A recent investigation by the company revealed that nine wrongful transactions, allegedly undertaken by the promoter group led by Gautam Thapar, had caused it a loss of around Rs 3,000 crore. The company is doing a deeper investigation under what it calls ‘Phase 2’, even as the Ministry of Corporate Affairs has referred the case to the SFIO.
India is said to be scaling down contracts with Hamburg-based turbine manufacturer Senvion after its solvency filed in German court of law. Alfanar Energy, which had signed a contract with Senvion for a 300 MW project in India, terminated the order and awarded it to Siemens Gamesa Renewable Energy.
In its urban transportation business, the company bagged an order of Rs 853 crore for the construction of elevated viaduct along with 10 stations of the Delhi Metro Phase IV project, from Delhi Metro Rail Corporation (DMRC).
From Jharkhand government, L&T bagged and engineering, procurement and construction order from the Jharkhand Urban Infrastructure Development Company. In West Bengal, the company got an order from State Project Management Unit for flood protection works and embankment strengthening of Damodar river in East Bardhhaman and Hooghly districts.
KONE Elevators India is a wholly owned subsidiary of KONE Corporation which is a leading name in the elevator and escalator industry. Its new facility was built with an investment of Rs 450 crore, employing around 600 people. The company said it was poised to ride the wave of urbanisation in the country.
The units at Chilla HEP have been in operation for more than 35 years and RM&U of these units will result in upgradation of output capacity, additional generation and efficiency improvement, in addition to leading to better plant availability and life extension of equipment.
The EEPC India chairman said the country's exports are facing a severe slowdown in the face of rising raw material cost, US-China trade war and non-tariff barriers, besides a crippling deceleration in global trade. Merchandise exports for September, 2019 declined by 6.57 per cent year-on-year.
L&T Hydrocarbon Engineering will execute the order for residue up-gradation facility for HPCL. The order entails engineering, procurement, construction and commissioning of a RUF for Visakh Refinery Modernisation Project at the Vizag Refinery.
Mafatlal Engineering Industries had shut down in May 1989 and counts ICICI Bank and ARCIL among its key lenders. The Official Liquidator of the Bombay High Court is looking to sell 120 acre land parcel to repay dues of its lenders and 3,000 workers.
In a filing to BSE, Larsen & Toubro said it has signed an agreement to buy the entire stake of Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects for Rs 47.9 crore. The share purchase agreement was executed on Thursday.