Larsen & Toubro Ltd (L&T) has forayed into the shipbuilding business by bagging a Rs 440 crore contract from the Netherlands-based Zadeko Ship Management CV to construct four ships.
The vessels would be built at a new shipyard, part of the L&T's engineering complex at Hazira in Surat and the production of the ships was scheduled to commence in July, the company informed the Bombay Stock Exchange.
The company would adopt modular construction and seamless work flow techniques at its shipyard to meet the stringent delivery schedules.
"Shipbuilding will significantly expand the company's high technology manufacturing capabilities, and represent another major step forward in meeting L&T's strategic growth objectives," company's chairman and managing director AM Naik said.
Larsen & Toubro Limited (L&T) is an engineering and construction company that has additional interests in manufacturing, services and Information Technology.
The company's shares were trading at Rs 2753.50, up 1.55 per cent at the BSE.