Larsen & Toubro has informed that L&T Shipbuilding Limited has entered into a non-binding Memorandum of Understanding with Adani Ports (Adani) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 01, 2015 for a period of one month. The definitive agreements would be entered into later. While all non-operating revenues and expenses will be to L&T Shipbuilding Limited’s account, Adani shall be responsible for EBIDTA gains and losses arising from the Port operation for this period. The shipyard will continue to be managed and operated by L&T Shipbuilding Limited.
The above information is a part of company’s filings submitted to BSE.
