Larsen & Toubro Ltd. (L&T) said on Thursday that the company has received Rs 55 billion ($1.4 billion) contract from Mumbai International Airport Pvt. Ltd. (MIAL) for modernization & expansion of Chhatrapati Shivaji International Airport (CSIA).

Mumbai International Airport Pvt. Ltd. (MIAL) is a joint venture between GVK-SA consortium and Airports Authority of India (AAI).

Mr. Sanjay Reddy, MD of MIAL & Vice Chairman of GVK Industries told that the order for expansion of Airport was to be executed over the next four years.

According to the contract L&T has bean mandated to build the new integrated passenger terminal to modernize and expand the existing facilities. The new terminal will be catering to both domestic & international passengers. The new facility will have almost double passenger handling capacity. After expansion is complete, the airport will be able to cater to 40 million passengers per year.

The work includes construction of taxiways, aprons, aircraft maintenance facilities, utility services and other primary infrastructure support facilities.

Mr. A. M. Naik, Chairman & MD of L&T said, "L&T is happy to be associated with GVK to create the largest airport hub in the business capital of India. L&T's focus has always been to undertake projects in critical infrastructure sectors like airports, power and oil and gas."

The stock markets ended lower today after profit booking but L&T was trading strong after the announcement from the company.