India’s Larsen & Toubro (L&T) has acquired 100% ownership of its shipyard subsidiary, L&T Shipbuilding Limited, the company has announced.
L&T said in a stock exchange filing on 11 April that it acquired a 3% stake in the shipyard, which was held by the Tamil Nadu Industrial Development Corporation Limited (TIDCO), an agency under the Tamil Nadu state government.
Following the acquisition, which totalled INR327.4 million (USD4.7 million), L&T Shipbuilding Limited has become a wholly owned subsidiary, said the L&T group.
L&T Shipbuilding Limited, the assets of which include a shipyard and other facilities in Kattupalli on India’s east coast, was established in 2007 and undertakes naval and commercial shipbuilding and repairs.
Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihsmarkit.com/janes