L&T to enter shipbuilding biz

Larsen & Toubro (L&T) in India will enter into shipbuilding business with an initial investment of Rs 20 billion ($468 million) next year according to local reports. The shipbuilding project would start in April 2009 and the first L&T-built vessel will be out within two to three years. Moving ahead with its plan, the engineering giant has already acquired 1,200 acres in Kottapalli, north of Chennai, for a shipbuilding yard.