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L&T-Shriram EPC JV bags Rs 705-cr Tanzania project

Mumbai : A joint venture of L&T and Shriram EPC has bagged a major water transmission project in Tanzania. The order is worth Rs 705 crore.

The order was secured from Tanzania's Ministry of Water and Irrigation for extension of the water transmission pipeline from the Lake Victoria Water Supply scheme to Tabora, Nzega and Igunga towns.

The project is being funded by the Exim Bank of India. The scope of work involves survey, design, procurement, construction and installation of pumping systems, rising and gravity and main lines, elevated and ground level storage reservoirs, branch lines, distribution network and water kiosks to provide water to Tabora town and 33 other villages that are enroute.

Shriram EPC will reportedly hold 25 per cent stake in the joint venture while the majority stake will be with the water & effluent treatment business segment of L&T.

Shriram EPC is looking at more opportunities in the East African region.

"The project will be completed in two years and margins are fairly decent", Shriram EPC MD & CEO T Shivaraman was quoted as saying.

“The order win represents another big step forward for the company. We also gain a footing in the African market which holds significant opportunity for our entire portfolio of offerings,” Shivaraman added.

The company reportedly has an order backlog of about Rs 4,000 crore.

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