considering stake in L&T Shipbuilding
THE Japanese engineering major,
Mitsubishi Heavy Industries, could end up buying a stake in Larsen &
Toubro's subsidiary, L&T Shipbuilding, with the brand looking to set up its
first shipbuilding base outside Japan.
"Mitsubishi Heavy Industries
plans to acquire a stake in L&T Shipbuilding… to secure its first
shipbuilding base overseas," Mr Hisashi Hara, Head of Shipbuilding and
Ocean Development, Mitsubishi, said while presenting the company's business plan
The L&T subsidiary had signed
an agreement with Mitsubishi in December 2012 for technological assistance,
ranging from design drawings to quality control.
Mr M. V. Kotwal, President (Heavy
Engineering), L&T, said that the company hadn't had any discussions with
Mitsubishi on the issue. "We have also heard about the same, but we have
not had any discussions. If and when it comes up, we will look into the matter.
But so far, we have not had any discussions," he said.
The company was always open to partnerships that
would add long-term value to any of its businesses, he added.
Source : Exim
News Service - MUMBAI, June 26