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L&T secures $94.9m BigLift Shipping contract

L&T secures $94.9m BigLift Shipping contract

Mumbai: India-based Larsen & Toubro, which ventured into shipbuilding last year, has signed a  $94.95m contract with Netherlands-based Spliethoff Group subsidiary BigLift Shipping.

The agreement will see L&T's shipyard and engineering complex at Hazira, Surat construct two multipurpose heavy lift vessels of 18680dwt each, due for delivery in November 2009 and March 2010 respectively.

The yard is expected to begin building the vessels in June 2008. The vessels will be capable of carrying all kinds of dry cargo as well as project cargo and heavy lift. L&T declared a net profit of Rs 2261.2 crores ($553m) for the financial year ended March 2007.  [26/06/07]