GIFT City, Indias obstacle-free gateway to the world of exotic and complex global finance, has gained sufficient traction in the past two years to achieve what was considered improbable a decade ago, with tweaks to existing rules helping the facility rival global hubs and draw
This order marks the opening of multiple avenues for L&T Heavy Engineering for critical titanium-clad reactors in both domestic and global markets, the company said. The scope of supply involves the design, material procurement, fabrication, inspection and testing of reactor meeting the licensors stringent quality requirements.
The probe follows complaints by a group of employees who alleged that the company deducted contributions from their salaries with the assurance of giving them equity shares of Larsen & Toubro, Indias biggest engineering conglomerate, but instead gave them redeemable preference shares of LandT Welfare Co.
"We didnt want to build a hydropower project from scratch because construction is difficult, it takes time and there are cost escalation issues. So we decided to start with something which is not that large and is relatively manageable," said Sumant Sinha.