Libya crisis takes minor toll on Indian cos

BHEL and Punj Lloyd lost between 0.51 per cent and 4.46 per cent on the BSE as a result of the turmoil in Libya, while ONGC was down by 0.8 per cent

Libya crisis takes minor toll on Indian cos

BHEL and Punj Lloyd lost between 0.51 per cent and 4.46 per cent on the BSE as a result of the turmoil in Libya, while ONGC was down by 0.8 per cent

The crisis in Libya appears to have taken a minor toll on Indian companies with presence in the strife-torn country, though there have been no official reports regarding the same from the companies themselves.

Oil India Ltd, OVL (ONGC Videsh Ltd), Bharat Heavy Electricals Ltd (BHEL), Punj Lloyd, DS Construction, Unitech, Simplex Infrastructure, Simplex Projects, Seacon, Dastur Engineering, Shapoorji Pallonji International, NIIT and Sun Pharma are some of the Indian companies with a presence in Libya.

According to an undersecretary of the Ministry of External Affairs manning the situation room in New Delhi, so far the ongoing unrest in the country has not led to any reports of disruption in operations of these companies.
However, BHEL and Punj Lloyd lost between 0.51 per cent and 4.46 per cent on the BSE as a result of the turmoil in Libya, while ONGC was down by 0.8 per cent.

So far so good

BHEL is believed to be implementing a Rs 650 crore order for setting up a 300MW gas turbine-based power plant in Libya. The order was placed by General Electricity Company of Libya, with the aim to expand the existing 600MW Western Mountain Power Project, according to an official company statement.

OVL has a significant presence in Libya's petroleum exploration sector and operates Exploration Block NC-189 an area measuring 2,088 sq km located in the west-central part of the Sirte Basin.

OVL also owns onshore exploration Block 81-1- measuring 1,809 sq km - located in the Ghadames Basin of south-western Libya, according to a company spokesperson.

"We also have interests in Contract Area 43, located in Cyrenaica offshore basin in the Mediterranean sea, consisting of four blocks spread over an area of 7,449 sq km. Its boundaries extend from the coastline to a water depth of about 2,200 metres," an OVL spokesperson said.

Punj Lloyd Group runs a 60:40 joint venture with Public Works Company, Tripoli, for a contract signed in 2009 - valued at Rs 1,311.19 -for the execution of utilities in Souk Al Juma, Tripoli. This contract is Punj Lloyd's fourth project in the country.

"We are also in the process of executing a project to upgrade the infrastructure of Arada, an existing township in Tripoli," said a spokesperson from the company .

Tall order

According to industry sources, Shapoorji Pallonji International is presently in the process of executing the Al Fatah Tower Project at Benghazi, Libya's second largest city after its capital, Tripoli.

On completion, the 34-floor commercial tower is expected to be the tallest building in Benghazi, and will have a five-star hotel.