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Larsen and Toubro slashes shipbuilding ambitions

Larsen and Toubro slashes shipbuilding ambitions

Mumbai: Larsen and Toubro Ltd (L&T), the country's largest private sector engineering and construction firm, has deferred its entry into the commercial shipbuilding business and has also decided to scale back its investment for a new shipyard at Kattupalli near Chennai, local media reported.
A note put out earlier this week by Mumbai-based brokerage IDFC-SSKI Securities Ltd, after meeting with the company's management, said, L&T had "decided to modify its plans in the shipbuilding segment and has deferred its entry in the commercial shipbuilding business for now and (is) concentrating only on ship repair and shipbuilding for defence purposes". [5/12/08]

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