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Doosan Heavy Industries bags $2.3 bn thermal plant order in India

Collected: 2016.12.27

Distributed: 2016.12.28

Source: Go Direct

Kim Hun-tak, CEO of Doosan Heavy’s EPC BG (fourth from the left) and Akhilesh Yadav, Uttar Pradesh Chief Minister are shaking hands at a ceremony held at Jawaharpur coal power plant construction site in Uttar Pradesh, India on Friday (local time). [Photo provided by Doosan Heavy Industries & Construction Co.]

South Korea’s Doosan Heavy Industries & Construction Co. won an order worth 2.8 trillion won ($2.3 billion) to build two coal-fired thermal power plants in India, defeating strong competition from India’s state-owned firms Bharat Heavy Electricals Limited (BHEL) and L&T, the company said on Monday.

The country’s leading power equipment manufacturer said its subsidiary Doosan Power Systems India received a notice of award from India’s state government of Uttar Pradesh to construct the Obra-C coal-fired power plants with two 660-megawatt reactors and Jawaharpur coal-fired power plants, also with two 660-megawatt reactors, in northern India on an engineering, procurement, and construction basis. The expected contract values for Obra-C plant and Jawaharpur plant are 1.37 trillion won and 1.39 trillion won, respectively.

Uttar Pradesh province where the new thermal power plant will be constructed is India’s largest province with a population of nearly 200 million. It is also considered as the country’s historic heart of the country where the world’s famous monument Taj Mahal is located.

The company plans to complete building the Obra-C plant by October 2020 and Jawaharpur plant by February 2021.

With the latest deal, the firm’s total value of the new orders secured this year totals to roughly 9 trillion won. It bagged orders worth over 5 trillion won in the fourth quarter only - 1 trillion won order to build a combined heat and power plant in Saudi Arabia and an $850 million order to build coal-fired thermal power plants in the Philippines in October this year.

Shares of Doosan Heavy Industries & Construction finished Monday at 28,150 won, up 150 won or 0.54 percent from the previous session.

By Moon Ji-woong

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