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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.
Société Générale strategist Albert Edwards has warned investors that any help given to Greece merely “delays the inevitable break-up of the euro-zone,” while former European Central Bank chief economist Otmar Issing has said that bailing out Greece would be a “major blow” to the currency.
A top Saudi energy official has expressed serious concern that world oil demand could peak in the next decade and said that his country was preparing for that eventuality by diversifying its economic base.