L&T bags significant order for water & effluent treatment business
Larsen & Toubro (L&T) has announced that its water & effluent treatment (WET) vertical has secured significant orders from the Public Health Engineering Department of Rajasthan.
According to L&T's internal classification, the value of the contract ranges from Rs 1,000 crore to Rs 2,500 crore.
The major contract pertains to the Rajasthan Rural Water Supply and Fluorosis Mitigation Project-Phase II, Package 1. The scope includes the supply and installation of 5,251 km of transmission and distribution pipelines, construction of 38 ground-level reservoirs (total capacity: 40 ML), 20 pump houses, and 132 overhead service reservoirs with a total capacity of 25 ML.
The project aims to cater to the drinking water needs of 285 villages and towns in Surajgarh and Udaipurwati, located in the Jhunjhunu district. Additionally, L&T bagged another contract for strengthening and rehabilitating the water supply system in the Kekri-Sarwar sector of Ajmer district, involving 43 km of pipelines.
Both projects include electromechanical, instrumentation, automation, SCADA works, a one-year defect liability period, and 10 years of operations and maintenance. L&T has executed 24 similar water infrastructure projects in Rajasthan to date.
Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services.
The company reported a consolidated profit after tax of Rs 5,497 crore in Q4 March 2025, reflecting a year-on-year growth of 25%. Consolidated revenue for the quarter stood at Rs 74,392 crore, marking a year-on-year increase of 11%.
The counter fell 1.13% to Rs 3,641.60 on the BSE.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
20 minutes ago
- Hindustan Times
India opposes ADB's $800mn loan to Pakistan
India opposed a move by the Asian Development Bank (ADB) to grant a $800 million loan to Pakistan citing evidence of Islamabad diverting development funds for military use, and cautioned the bank about impending credit risks, two officials familiar with the matter said. India shared deep concerns regarding the potential misuse of ADB resources, particularly in light of Pakistan's increasing defence expenditure, its declining tax-to-GDP ratio, and the lack of demonstrable progress on key macroeconomic reforms, they added, requesting anonymity. India's strong opposition to ADB's financial aid to Pakistan came almost a month after New Delhi protested the International Monetary Fund's decision to provide a $2.3 billion bailout package to Islamabad, which saw IMF imposing about a dozen stringent conditions attached with the credit facility, making diversion of funds almost impossible. The IMF loan to Pakistan came in the midst of Operation Sindoor, India's direct military response to the April 22 terror strike at Pahalgam in Kashmir that killed 26 civilians in what was the worst attack on civilians since the 26/11 Mumbai strikes. India launched the operation in the early hours of May 7, bombing nine terror camps in Pakistan and Pakistan-occupied Kashmir (PoK). The pre-dawn strikes --- which killed at least 100 terrorists --- sparked four days of strikes and counterstrikes with fighter jets, missiles, drones, long-range weapons and heavy artillery. Between the launch of the operation in the early hours of May 7 and the ceasefire on the evening of May 10, Indian forces bombed nine terror camps in Pakistan and Pakistan-occupied Kashmir, and the IAF struck targets at 13 Pakistani air bases and military installations. According to a PTI report from Islamabad on Tuesday, ADB approved a $800 million loan to Pakistan for strengthening its fiscal sustainability and improving its public financial management. The credit package included a $300 million policy-based loan (PBL) and a $500 million programme-based guarantee (PBG), the report said. Reacting to this, New Delhi 'vehemently' opposed the move and shared deep concerns regarding the potential misuse of ADB resources, the officials cited above said. The linkage between Pakistan's increase in expenditure on its military, as opposed to on development, cannot be fully explained solely in terms of its domestic resource mobilization, they said. India highlighted that Pakistan's tax collection as a share of GDP declined from 13% in FY18 to 9.2% in FY23 and continues to remain way lower than the Asia and Pacific average of about 19%. However, there has been a significant increase in defence spending in the same period. This points to the possibility of diversion of funds made available to the country by external agencies, the officials explained. 'India expects the ADB management to adequately ring-fence the ADB financing, to prevent any such misuse,' one of them said. New Delhi questioned the management's argument that improvements were noticed in certain areas of reforms in Pakistan, and said that had the previous programs, funded both from ADB and the IMF, succeeded in putting in place a sound macroeconomic policy environment, the country would not have approached the IMF for the 24th bail-out program, this person added. 'Such a track record calls into question both the effectiveness of the program designs, their monitoring and their implementation by the authorities,' he said. Pakistan's poor track record of implementation stems from the military's deeply entrenched interference in economic affairs, posing risks of policy slippages and reversal of reforms as has been witnessed in the past, he added. Even when a civilian government is in power now, the army continues to play an outsized role in domestic politics and extends its tentacles deep into the economy. The situation has not changed for the better; rather the Pakistan Army now plays a leading role in the Special Investment Facilitation Council of Pakistan, he said. 'In fact, India expressed strong reservations about Pakistan's existing governance system, which poses a continuing severe threat to regional peace and security. The country's policy of cross-border terrorism has led to a worsening of the security situation in the region and has significantly escalated macroeconomic risks for Pakistan, which also heightens the enterprise risks for the ADB.' India expects the ADB to closely monitor the implementation of the policy matrix to achieve the intended outcomes, this official said. Pakistan's continued reliance on external debt raises concerns about the long-term sustainability of future exposures, especially in view of the high debt-to-GDP ratio and poor credit rating of the country, he added.
