L&T join hands with TIDCO

Thebullishtrends:. Larsen & Toubro Ltd (L&T)(CMP:Rs.2806) has announced that the Company and Tamil Nadu Industrial Development Corporation Ltd (TIDCO) have signed a joint venture agreement to set up an integrated Shipyard Complex of global standards with a port facility and a total investment of about Rs 3000 crore in the Kattupalli village, near Ennore in Tiruvallur District of Tamil Nadu.

The proposed Shipyard complex will include facilities for commercial ship building including Very Large Cargo Carriers, specialized cargo ships for liquid / gas transportation and cruise vessels. It will also have the capability to build vessels for the Defence sector, off-shore platforms & floating production cum storage facilities for the Oil & Gas sector.The Shipyard will also have the facilities for refitting and re-engineering of commercial and Defence vessels, and heavy engineering fabrication and components production for ship building purposes.

The shipyard complex will promote several ancillary units for manufacture of components & spares for this Shipyard, and for exports. When it becomes operational, the Shipyard will become a nucleus for the heavy engineering industry (for fabrications and components manufacturing).L&T selected the Tamil Nadu site for this project based on its suitability, the investor friendly policies of the Tamil Nadu Govt. and the availability of large pool of technically qualified and skilled manpower in the state. This project has significant employment potential.The Larsen & Toubro Group is a USD 7 billion technology, engineering and construction Company, with global operations. It is one of the largest and most respected Companies in India's private sector.