L&T Signs $200 Million Contract for Gas-Based Plant in Bangladesh

New Delhi: Larsen & Toubro has announced signing of a $200-million (Rs 1200 crore at 1 dollar = 60 rupees) contract with Bangladesh Power Development Board to set up a 225 MW gas-based power plant in Bangladesh.

"The contract, which is valued at about $200 million, was secured by L&T in May, 2014," the company said in a statement on Tuesday.

The contract was signed between Bangladesh Power Development Board (BPDB) secretary Mohd Zahirul Haque and L&T vice president Saurabh Indwar in Dhaka on Sunday.

Four development partners of Bangladesh from the Middle-east (Saudi Arabia, Kuwait, UAE and OPEC Fund) will finance the project with a fund of approximately $167 million, the statement said.

L&T's scope includes design, detailed engineering, supply, installation and commissioning of the power plant on a turnkey basis.

L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering, the statement added.

This is the second gas-based power project secured by L&T in Bangladesh. L&T had recently been awarded a $280 million order for setting up the 360 MW Bheramara combined cycle power plant.