L&T Chairman & Managing Director A M Naik said the overall investment in the newly set up company would be Rs 20,000 crore. While L&T would invest Rs 5,000 crore, the rest would come through debt, Mr Naik said on the 70th anniversary function of the company, where Union Finance Minister Palaniyappan Chidambaram was also present.

The company has entered into a joint venture agreement with Japan’s Mitsubishi Heavy Industries for setting up a manufacturing unit in India for super-critical steam turbine and generator facility. The JV would be investing about Rs 880 crore and it would have a product configuration catering to plant capacities ranging between 500 MW and 1,000 MW.

Bids for ports

Mr Naik further said the company was bidding for ports in Gujarat. If L&T wins any port for development, it would invest close to Rs 2,000 crore, he added. L&T is developing a port in Dhamra, Orissa, in association with the Tata group.

Besides port development, L&T is planning a shipbuilding yard at an investment of Rs 2,000 crore. Besides Ennore, it is  looking at Kakinada in Andhra to set up the shipbuilding yard.
If Ennore and Kakinada don’t materialise then L&T would look at Gujarat where it already has a small yard. “We are getting land in Mundra for setting up a  shipbuilding yard,” the L&T Chairman said.