New Delhi, Aug 26 (IANS): Engineering conglomerate Larsen & Toubro (L&T) and Bangladesh Power Development Board (BPDB) have signed a contract to set up a 225 megawatt, gas-based power plant in Sikalbaha, Chittagong in Bangladesh, a company statement said here Tuesday.

The contract, which is valued at about $200 million, was secured by L&T in May 2014, the statement added.

Four development partners of Bangladesh government from the Middle East (Saudi Arabia, Kuwait, the UAE and the OPEC Fund) will finance the project with a fund of approximately $167 million.

The contract was signed between BPDB secretary M. Zahirul Haque and L&T vice-president Saurabh Indwar at an event held in Dhaka on Aug 24.

L&T will look into design, detailed engineering, supply, installation and commissioning of the power plant on a turnkey basis. L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering, said the statement.

This is the second gas-based power project secured by L&T in Bangladesh. L&T had recently been awarded a $280-million order for setting up the 360 MW Bheramara (in Khulna division) combined cycle power plant.

"The company has contributed enormously in building India's infrastructure by implementing landmark projects with international quality and environment, health and safety standards. L&T will carry the same spirit to Bangladesh and will also contribute to Bangladesh's growth story," said Shailendra Roy, whole-time director (power, minerals & metals), L&T.