L&T’s subsidiary plans to raise up to Rs 3,000 crore

26 Oct 2012

Construction major, Larsen & Toubro’s (L&T), subsidiary L&T Shipbuilding (LTSB), is planning to raise up to Rs 3,000 crore through non-convertible debentures (NCDs). It will be using these NCD proceeds to repay its existing bank credit. 

L&T Ship Building’s shipyard at Katupalli, North of Chennai, is scheduled to begin commercial operations in the current quarter. The company is a 97:3 joint venture between L&T and Tamil Nadu Industrial Development Corporation.

The company was set up to develop a shipyard for the construction and repair of defence and commercial vessels and to set up a minor port with an annual container handling capacity of 1.2 million twenty-foot equivalent units.

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