L&T invests in shipyard complex

Indian construction and engineering firm Larsen & Toubro has 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 where 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, LNG carriers and cruise ships.