Larsen and Toubro (L&T) has begun initial activities for the New Tashkent International Airport project in Uzbekistan after receiving a limited notice to proceed from the consortium developing the greenfield facility. The work is being undertaken by its public spaces, airport and health (PAH) business vertical. The limited notice to proceed was issued after the execution of an engineering, procurement and construction (EPC) contract previously awarded to L&T for the passenger terminal and associated landside infrastructure. The company said the current phase includes initial engineering, detailed design, planning, procurement preparation and other pre-construction activities. The consortium is expected to issue a notice to proceed for the entire project scope after the agreed contractual conditions precedent are fulfilled. Construction at the site will begin after that notice is issued, according to L&T. L&T classifies orders valued at more than Rs. 150 bn as ultra-mega projects. The New Tashkent International Airport is planned as a major aviation gateway for passenger, cargo and logistics traffic and forms part of Uzbekistan’s long-term transport infrastructure strategy. The project is expected to strengthen L&T’s international infrastructure EPC portfolio and support regional connectivity, the company said. L&T’s order book reached an all-time high of Rs. 7.4 tn in FY26, up 28 per cent from a year earlier, with international orders accounting for 52 per cent of the total. The company has 37 per cent of its order book exposure to West Asia and 33 per cent of order inflows in the first nine months of FY26 from the region. L&T shares closed the previous session 4.9 per cent higher at Rs. 4,050 apiece. The stock was later trading 1.5 per cent higher at Rs. 3,681, although it remained down 11 per cent so far this year. JPMorgan has retained its overweight rating and assigned a price target of Rs. 5,060 per share. L&T is scheduled to announce its second-quarter results on October 27, 2026.