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L&T'S SHIPBUILDNG BUSINESS BECOMES WHOLLY-OWNED SUBSIDIARY

Friday, April 12, 2019 

Larsen & Toubro (L&T) has purchased the stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in its subsidiary L&T Shipbuilding for Rs 32.74 crore.

A statement issued by L&T said: “The company has purchased the entire stake held by Tamil Nadu Industrial Development Corporation Ltd (TIDCO) in L&T Shipbuilding Ltd (LTSB), a subsidiary company, on April 10, 2019. TIDCO held 3% cent stake in LTSB. The same has now been acquired by L&T, to make it a wholly owned subsidiary.” 
L&T said it acquired TIDCO’s stake pursuant to exercise of an option, agreed with TIDCO at the time of inception of L&T Shipbuilding. L&T Shipbuilding was incorporated on November 13, 2007, and currently operates a modern shipyard from Kattupalli, Chennai. The yard's main activities are in naval shipbuilding, but it also undertakes manufacture and building of auxiliary vessels and specialised commercial ships. Kattupalli shipyard also undertakes repairs and refits of both military and commercial ships.

A statement issued by L&T said: “The company has purchased the entire stake held by Tamil Nadu Industrial Development Corporation Ltd (TIDCO) in L&T Shipbuilding Ltd (LTSB), a subsidiary company, on April 10, 2019. TIDCO held 3% cent stake in LTSB. The same has now been acquired by L&T, to make it a wholly owned subsidiary.” L&T said it acquired TIDCO’s stake pursuant to exercise of an option, agreed with TIDCO at the time of inception of L&T Shipbuilding.

L&T Shipbuilding was incorporated on November 13, 2007, and currently operates a modern shipyard from Kattupalli, Chennai. The yard's main activities are in naval shipbuilding, but it also undertakes manufacture and building of auxiliary vessels and specialised commercial ships. Kattupalli shipyard also undertakes repairs and refits of both military and commercial ships.

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