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RBM Infracon received a service order worth Rs 3,498 crore from ONGC. The order includes Rs 3,371 crore for crude and Rs 127 crore for gas. This contract is set for a 15-year period.
RBM Infracon Ltd. made headlines by securing a significant service order worth Rs 3,498 crore from the Oil and Natural Gas Corporation (ONGC), marking a major milestone for the infrastructure company. This order, which includes Rs 3,371 crore for crude and Rs 127 crore for gas services at Nandej, will span 15 years from the effective start date.
This development further solidifies RBM Infracon’s position in the energy infrastructure sector and highlights the growing opportunities in India’s energy market.
The order from ONGC, India’s largest oil and gas exploration and production company, is primarily focused on crude oil services. Out of the total Rs 3,498 crore order, Rs 3,371 crore is allocated for crude oil-related activities, while Rs 127 crore is dedicated to gas operations. These services will be provided at ONGC’s Nandej facility and will help support the company’s ongoing exploration and production efforts.
The deal marks an important step for ONGC as it continues to strengthen its domestic oil and gas supply chain. With India's energy demands on the rise, contracts like these are crucial for boosting production and maintaining supply.
The contract's 15-year validity ensures long-term stability for both RBM Infracon and ONGC. Over the 180-month period, RBM Infracon is expected to deliver essential services that support ONGC’s core operations. Given the scale of the contract, this partnership positions RBM Infracon as a key player in India’s oil and gas infrastructure.
This contract arrives at an opportune time for RBM Infracon. The company recently reported a substantial 250% rise in net profit for the June 2024 quarter, from Rs 0.94 crore in the same period last year to Rs 3.29 crore. With this new ONGC order, RBM Infracon’s financial outlook is expected to further improve.
The RBM Infracon share price has also seen positive movement following the announcement, closing 0.49% higher at Rs 766 per share, signalling investor confidence in the company’s future growth.
The Rs 3,498 crore ONGC order is a significant win for RBM Infracon, reinforcing its strong position in the oil and gas sector. With a long-term contract and financial growth on the horizon, RBM Infracon’s future looks promising.
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