Larsen & Toubro has received a Limited Notice to Proceed for the new Tashkent International Airport in Uzbekistan. Valued as an ultra-mega project, this deal marks a significant expansion in L&T's international infrastructure portfolio. Investors will watch the transition from this early design phase to full-scale construction.
Larsen & Toubro has commenced preliminary engineering and design work for the New Tashkent International Airport in Uzbekistan. The project has been classified by the company as an ultra-mega venture, which indicates an order value exceeding ₹15,000 crore. This development follows the receipt of a Limited Notice to Proceed, a common contractual step in large-scale infrastructure projects that allows the builder to begin essential planning, design, and procurement before the full construction contract is officially signed.
Expanding Footprint in Central Asia
This project represents a shift in L&T's international order book strategy. While the company has historically focused on the Middle East for overseas projects, this move into Central Asia signals a broader effort to diversify its geographic presence. The airport is a massive undertaking, part of a $3 billion public-private partnership aimed at modernizing Uzbekistan's aviation infrastructure. The site is vast, spanning 1,310 hectares, and plans include the construction of two 4-km runways, a major passenger terminal, and specialized cargo handling facilities designed to process 129,000 tonnes of freight annually.
Understanding the Project Dynamics
For investors, the transition from a Limited Notice to Proceed to a full Notice to Proceed is a key milestone to track. The preliminary phase allows the company to secure supply chains and finalize technical designs, but the core revenue generation and project execution ramp-up occur only after the full notice is issued. The project involves international partners, including Vision International Investment Company, Sojitz Corporation, and Incheon International Airport Corporation, which implies a complex stakeholder environment. Managing such a diverse international consortium requires strong project management capabilities to ensure timelines are met without cost overruns.
Risks and Monitorables
While this order strengthens the company’s backlog, international infrastructure projects carry inherent risks. Investors often look at how a company manages foreign currency fluctuations, local labor laws, and regulatory environments in new regions. There is also the challenge of maintaining profit margins on overseas contracts, which can be subject to intense competitive bidding and global raw material price volatility. The company’s ability to execute this high-complexity project within the 2026 to 2030 timeline will be a critical factor for long-term performance. Moving forward, the market will monitor the finalization of all contractual conditions that lead to the full Notice to Proceed, as this will confirm the timeline for actual construction and the start of full-scale capital deployment.