MEIL emerges lowest bidder for ONGC's project

Hyderabad: Megha Engineering and Infrastructure (MEIL) has emerged the lowest bidder for ONGC’s Rs 2,400-crore project for complete revamp of oil and gas production facilities at Lakwa Oil fields in Assam.

Mr K.V. Pradeep, Vice-President, said the project would involve design and construction of captive power plants. It also included design and execution of highest-capacity gas compression facilities, establishment of gas separation plants, and oil effluent treatment plants.

The city-based company, which registered a turnover of Rs 2,000 crore, is planning to go for a public issue next year.

Meanwhile, Megha Fibre Glass Industries Ltd, a subsidiary of MEIL, has set up a Rs 200-crore glass-fibre reinforced plastic (GRP) pipes manufacturing unit near here. The unit will commence production on Saturday. “We will add two more production lines with a total investment of Rs 500 crore,” he said.

Talking on the attributes of GRP pipes, he said they were resistant to corrosion, electrical transmission, weather and chemicals. There was a Rs 2,000-crore demand for these pipes in South India alone. “Being the first company to enter the segment, we are looking at a business of Rs 50 crore this year,” he said.