Mumbai: India-based conglomerate Larsen & Toubro has revealed plans to invest Rs 1.5bn this fiscal in projects including shipyard and port development. According to a report from Business Line, the company has already entered into a joint venture to build a 300,000dwt capacity shipyard and integrated port facility in the South Indian state of Tamil Nadu. The project, in co-operation with Tamil Nadu Industrial Development Corporation, is expected to cost the partners about Rs 33bn.
Additionally, L&T has another jv with Tata Steel for construction of a Rs 24.6bn all-weather port in the state of Orissa. The company, which has taken on the project on a 'build, own, operate, share and transfer' model, will hold an initial 30-year concession on the port upon completion of construction with the option for lease extension. [21/07/09]
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