L&T buys TIDCO's 3% share in L&T Shipbuilding

Mumbai, April 11 (IANS) Engineering and contsruction conglomerate Larsen and Toubro (L&T) on Thursday announced it has bought the 3 per cent stake in its subsidiary -- L&T Shipbuilding Ltd -- previously held by the state-run Tamil Nadu Industrial Development Corporation for Rs 32.74 crore."The company has purchased the entire stake held by Tamil Nadu Industrial Development Corporation Ltd ('TIDCO') in L&T Shipbuilding Ltd (LTSB), a subsidiary company, on April 10," L&T said in a stock exchange filing."TIDCO held 3 per cent stake in LTSB. The same has now been acquired by L&T, to make it a wholly owned subsidiary," it added.L&T Shipbuilding was incorporated on November 13, 2007, and currently operates a modern shipyard from Kattupalli, Chennai, carrying out shipbuilding and ship related activities, the filing said.The company undertakes manufacture and building of warships, auxiliary vessels and specialised commercial ships, and had a turnover of over Rs 730 crore in fiscal 2017-18, it added. The L&T stock closed on Thursday at Rs 1378.25 a share, up Rs 8.40, or 0.61 per cent, on its previous close on the BSE.
--IANS ravi/bc