Engineering major plans to build warships, submarines... the works
Larsen & Toubro, the Rs 8,000 crore engineering giant, is scouting for foreign partners for its defence equipment manufacturing business.
The diversified major is in discussions with several European, Russian, Korean and US-based companies for partnerships, company executives said.
The partnerships could be for its proposed foray into manufacturing high-tech equipment for the Indian defence forces and even exports.
L&T is planning a range of products including warships, submarines, weapon platforms (offshore, floating and submerged), artillery, torpedoes, radar and sonar systems and other electronic warfare equipment, small weapons and even armoured vehicles.
The government currently allows up to 26 per cent foreign investment in the defence equipment sector, but subject to government clearance. L&T has industry licenses for four categories of defence products.
PM Mehta, senior vice president - operations told Business Standard,
