Larsen and Toubro (L&T) on Monday, October 19, said its public spaces, airport and health (PAH) business vertical has commenced the initial activities for the “ultra-mega” New Tashkent International Airport project.
L&T classifies orders over ₹15,000 crore in value as “ultra-mega”.
It said the PAH business vertical secured a limited notice to proceed (LNTP) from the public-private partnership (PPP) consortium developing the New Tashkent International Airport in Uzbekistan.
L&T said the LNTP has been issued after the execution of an engineering, procurement and construction (EPC) contract, awarded to L&T previously, for the construction of the passenger terminal and associated landside infrastructure of the greenfield airport.
Pursuant to the LNTP, L&T said it has commenced initial engineering, detailed design, planning, procurement preparation and other related pre-construction activities for the project.
The notice to proceed for the entire project scope is expected to be issued by the consortium on fulfilment of the agreed contractual conditions precedent, and post that construction at the stie will commence, L&T said.
According to L&T, the New Tashkent International Airport forms a key pillar of Uzbekistan’ long-term transport infrastructure strategy and is planned to become one of Central Asia’s largest aviation gateways for passenger, cargo and logistics traffic.
“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,” Sthaladipti Saha, the senior vice-president and head of buildings infrastructure at L&T, said.
On another note, L&T received its highest-ever price target of ₹5,060 per share from JPMorgan, which has maintained its “overweight” rating.
L&T is set to report its second quarter results next week on October 27, 2026.
Shares of L&T have moved to the day’s high after the update, now trading 1.5% higher at ₹3,681. The stock is down 11% so far this year.
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