L&T inaugurates Heavy Wall Pressure Vessel Facility in Saudi Arabia

Larsen & Toubro (L&T), an Indian multinational engaged in Infrastructure, HiTech Manufacturing and Services with decades of distinguished proficiency in these domains augmented its commitment to Saudi Arabia's vision of a more diversified and self-sustaining economy by enhancing its focus on providing comprehensive solutions to its customers.

L&T today expanded its hi-tech manufacturing capability, inaugurating a new state-of-the-art, advanced Heavy Wall Pressure Vessel facility in Saudi Arabia, that mimics L&T's bespoke capabilities in India, as a part of the IKTVA initiative of Aramco and Saudi Vision 2030, to enhance local content.

Speaking on the occasion, Mr. Subramanian Sarma, Whole-Time Director & Sr. Executive Vice President (Energy) said "We believe this is another significant milestone for L&T in the Kingdom and a strong testimony to our commitment to the development of the region. We wish to express our gratitude to Aramco for their guidance and support in the Kingdom, and special thanks to Royal Commission Jubail for partnering with us in this journey."

Abdulkarim A. Al-Ghamdi, Sr. Vice President, Project Management, Aramco said "The L&T Heavy Wall Pressure Vessel facility will play a crucial role in helping us meet the global energy sector demand while providing the necessary In Kingdom capabilities to deliver our projects & improve the schedule for the upcoming high workload."

Spread over an area of 120,000 sq. m. at Saudi Arabia's strategically located Royal Commission Jubail Industrial Area-1 with proximity to the seaport, this facility will focus on manufacturing of static equipment of a variety of complex metallurgy and heavy wall thicknesses using advanced modern machinery, process automation, and robotics.

The facility will generate local employment and replace imports by catering to critical equipment requirements in the oil & gas, power, and other process industries. The facility will catapult the manufacturing capability of the region, providing a unique opportunity for the people of Saudi Arabia to gain enormously in capability and knowledge building to scale to international manufacturing standards.

Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 2393.30 as compared to the previous close of Rs. 2382.20. The total number of shares traded during the day was 52542 in over 4871 trades.

The stock hit an intraday high of Rs. 2411.90 and intraday low of 2383.00. The net turnover during the day was Rs. 126109176.00.

Source : Equity Bulls

Keywords

LarsenandToubro INE018A01030 SaudiArabia HeavyWall PressureVesselFacility SaudiArabia