Engineers India Ltd expects more orders from Middle East - chairperson

Engineers India

26/05/2023 14:13

NEW DELHI, May 26 (Reuters) - State-run Engineers India
Ltd (EIL)  ENGI.NS  expects to get more orders from the Middle
East, where the focus is on maximising oil production, the
company's chairperson said on Friday.
    "There is an upside to increasing production before energy
transition kicks in and we want to capture that opportunity, and
that opportunity is in the Middle East so therefore we are
consolidating there," EIL Charperson Vartika Shukla told
reporters at an earnings conference.
    EIL has raised its staff strength from 23 to 84 at its Abu
Dhabi office to cater to the region, Shukla said.
    The company, which was previously focused on oil and gas
infrastructure, is expanding into other businesses as well, such
as hydrogen, carbon capture, biofuels, fertilisers and steel.
    The share of international business in the new orders
received so far in this fiscal year is 30%, compared with about
15% in 2022/23, Shukla added.
    EIL's current order book was at 90.79 billion Indian rupees
($1.10 billion), including projects for which an initial "go
ahead" has been given by companies.
    The engineering firm is executing projects for companies
including Hindustan Petroleum Corp  HPCL.NS , Indian Oil Corp
 IOC.NS  and Mangalore Refinery and Petrochemicals  MRPL.NS .
    EIL is building a refinery in Mongolia and a urea project in
Africa. It has also built the recently commissioned Dangote
refinery in Nigeria.
    
 ($1 = 82.6171 Indian rupees)

 (Reporting by Nidhi Verma in New Delhi; Editing by Shounak
Dasgupta)
 ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters
Messaging: nidhi.verma.thomsonreuters.com@reuters.net))