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Sunday, Nov 06, 2005


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PSL bags pipe coating contract from Hind Petro

Our Bureau

Mumbai , Nov. 5

STEEL pipe manufacturer PSL Ltd said it has bagged a pipe coating contract for the `Mundhra-Delhi Pipeline Project' worth Rs 71 crore from Hindustan Petroleum Corporation Ltd.

This order will consist of three layers of PE coating on bare line pipes and associated work of all the four parts — Part A-1, Part A-2, Part B-1 and Part B-2 for the Mundhra-Delhi project.

The company at its extraordinary annual general meeting held on November 4, announced to raise its capital to meet the cost of extensive expansion plans undertaken by it. Citigroup Global Markets Mauritius Ltd and Macquarie Bank Ltd have subscribed 10 lakh equity shares at Rs 252 per share by way of preferential allotment.

This is the second time that PSL is associated with HPCL in the current year. The earlier project was for manufacturing pipes for the Mundhra-Delhi Pipeline Project worth Rs 250 crore.

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