L&T, Mitsubishi to sign shipbuilding pact
REUTERS – Engineering and construction company Larsen Toubro’s shipbuilding arm will sign a technological and licensing agreement with Japan’s Mitsubishi Heavy Industries Ltd as both firms look for shipbuilding opportunities in emerging economies.
Under the agreement, Mitsubishi will initially train engineers from LT Shipbuilding Ltd in building vessels and assist in procuring materials from overseas. It will also advise on potential expansion of LT’s shipbuilding facilities.
Mitsubishi and LT Shipbuilding will eventually jointly market and sell commercial vessels, LT said in a statement.
The companies will sign a three-year agreement starting early 2012, with an option to extend it.
LT and Mitsubishi currently operate two joint ventures to manufacture power-related equipment, including super-critical boilers, and steam turbines and generators, which they signed in 2007.
At 0632 GMT, LT shares were trading 1.4 percent higher at 1,040.15 rupees in a flat Mumbai market.
(Reporting by Aditi Shah in MUMBAI; Editing by Rajesh Pandathil)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/3cR7dZPgWkg/larsen-mitsubishi-pact-idINDEE7BQ02S20111227
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