The two firms have clashed many times - often in the courts - in the recent past over contracts and contract details.
Under the terms of the agreement, the South Korean firm will construct a 506 km oil pipeline system in the Arabian Sea off the coast of Mumbai on a turnkey basis.
Hyundai will have to cover all aspects of design, engineering, procurement, fabrication, coating, installation and trenching and burial and hydro-testing and pre-commissioning of the large submarine pipeline system. It will also upgrade and modify six platform facilities and the Onshore Uran Terminal.
All in all - and not counting the platforms and the terminal - the project consists of 30 oil trunk lines, 28 gas trunk lines and seven small-sized feeder lines, which must all be completed - pipelines, terminals and all - by May 2005.
According to ONGC, the new MUT will replace the current MUT pipeline, which has been in operation for the past 25 years.