Larsen & Toubro Ltd. has won a ‘significant’ order valued between Rs 1,000 to Rs 2,500 crore from the ITER Organization, an intergovernmental body headquartered in France.
This comes after the company’s stock tumbled over 3% on Friday after UBS downgraded the stock and cut target price on likely weakening of new order growth and weak near-term outlook.
This contract involves the deployment of advanced welding technology for the assembly of critical components within the Vacuum Vessel at the ITER facility, the world’s largest nuclear fusion project located in Cadarache, Southern France, the company said in an exchange filing.
L&T classifies orders valued between Rs 1,000 to 2,500 crore as significant.
In addition to the order, L&T has signed a Memorandum of Understanding with the ITER Organization for technical collaboration on the project. Under this agreement, L&T will contribute to the development of technology, essential for the construction and assembly of systems that will facilitate plasma operation within the ITER Tokamak.
The majority of the project activities will take place in the Tokamak pit at the ITER site. L&T has a history of successful contributions to the ITER project, having fabricated and delivered the world’s largest stainless-steel high-vacuum pressure vessel, known as the Cryostat, during the Covid-19 pandemic in 2020.
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