L&T bags up to ₹2,500 crore order from JSW Energy for heavy civil unit

Larsen & Toubro 's Heavy Civil Infrastructure (HCI) business vertical has secured an order from JSW Energy to execute the Bhavali Pumped Storage Project (PSP) in Maharashtra. The order, classified as 'significant' by L&T, is valued between ₹1,000 crore and ₹2,500 crore, according to the company's regulatory filing.
The Bhavali PSP will be located across the Nashik and Thane districts and will have a total installed capacity of 1,500 MW. It is designed to house multiple smaller generating units to support large-scale grid stabilisation.
Scope includes tunnels, reservoirs, and powerhouse
L&T's contract includes the complete execution of civil works, including the construction of approach roads, upper and lower reservoirs, a water conductor system, pressure tunnels, and an underground powerhouse.
In its filing, L&T said, 'The order reaffirms L&T's proven capabilities in delivering complex hydroelectric infrastructure and reinforces its position as a key enabler in India's quest for renewable energy. Pumped storage projects like the Bhavali PSP are pivotal to grid stability, particularly in the context of growing integration of variable renewable energy sources.'
L&T launches first ESG-linked bonds under Sebi framework
Last week, L&T raised ₹500 crore through its first ESG-linked bond offering, becoming the first listed company to issue sustainability-linked securities under the Securities and Exchange Board of India's (Sebi) newly introduced framework.
Arranged exclusively by HSBC, the transaction was finalised a day after Sebi unveiled its regulatory framework to promote transparency and measurable ESG goals. The new rules mandate external assessments and specific environmental or social targets for issuers.
In its ESG-linked issuance, L&T has committed to reducing freshwater consumption intensity and greenhouse gas emissions. The company has also set long-term goals of achieving water neutrality by 2035 and carbon neutrality by 2040.
These developments highlight L&T's growing presence in both green infrastructure development and sustainable finance.

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