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Tuesday May 5, 12:30 PM
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L&T to invest $400 mln on defence business
MUMBAI (Reuters) - Indian engineering conglomerate Larsen & Toubro (LT.NS : 1579.55 +37.25
) will invest 15-20 billion rupees ($300-$400 million) over the next three years on defence-related business, Chairman A.M. Naik said on Tuesday.
"Of this, 15 billion rupees is what we are spending for the defence shipyard at Ennore," Naik told reporters, referring to the venture in south India.
He said the remainder would be spend on expansion of existing facilities.
The company earlier said Larsen and the defence and security division of Europe's EADS would form a joint venture to make defence electronics in India, eyeing orders from a modernising Indian army.
($1 = 49.6 rupees)
