L and T plans investment in power and port projects
As per Projects Today reports, L&T has drawn out a CAPEX plan of INR 1,500 crore for this fiscal to invest in projects relating to power, including equipment manufacturing, shipyard and port development.
According to report, it has already invested INR 1,500 crore of the total project cost estimated at INR 12,500 crore. The company is planning to invest INR 1,000 crore more in the next fiscal. The projects are scheduled to be completed by 2012.
L&T formed a JV with the TIDCO to develop an integrated shipyard complex with a port facility in Tamil Nadu at cost of INR 3,300 crore. Besides, plans are afoot to build large tonnage ships of up to 0.3 million DWT at the shipyard.
Moreover, it is in the process of developing an all weather deep port along with TATA Steel at Dhamra in Orissa at an investment of INR 2,460 crore. The port project, awarded by the Orissa Government is being developed on BOOST mode. The concession period is 34 years, including four years for construction. The lease period may be renewed or extended for two additional periods of 10 years each.
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