Kalpataru Projects International (KPIL) added 2.48% to Rs 1023.70 after the company announced that it has received letter of intent (LoI) from Aramco for carrying out EPC work for the Master Gas System Network (MGS‐3) in Saudi Arabia.
The EPC work pertains to three packages that are a part of the third expansion phase of the MGS‐3 project. The EPC scope covers laying of over 800 kms of lateral gas pipeline. The exact contract value of the three packages will be confirmed upon contract execution.
The MGS‐3 aims to expand the existing gas network in order to provide gas supply to various industrial consumers in the region. This expansion of the gas network is expected to enhance the ability to meet the growing energy demand in Saudi Arabia and replace liquid fuel burning, contributing to Saudi Arabias drive towards a diverse energy mix.
Manish Mohnot, MD & CEO, said: "We are delighted and truly proud to be entrusted by Aramco to undertake EPC work for the MGS‐3 project. This is a sizable EPC order, representing a significant milestone and reaffirmation of global acknowledgement of our capabilities.
KPIL is focused on strengthening its presence in the oil and gas market in the Middle East region over the past few years. This order serves as a resounding testament to our commitment to strengthen our presence acrossthe value chain in the global oil and gas EPC business.
Moreover, this large order will strengthen our order book profile and put our oil and gas business on a robust growth trajectory going forward. We are confident that once the project is completed, it will help support the energy transition in Saudi Arabia."
Kalpataru Projects International (formerly known as Kalpataru Power Transmission) is a leading player in the domestic transmission and distribution (T&D) sector. The company undertakes turnkey contracts for setting up transmission lines and substations for extra-high-voltage power transmission. Over the years, it has diversified into civil contracts, railways, and oil and gas pipeline construction.
The companys consolidated net profit rose 19.49% to Rs 141 crore on 22.28% increase in net sales to Rs 4,896 crore in Q3 FY24 over Q3 FY23.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
