To invest Rs 20,000 cr to produce 5,000 mw in five years
Engineering firm Larsen and Toubro (L&T) today said it has floated a power generation arm, called L&T Power Development.
“The overall investment in the company would be Rs 20,000 crore. L&T would invest Rs 5,000 crore and the rest would come through debt,” L&T Chairman and Managing Director A M Naik told reporters. The new firm would generate 5,000 mw of power in the next five years.
In November, L&T 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 equipment.
The JV will invest about Rs 880 crore and have a product range catering to plant capacities ranging 500-1,000 mw.
Earlier, speaking at a function to celebrate 70 years of L&T and the centenary of its co-founder Henning Holck-Larsen, Finance Minister P Chidambaram hailed the company as India’s only national sector company.
“L&T is unique, it does not belong to the public sector, or the private sector, it belongs to the national sector. It is the company of the people of India.”
Chidambaram spoke at length about L&T making the impossible possible and held it out as an example of a company capable of dreaming big and making it happen.
Naik spoke about the history of the company and its abiding commitment to the cause of building a strong India. He said, “L&T is only one of its kind between Europe and Japan, right from manufacturing nuclear reactors, steam generators, off-shore platforms to sub-sea pipelines, cross-country pipelines, refineries, petrochemical projects, IT parks and naval bases.”
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