Mint
25 minutes ago
- Mint
China's rare earth magnet policy: Foreign auto firms win export approvals, their Indian units are kept on hold
New Delhi/Mumbai: India's auto industry has flagged to the government that while China is approving rare earth magnet exports to other countries, applications from India remain stuck, said three industry executives in the know. As a result, India's production of conventional and electric vehicles could be hit as early as this month if China doesn't resume exports of its rare earth magnets to the country soon, auto industry representatives told the secretary of the ministry of heavy industries on 29 May. China has a near monopoly on rare earth magnets, which are essential for manufacturing electric-vehicle motors and other auto components. Representatives from several automotive companies and two industry bodies told the secretary that while foreign units of multinational auto component companies were receiving approvals for rare earth magnet shipments from China, their Indian subsidiaries were still awaiting approvals, according to three industry executives. While the industry body did not name any companies at the meeting, Mint has learned thatGermany-headquarteredBosch, Continental Automotive, and Mahle Group have received approvals for their foreign units but their applications from India are yet to be accepted. 'A supplier's German or US counterpart is getting approvals, but the same supplier's Indian unit is not getting it," said one of the three industry executives cited above. 'There are no written guidelines for applying for a licence. So, something or the other can be missed and they (China) can stop the approval for any flimsy reason." With rare earth magnet exports from China to India stalled, both conventional and electric vehicle production are at risk of slowdown. Major auto players have warned that disruptions could halt production as early as this month. A delegation of industry representatives is ready to head to China, with visas approved for some of them. However, the Chinese commerce ministry hasn't given an official appointment for a meeting, said thesecond of the three executivescited above. The Automotive Component Manufacturers Association of India (ACMA) and the Society of Indian Automobile Manufacturers (SIAM), whose representatives were present at the 29 May meeting, the heavy industries ministry, and Mahle did not respond to Mint's emails seeking comment. Bosch and Continental declined to comment. Earlier in May, auto industry representatives rushed to the Prime Minister's office and the commerce ministry over concerns that disruptions in the supply of rare earth magnets from China could potentially bring their production lines to a stop. Last week, Bajaj Auto Ltd warned that its production would be severely affected if Chinese restrictions on rare earth magnets are not eased by July. Also read | China's restriction on rare earth magnets repel Indian EV players No immediate alternatives About 30 Indian companies have submitted applications to Chinese authorities for rare earth magnets. None has been approved so far. Two of these applications have been rejected, said asecond industry executive, adding that the rejections cited incorrect documentation. Rare earth elements are a group of 17 silvery white metals like neodymium, gadolinium, dysprosium, and terbium. These are crucial for manufacturing motors used in electric vehicles, electronics, medical devices, and military hardware. China controls over 90% of the global supply of these elements. An executive leading an EV motor manufacturing company in India said his application for importing rare earth magnets remains pending with the Chinese foreign ministry. The company's vendor in China helped file all necessary documentation for the application and is awaiting a response from Chinese authorities, without which it cannot ship even samples, the executive said. At the 29 May meeting with the heavy industries secretary, the domestic auto industry also explored alternative solutions to the problem, including building motors that do not use rare-earth magnets. However, these are long-term solutions as taking any new technology to production could take at least two years, the industry executives cited above said. The only viable alternative is to import aggregate parts like entire motors from China instead of importing just the magnets, they added. There are no restrictions on the export of parts containing rare-earth magnets from China. 'Frankly there is no alternate solution right now except importing the higher-level aggregates. But if larger aggregates are imported, 'Make-in-India' will be hurt," said the first executive quoted above. 'China is weaponizing trade. The government now needs to find a diplomatic solution behind closed doors." Also read | Automakers race to find workaround to China's stranglehold on rare earth magnets Analysts at investment banking firm Jefferies said in a note dated 21 May that while importing motors from China was a solution, automakers would need to realign their supply chains and vehicles might require fresh homologation approvals. Homologation is the approval process for a vehicle to ensure that it meets the technical standards of a country. Import of the entire motor could also reduce domestic value addition, which is a requirement for claiming benefits under the government's production-linked incentives scheme, the Jefferies analysts noted. Rajat Mahajan, partner and automotive sector leader at Deloitte India, said the situation needs to be resolved through diplomatic channels. 'This situation will hopefully get resolved via diplomatic channels. But if it continues then we may see a shift towards other powertrains for large OEMs (original equipment manufacturers)," he said.
