December 05 - India's largest private sector engineering and construction company is reported to be exercising caution over its entry into the commercial shipbuilding business.
The reports suggest that a note issued earlier this week by a Mumbai-based brokerage indicates that L&T had decided to modify its plans in the shipbuilding segment and defer its entry in the commercial shipbuilding business for now, whilst concentrating only on ship repair and shipbuilding for defence purposes.
The reports indicate that L & T will continue to build and repair ships at its Hazira facility in Gujarat where it is understood to have orders worth USD350 million.
L & T has previously suggested that shipbuilding is a natural diversification and will help it leverage its strengths in fabrication and heavy engineering.
