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L&T has lined up investment of around $400 million which will be spent on shipbuilding capacities mostly dedicated to the Navy, near Ennore port
Engineering and construction major Larsen & Toubro Ltd on Tuesday said that it will invest $400 million in ramping up its ship manufacturing capacity, reports PTI.
"We have lined up investment of around $400 million which will be spent on shipbuilding capacities mostly dedicated to (the) Navy near Ennore port," L&T's senior executive vice president and member of the board MV Kotwal said on the sidelines of the Defence Expo 2010.
“Over the next four-five years, we are targeting a revenue of Rs2,500 crore from the defence, nuclear and avionic segments,” he said.
Mr Kotwal said that the company had 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 that the company is targeting a turnover of around Rs2,500 crore from the defence, nuclear and avionics segments.
The company is particularly bullish on the nuclear segment as the sector has a business potential of over Rs6,000 crore for private firms.