L&T Wins Significant Order from Hindustan Shipyard for the Indian Navy
L&T received its first defence shipbuilding order in March 2010. Ever, since, it has designed, constructed and delivered over 70 defence vessels.
Larsen & Toubro Ltd. (L&T) announced on Tuesday, July 9, that its precision engineering systems business vertical has secured a 'significant' order from Hindustan Shipyard for the Indian Navy. L&T categorizes 'significant' orders as those ranging between ₹1,000 crore and ₹2,500 crore.
Key Highlights:
- Order Details: The order is for constructing two fleet support ships (FSS) as part of a contract the Indian Navy signed with Hindustan Shipyard to design and build five such ships.
- Fleet Support Ships: These specialized naval vessels, over 220 meters long with a displacement of around 45,000 tonnes, provide material support and logistics to the naval task force at sea, making them among the largest in the Indian Naval fleet.
- Construction Site: L&T will build the two FSS at its state-of-the-art shipyard in Kattupalli near Chennai. The shipyard, touted as the most modern in India, was designed in-house and built using globally benchmarked technological practices.
- Strategic Vision: The construction aligns with the Centre's vision of 'Aatmanirbhar Bharat,' emphasizing domestic production. Both shipyards will concurrently build the vessels to meet delivery timelines.
Strategic National Objectives:
"This collaborative approach in shipbuilding will serve as a cornerstone for achieving strategic national objectives of rapidly enhancing the Indian Naval fleet while driving economic activity and technological advancement in India's maritime domain," L&T stated.
L&T's Defence Shipbuilding Milestones:
L&T has a robust history in defense shipbuilding, having received its first order in March 2010. Since then, the company has designed, constructed, and delivered over 70 defense vessels.
Additional Business Developments:
On the same day, L&T announced that its wholly-owned subsidiary, L&T Semiconductor Technologies Ltd, has signed a share purchase agreement to acquire a 100% stake in SiliConch Systems Pvt. Ltd. The acquisition involves an upfront payment of ₹133 crore, with a deferred amount of ₹50 crore payable over four years, bringing the total acquisition cost to ₹183 crore.
Additionally, on Monday, July 8, L&T's renewable arm secured 'mega' orders with a leading developer in the Middle East to build two gigawatt-scale solar PV plants with a cumulative capacity of 3.5 GW. L&T classifies 'mega' orders as those ranging between ₹10,000 crore and ₹15,000 crore.
Stock Performance:
L&T shares were trading 1.13% higher at ₹3,673 apiece at 11:09 AM on Tuesday, July 9. The stock has gained 50.67% in the past year.
L&T's continued success in securing substantial orders and expanding its business across various sectors underscores its pivotal role in India's industrial and technological advancement.
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