L&T shares rise 1.55% as company begins work on ultra-mega Tashkent airport project
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Shares of Larsen & Toubro (L&T) rose 1.55% to ₹3,683.50 on Monday after the company announced the commencement of initial activities for the New Tashkent International Airport project in Uzbekistan. L&T has classified the order as an “Ultra-mega” project, its highest order-value category, which refers to projects valued at more than ₹15,000 crore.
The company said its Public Spaces, Airports & Health (PAH) business vertical has received a Limited Notice to Proceed (LNTP) from the public-private partnership (PPP) consortium developing the airport. The LNTP allows L&T to begin initial engineering, detailed design, planning, procurement preparation and other pre-construction activities.
The development follows the earlier award of an engineering, procurement and construction (EPC) contract to L&T. However, the company has not disclosed the exact value of its EPC contract. The broader New Tashkent International Airport project is expected to attract around $3 billion in investment, with the first phase estimated at about $2.5 billion.
L&T’s Tashkent airport project to serve 17 million passengers
L&T’s scope includes construction of the passenger terminal and associated landside infrastructure, designed to cater to approximately 17 million passengers annually. The work covers site grading, road infrastructure, structural works, architectural finishes, mechanical, electrical and plumbing (MEP) services, utilities and the installation of advanced airport systems.
The New Tashkent International Airport is being developed on a 1,310-hectare site and is scheduled to be developed between 2026 and 2030. The broader project is planned to have an initial capacity of 20 million passengers a year, which could eventually rise to 46 million. The first phase is also planned to include two 4-km runways, a 208,000-square-metre passenger terminal and facilities to handle up to 129,000 tonnes of cargo annually.
The airport is being developed under a 35-year PPP concession involving Saudi Arabia’s Vision International Investment Company, Japan’s Sojitz Corporation, South Korea’s Incheon International Airport Corporation and Uzbekistan Airports. The consortium holds stakes of 45%, 30%, 15% and 10%, respectively.
L&T said the full Notice to Proceed (NTP) for the project is expected after the agreed contractual conditions are fulfilled. Site construction will commence following the issuance of the full NTP.
Sthaladipti Saha, Senior Vice President & Head – Buildings Infrastructure at L&T, said: “The execution of this project marks a significant milestone in L&T's global infrastructure EPC portfolio. The New Tashkent International Airport is a strategically important project that will play a pivotal role in enhancing regional connectivity and supporting Uzbekistan's ambition of emerging as a leading aviation hub. We are privileged to partner in this transformative development and remain committed to delivering a world-class airport that meets the highest standards of quality, safety and sustainability.”
L&T said the project further strengthens its position in the airport infrastructure segment and its ability to execute large and complex EPC projects across geographies.