Economic Times
28 minutes ago
- Economic Times
Jubilant' Bhartia's Rs 5,650 cr NCDs for coke bottler stake oversubscribed 1.9 X as AMCs double down
HDFC AMC and other leading asset managers heavily invested in Jubilant Bhartia Group's NCDs, which aimed to raise ₹5,650 crore for acquiring a stake in Hindustan Coca-Cola Holdings. The bond offerings were oversubscribed, indicating strong investor confidence. The issues, priced at 8.66% and 8.79% respectively, attracted major players like Nippon India and Franklin Templeton. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Mumbai: Leading asset management firms, led by HDFC AMC , snapped up the two sets of non-convertible debentures (NCDs) issued by the Jubilant Bhartia Group to raise Rs 5,650 crore to part-fund its acquisition of a 40% stake in Hindustan Coca-Cola Holdings , the parent of Coca-Cola's largest bottling business in bond offerings, made via two group entities, saw bids totalling Rs 10,610.84 crore, nearly 1.9 times the intended amount, according to people familiar with the matter, underscoring the appetite of mutual funds to buy into such Beverages Ltd, which targeted Rs 2,650 crore, received bids worth Rs 5,840 crore against a non-anchor book allocation of Rs 1,855 crore. The offer also included a Rs 795 crore tranche allocated for anchor investors. Jubilant Bevco, which launched a Rs 3,000 crore issue on Tuesday, attracted Rs 4,770.84 crore in bids. This included Rs 900 crore from anchor subscriptions and Rs 2,100 crore from the wider Mutual Fund took nearly 37% of the two fully convertible, rupee-denominated, listed, rated and redeemable NCDs. Other key investors included Nippon India Mutual Fund, Franklin Templeton, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, Nomura Fixed Income Securities, ICICI Prudential MF and Bajaj Finance. Jubilant Beverages'the people Stanley was the lead arranger of the issue. Standard Chartered was the co-arranger for the Jubilant Beverage bonds are structured as zero-coupon instruments with tenures of two years, 11 months and 27 days. HDFC AMC remained unanswered as of press time Wednesday.'We are seeing mutual funds, especially hybrid and corporate bond funds, emerge as anchor investors in short-term papers, particularly in the three-year segment,' said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincap LLP. 'The spread over G-Secs remains attractive at around 80–85 basis points, which explains the strong appetite, compared to 10-year G-sec where the spread is approximately 40-45 basis points.' A surge in system liquidity since April has also boosted inflows into mutual funds, enabling them to deploy significant amounts in primary corporate bond issuances , where yields remain attractive, he said.'Though this is a fixed-rate bond, some investors paid a higher amount for the minimum allocation which meant a lower effective yield for them," said another person aware on condition of from the bonds will go toward financing Jubilant Bhartia Group's Rs 12,650 crore acquisition of Hindustan Coca-Cola Holdings (HCCB) alongside funds managed by Goldman Sachs Asset Management. The deal, first announced in December 2024, received clearance from the Competition Commission of India last the transaction structure, Jubilant Beverages will acquire equity shares in HCCB from Coca-Cola entities. Meanwhile, Jubilant Bevco and the investor consortium will subscribe to compulsorily convertible preference shares issued by the company. Coke will reduce its shareholding further once the company lists, scheduled 1.0-1.5 years transaction marked the biggest acquisition by the promoters of the pizza-to-pharma conglomerate till date. The Bhartia family, which has exclusive franchise rights for Domino's Pizza, India's largest foods services brand, did not want to over-leverage. They are funding about Rs 5,000 crore total acquisition financing includes Rs 5,650 crore in debt and quasi-equity from private capital providers, with the remainder coming via equity infusion from the Jubilant Bhartia holding company. The transaction pegs the enterprise value of Hindustan Coca-Cola Beverages at Rs 31,250 crore.
