The inherent growth potential and disinvestment prospects make the Engineers India stock a decent long term investment bet
Engineers India Ltd (EIL), the 36-year old design engineering giant, looks set to grow by increasing focus on the West Asian markets with the setting up of offices in the United Arab Emirates (UAE) and in Qatar. The company plans to open an office in Saudi Arabia too, in the hope of bagging new engineering projects in the growth sectors of oil, natural gas and the petrochemicals industry.
During the current fiscal, the company completed projects to the tune of $35 mn (Rs 164.5 crore) in the UAE. It recently completed a commissioned project to build a 166 km gas pipeline.
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All solutions regarding the design, engineering and environment for the project were provided by EIL. Another important design and engineering project that is on the verge of completion is the building of gas processing facilities for Iso-octane company. EIL is targeting more engineering assignments from major oil and gas companies in this region.
In Qatar, the company has completed an expansion project at Nodco refinery. EIL is currently studying the requirements of the Qatar Petroleum Corporation in an attempt to provide the firm with engineering support services. EIL also has an office in Iran which has undertaken various jobs in the petrochemicals sector.
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