PSL wins fresh orders over Rs900 crore
PSL Limited, one of the key MEP players, has won orders worth over Rs900 crore for the provision of pipes and ancillary coating services within the past quarter. The company secured these orders from major EPC companies including Nagarjuna Construction, Megha Engineering and Infrastructure and SPML.
The company’s managing director Ashok Punj said, “All of these order were booked in the third quarter of the current financial year, which has been better than the previous two quarters. The fourth quarter is likely to continue along the same lines, reflecting an improved economic environment for the business.”
The production against some of these orders is expected to commence almost immediately, while the majority of the balance projects are to be completed within the coming financial year, the company said, adding that its pipe mills at Kandla (Gujarat) will be pressed into service to meet the supply requirements.
The contracts cover projects within the Oil and Gas, Water, and Power spaces of the economy, and were secured through international competitive tendering processes.
PSL is specialised in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications. It also manufactures high-grade large diameter Helical Submerged Arc Welded (HSAW) pipes in India.
The company had previously received a gas pipe supply order totalling Rs753 crore from GAIL for its Kochi-Koottanad-Mangalore-Bangalore pipeline project.