“MHI plans to acquire a stake in L&T Shipbuilding within a few years to secure its first shipbuilding base overseas,” said Hisashi Hara, head of shipbuilding and ocean development of MHI.
MV Kotwal, president, heavy engineering at L&T, however, said his company has not had any discussions with MHI on the issue.
“We can neither confirm nor deny any speculation on a stake sale to Mitsubishi. While not commenting on equity infusion in this specific case, we are always open to partnerships that add long term value to any of our businesses,” L&T said in a statement.
L&T Shipbuilding has established shipbuilding facilities at Hazira in Gujarat, India, and is also developing a shipyard at Kattupalli, near Chennai in Tamil Nadu.
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