Thursday, June 23, 2011

India's PSL Ltd. targets steel pipe orders worth $120 million in next quarter

NEW DELHI - Steel pipe maker PSL Ltd on June 15 said it expects to sign projects worth over US$120 million from India and the Middle East in the July-September quarter and aims to have an order book of about Rs 3,500 crore by March 2012.

"We are expecting to get significant order from Saudi Arabia, which will be about supplying 250,000 tons of line pipes. We have already submitted the bid but the order has not yet been placed," PSL Managing Director Ashok Punj said.

He added that the tender is roughly in the range of US$100 million to US$120 million.

In May, the company commissioned its second pipe mill of 75,000 tons a year capacity at Sharjah, taking the total pipe production capacity to 1,50,000 tons per year in the Middle-East through its subsidiary PSL FZE, Hamriyah.

"Both the units are currently producing pipe for the order, which we won in March from Saudi Arabia," he said, adding that the company currently has an unexecuted order book of roughly Rs 2,500 crore.

"The aim is to take it to Rs 3,500 crore by the year-end," Punj said.

PSL has also bid for supplying line pipe for two pipelines - Indian Oil's Salaya-Mathura pipeline expansion project and Mehasana-Srinagar pipeline via Bhatinda of Gujarat State Petroleum Corporation (GSPC), he said.

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