Larsen & Toubro to put $750 mn into shipyard complex

Indian construction and engineering firm Larsen & Toubro said on Tuesday it had signed a joint venture agreement to invest 30 billion rupees ($750 million) in a shipyard and port facility. The venture with southern Tamil Nadu state would build the integrated facility near Ennore, it said in a statement. Construction was scheduled to start by end-2008, and the project should be completed in 24 months.
The integrated plant would include facilities for commercial ships, including very large cargo carriers and specialised cargo ships for gas transportation and cruise ships, it said.