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PSL Forges into the New Year with Fresh Orders Worth Rs. 924 Crore in Q3 FY2011/12


PSL - Wednesday, January 4, 2012

Projects Comprise Supply of Steel Pipes & Coating Services Across the Water, Power, and Offshore Sectors

PSL Limited, a global leader in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications, and the largest manufacturer of high-grade large diameter Helical Submerged Arc Welded (HSAW) pipes in India, has announced the receipt of several orders aggregating a total of approximately Rs. 924 crore within the past quarter for the provision of pipes and ancillary coating services. The contracts have been secured from leading engineering and construction companies such as M/s. Nagarjuna Construction Company, M/s. Megha Engineering and Infrastructure, M/s. SPML, and various other clients.

The contracts cover projects within the Oil & Gas, Water, and Power spaces of the economy, and were secured through international competitive tendering processes. 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. PSL’s state-of-the-art pipe mills located at Kandla (in the State of Gujarat) shall be pressed into service to meet the aforementioned supply requirements, and these facilities are fully geared to meet the challenge.

The company had previously received a prestigious gas pipe supply order totalling Rs. 753 crore from M/s GAIL for its Kochi-Koottanad-Mangalore-Bangalore Pipeline comprising API X-70 and X-80 Grade linepipe. PSL has completed manufacture of the X-70 Grade pipe, and is in the process of completing the X-80 Grade supply in line with the March 2012 completion-date as per the order.

PSL Limited MD, Ashok Punj, stated “The Company has gradually built a reputation for timely completion of projects to its clients’ satisfaction, and hence our strategy of capacity preparedness readily puts PSL in a dominant position within the pipeline and coating business segment. Customers repose faith in PSL since it is specifically enabled to bid and secure major domestic projects on a continuous basis.”

Mr. Punj added “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 strong start to the year reflects an accelerated pace of marketing and project execution by PSL in order to fully engage its 1.775 Million Ton capacity, and the company expects to continue this fast pace of growth.




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