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Ticker Tape June 2023

Ticker Tape – International

NBCC inks MoU to help in construction of 1 lakh housing units in Zambia

State-owned NBCC has signed an MoU to cooperate in the construction of 1,00,000 housing units in Zambia. NBCC, the Navratna CPSE of the Government of India, signed the MOU for cooperation with Scirocco Enterprises Ltd of Zambia for the construction of 1 lakh low and medium-cost houses to mitigate an acute shortage of housing in that country, the company said in a statement. The MoU was signed through virtual mode by K P M Swamy, Director (Commercial), NBCC (India) Ltd and MaustafaSaadi, Chief Executive Officer, Scirocco Enterprises Ltd in the presence of P K Gupta, CMD, NBCC.

The housing units are to be constructed by 2030.

NBCC will provide its engineering services as EPC Agency. NBCC has successfully completed social housing in Mauritius and the construction of social housing units at Maldives is under progress.

Larsen & Toubro Secures Significant Contracts For Hydrocarbon Business

Larsen & Toubro announced that its Hydrocarbon business won an offshore project from a prestigious overseas client.

The scope of work for new offshore structures includes engineering, construction, procurement, and installation.

L&T Energy Hydrocarbon is currently executing several domestic and international offshore projects and is committed to growing its regional presence in the geographies in which it operates by developing local skills and talent, improving procurement from local vendors, and engaging commercially with local contractors on the basis of a sustainable workload.

LTEH, organized into Offshore, Onshore, Construction Services, Modular Fabrication, and Advanced Value Engineering & Technology (AdVENT) verticals, provides integrated design-to-build solutions to domestic and international customers in the hydrocarbon sector. With over three decades of experience, the company has set global standards in project management, corporate governance, quality, HSE, and operational excellence.

Adani Group’s wind power project in Sri Lanka to be ready by December 2024

The renewable energy project to generate 500 MW in Sri Lanka’s north and eastern regions undertaken by India’s Adani Group will be completed by December next year, Energy Minister Kanchana Wijesekara has said.

Sharing the progress of the project, Wijesekara wrote on Twitter, “Progress of the 500 MW Renewable Energy Project in Mannar & Pooneryn was discussed with Anil Sardana, MD & CEO of Adani Transmission Ltd & project management team”.

“We discussed the challenges, road map and timeline for the project completion and the commitment by Adani Green Energy to complete the project by December 2024”, Wijesekara said after his meeting with the Adani Group officials here.

This was the first review since the one carried out in February, officials said. In August last year, the Adani Group was issued approval to start wind power projects in Pooneryn, in the country’s northeast. Adani Green Energy was issued provisional approval for two wind projects of 286 MW in Mannar and 234 MW in Pooneryn for an investment of over USD 500 million.

The Adani Group’s investments in Lanka’s energy sector are in addition to their investment in the port of Colombo’s Western container terminal.

Gautam Adani, the group’s chief, met the then-president Gotabaya Rajapaksa in October 2021 to push ahead with the group’s investments in the country after they signed the deal to develop the Colombo port’s western container terminal under the Rajapaksa presidency.

NHPC Enters Agreement With Nepalese Utility To Develop 480 MW Hydro Project

NHPC has entered into an initial pact with Vidhyut Utpadan Company, a Nepalese Utility, for the development of a 480 MW Phukot Karnali hydroelectric project.

The company has entered into a Memorandum of Understanding (MoU) with Vidhyut Utpadan Company, Nepal, on June 1, 2023. The MoU was exchanged in the presence of Indian Prime Minister Narendra Modi and Nepalese Prime Minister Pushpa Kamal Dahal at Hyderabad House, New Delhi. The MoU indicates the development of a 480 MW Phukot Karnali Hydro Electric Project in Nepal.

The Prime Minister of Nepal is on a four-day visit to India, which started on Wednesday.

The signing of this MOU is an important milestone in the India-Nepal Joint Vision for Power Sector Cooperation.

The flow from the Karnali River will be used to generate electricity, which will be fed into Nepal’s integrated power system. The project’s installed capacity will be 480 MW, and will have an annual generation of approximately 2,448 GWh.

The project’s main features are a 109-metre-high RCC dam and an underground powerhouse, which will house six 79-MW turbines. In addition, to minimize environmental impact, a Surface Power House with a capacity of 6 MW (two machines of 3 MW each) is planned.

Mexico’s second-largest refinery expands capacity with L&T

The heavy engineering arm of Larsen & Toubro, flagged off 5 reactors for PEMEX’s Miguel Hidalgo (Tula) refinery in Mexico. These equipment will be dispatched to Pemex Transformación Industrial (PTRI), a subsidiary of Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos). These reactors will be installed at the Tula refinery for desulphurization of fuel to produce a better and cleaner gasoline and other refined products. This is a benchmark project for L&T Heavy Engineering as it is the fourth consecutive order L&T has received for a Mexican refinery. Anil V Parab, whole-time director & sr. executive VP (heavy engineering & L&T Valves) said, “This order demonstrates L&T’s ability to provide high-quality products to the energy sector even beyond boundaries. Our focus on high-end products, in-house development of distinctive manufacturing technologies and various digitalization initiatives have positioned us as a reliable partner to our clientele.”

The reactors supplied by L&T will contribute to Tula refinery’s production of fuel and help meet the growing demand for gasoline and diesel in Mexico. This order will facilitate PEMEX’s efforts to increase domestic production and reduce its reliance on imports.

L&T bags orders abroad

Larsen & Toubro (L&T) has bagged an order in Saudi Arabia, the business has secured two orders to establish 380kV overhead power transmission lines connecting prominent cities situated on the Red Sea coast. Another order is to design, supply, and construct a 380kV substation in the central region of Saudi Arabia, the company said.

Engineers India Ltd expects more orders from Middle East – chairperson

State-run Engineers India Ltd (EIL) expects to get more orders from the Middle East, where the focus is on maximising oil production, the company’s chairperson said on Friday.

“There is an upside to increasing production before energy transition kicks in and we want to capture that opportunity, and that opportunity is in the Middle East so therefore we are consolidating there,” EIL Charperson Vartika Shukla told reporters at an earnings conference.

EIL has raised its staff strength from 23 to 84 at its Abu Dhabi office to cater to the region, Shukla said.

The company, which was previously focused on oil and gas infrastructure, is expanding into other businesses as well, such as hydrogen, carbon capture, biofuels, fertilisers and steel

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