L&T floats new units to fund projects.
Economic Times (New Delhi, India), July, 2007
Jul. 4--MUMBAI, India -- Larsen & Toubro (L&T), India's largest engineering company, has floated separate companies for its power and ports and shipbuilding businesses, to raise funds for its proposed ventures in these sectors.
The newly-floated power subsidiary, L&T Power Projects, is also expected to join hands with Toshiba, the Japanese electrical giant, for building turbines that will make it an integrated player in the electrical segment. L&T's new company in the shipping sector, believed to be named L&T Ports and Shipyards, is expected to undertake projects including the proposed Rs 2,000-crore shipyard.
L&T is exploring possibilities of developing a shipbuilding facility at Kachhigarh, a coastal site near Okha port in Gujarat. The second...
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