L&T Finance Holdings, the non banking finance arm of construction giant L&T, today sold stake worth about Rs 708 crore to Boston headquartered global PE giant Bain Capital. The fund will hold 6% stake in the company.

The NBFC issued about 96 million fresh shares to the PE fund at the price of Rs 74 a piece. The stock had closed at Rs 68.6 a share on Bombay Stock Exchange on Friday giving it a market cap of Rs 11,806 crore.

Engineering and construction major Larsen & Toubro (L&T) today said it has bagged a Rs 1,700 crore order from Japan's Marubeni Corporation to set up a 400-Mw gas-based power plant in Bangladesh.

"Bangladesh Power Development Board awarded the EPC contract for setting up the 400-mega watt (Mw) gas-based power plant project to Marubeni Corporation of Japan, which in turn awarded the EPC sub contract to L&T on a turnkey basis," L&T said in a BSE filing.

KOLKATA: A leading body of plant and equipment manufacturers has sought Prime Minister Narendra Modi's intervention to withdraw a recent draft order proposing mandatory standards in making of stainless steel flat products.

The Process Plant and Machinery Association of India (PPMAI), which counts the likes of Larsen & Toubro, Godrej, Thermax and Praj Industries among its members, said in a letter that the draft quality control order will discourage investment in key manufacturing sectors as quality rules under the Bureau of Indian Standards (BIS) are not comprehensive and updated. There is also little demand for stainless steel meeting Indian standards, it said.

MUMBAI: Larsen & Toubro chairman AM Naik has criticised domestic banks saying they have denied relief to the private sector by not cutting lending rates in line with the reduction in benchmark rates announced by the RBI.

Since January, the RBI has effected 75 basis point reduction in the benchmark repo rate, which is an indicative rate for banks. But most lenders have cut their respective lending rates only by 20-30 bps during the period. Naik said industry needs a cut of at least 1% to get some relief.

MUMBAI: Engineering major Larsen & Toubro aims to restructure its top deck as part of its succession plan and will do away with the position of 'managing director and chief executive officer' in its current form after incumbent K Venkataramanan retires in September, chairman AM Naik told ET on Monday.

The $15-billion company has been grooming executives from within the company for leadership roles and SN Subrahmanyan, board member and senior executive vice president (infrastructure and construction), is seen leading the race for the top spot.

Shares of Ratnamani Metals & Tubes were up over 2% at Rs 602 after the company announced that it has received an order from engineering major Larsen & Toubro.

The order is for supply of Carbon Steel (CS) pipes worth Rs 528 crore (net of taxes and duties) and the order will executed by June, 2017, the company said in a release.

Engineering major Larsen & Toubro today said it has bagged a contract worth Rs 1,070 crore in Saudi Arabia for constructing ballastless tracks for Riyadh metro lines.

The water & effluent treatment strategic business group of L&T Construction has won turnkey orders worth Rs 1,489 crore in August 2015, in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (Nagaur).

The projects, funded by Japan International Cooperation Agency (JICA), are aimed at providing potable water to 986 villages and seven urban towns in Nagaur district and 111 villages and two towns of Bikaner district in Rajasthan.

Larsen & Toubro today said power transmission and distribution business of L&T Construction has bagged orders worth Rs 864 crore from Qatar General Electricity and Water Corporation ‘KAHRAMAA’.

“The power transmission and distribution business of L&T Construction has won a prestigious order in the Middle East from Qatar General Electricity and Water Corporation ‘KAHRAMAA’ worth QAR (Qatari Riyal) 491.45 million (Rs 864 crore),” Larsen & Toubro said in a BSE filing.

The Power Transmission & Distribution Business of L&T Construction has won orders worth Rs 1,563 crore in both the international and domestic markets in July and August.

As a strategic breakthrough in the ASEAN market, the company has received order from Tenaga Nasional Berhad (TNB) for the design, manufacture, supply, installation, testing and commissioning of a 500 kV double circuit transmission line in Malaysia. This is one of the three packages of the 500 kV overhead double circuit transmission line for TNB from Yong-Peng to Lenggeng in Peninsular Malaysia which will be critical for evacuating power from the power plants in the Johor state.

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