Mumbai (Maharashtra) [India], Apr 11 (ANI): Engineering conglomerate Larsen & Toubro said on Thursday it has purchased the entire stake held by Tamil Nadu Industrial Development Corporation Limited (TIDCO) in its subsidiary L&T Shipbuilding.
TIDCO held three per cent stake in L&T Shipbuilding which has now been acquired by L&T to make it a wholly-owned subsidiary. The consideration paid to acquire the stake was Rs 32.74 crore.
L&T Shipbuilding was incorporated on November 13, 2007 and currently operates a modern shipyard from Kattupalli in Chennai.
The company undertakes manufacture and building of warships, auxiliary vessels and specialised commercial ships. In addition, Kattupalli shipyard also undertakes repairs and re-fits of both defence and commercial ships.
L&T Shipbuilding has invested about Rs 5,000 crore in Katupalli facility since January 2012. Its Hazira shipyard built the hull of India's nuclear submarine INS Arihant and is supplying hulls to its successor vessels as well.
The company had a turnover of Rs 730 crore and a negative net worth of Rs 809 crore as on March 31, 2018. It hopes to break even by 2020. (ANI)