L&T to invest $400 mn on expanding shipbuilding

Construction major Larsen & Toubro today said it will invest $400 mn in ramping up its ship manufacturing capacity.

"We have lined up investment for around $400 million which will be spent on ship building capacities mostly dedicated to navy near Ennore port," Larsen & Toubro Senior Executive Vice President and member of the board M V Kotwal said on the sidelines of the defence expo 2010.

Over the next four-five years, we are targeting a revenue of Rs 2,500 crore from defence, nuclear and avionic segment.

Kotwal said the company has identified four core areas -- Radar, Electronic Warfare, Avionics and Mobiles -- for co-operation with EADS to provide services to the Indian defence sector.

 

When asked about the revenue projection, he said the company is targeting a turnover of around Rs 2,500 crore from defence, nuclear and avionics segment.

The company is particularly bullish on nuclear segment as the sector has a business potential of over Rs 6,000 crore for private firms.