Pipe maker PSL Ltd said its US subsidiary has bagged orders worth Rs 270 crore from large US-based pipeline operators for shale gas transmission projects. PSL manufactures pipes for transporting hydrocarbon products, water products and structural steel applications.
The Mississippi-based PSL North America (PSLNA) would supply large-diameter API-certified pipes totalling an estimated 105 miles in length. These pipes from special steel with anti-corrosion coating for shale gas pipeline projects being developed in both Southern and North-Eastern parts of the US, PSL said in a statement.
“Enhanced shale gas expansion activities signal a pick-up in demand for pipeline-related infrastructure throughout the country, and PSLNA expects to play a significant role in facilitating the progression of this market,” said Mr Ashok Punj, MD, PSL Limited.
Shares of PSL Ltd gained 5 per cent on the BSE to close at Rs 65.85 on Monday. Production against these orders is expected to commence shortly, and is required to be completed within the course of the current financial year, the company said.