Larsen & Toubro Ltd., which is one of the leading Engineering Company, has announced bagging a new project from the government owned Oil & Natural Gas Corporation (ONGC). The size of the projects is said to be worth Rs. 1,013 crore. The project includes the construction of four well platforms for the Mumbai High North Re-development Project.

L&T submitted a filing in regards to the same to the Bombay Stock Exchange (BSE). ONGC's Mumbai High Feild's operations dates back to the year 1974 and at present the oil and gas major in the country is planning to increase the production at this site. The share market reacted positively to the news and the share prices of the engineering major L&T stock was trading at Rs. 1622, which is 1.55% higher than the closing price of the previous day.

The project was bagged by the engineering major through an international competitive bidding procedure. The company will be operating the engineering of this project through its subsidiary L&T Valdel at Bangalore, Chennai and Faridabad. The fabrication of the project will be carried at L&T's fabrication units situated in Hazira near Surat and at Sohar in Oman.