construction S N Subrahmanyan said: "This order augers well for L&T's business expansion plans in the infrastructure space in the GCC markets.
"L&T has been making significant strides in the transportation infrastructure sector both in the International and domestic markets through our well-established capabilities in design, engineering and project execution with top class quality and safety standards," he added.
The shares of the company were trading at Rs 1094.00 apiece, down 1.29 per cent from the previous close on the BSE at about 1 pm.
Larsen & Toubro is a USD 14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.