L&T to invest Rs 25,000-mn

Kolkata: Engineering and construction giant Larsen & Toubro Ltd plans to invest Rs 2,500 crore during the current financial year to augment capacities at its growth centres, a company official said.

The money would be spent on augmenting facilities at all the locations and for setting up a ship building yard at Tamil Nadu, Member of board and President (operations) L&T J P Nayak said in Kolkata.

Nayak said that the company was expecting a sales growth of 30 per cent during the current financial year.

He said that the joint ventures between L&T and Mitsubishi Heavy Industries for manufacture of super critical boilers and turbine generators would be operational within the next 12 to 18 months.

Investments in the two joint ventures would be around Rs 1,000 crore each.

Nayak said that while L&T holds 51 per cent in the JV, Mitsubishi controls the remaining 49 per cent. Being a debt free company, Nayak said that L&T has a large appetite for raising funds. The company was also looking for acquisitions, he said.

L&T was also executing Rs 3,000 crore in projects in the eastern region, particularly in the steel sector.