L&T Shipbuilding amalgamated with Larsen & Toubro

Larsen & Toubro (L&T) on Monday said L&T Shipbuilding Limited (LTSB) has been amalgamated with it following all necessary processes.

The company had purchased Tamil Nadu Industrial Development Corporation Ltd's (TIDCO) 3 per cent stake in its subsidiary L&T Shipbuilding Ltd for Rs 32.74 crore in April last year.

"The effective date of the amalgamation is May 18, 2020, pursuant to filing of the respective orders received from the National Company Law Tribunals at Mumbai and Chennai with the respective Registrar of Companies," L&T said in a filing to the BSE.

The company's board of directors had earlier approved the scheme of amalgamation of LTSB with L&T.

L&T earlier had said it acquired TIDCO's stake pursuant to exercise of a put option which TIDCO had on Larsen & Toubro Ltd which is the promoter of L&T Shipbuilding as 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 carrying out shipbuilding and ship related activities.

The company undertakes manufacture and building of warships, auxiliary vessels/crafts and specialised commercial ships.

In addition, Kattupalli shipyard also undertakes repairs and refits of both defence and commercial ships.