)
Larsen & Toubro (L&T) has inked a pact with Japan Steel Works for transfer of critical technology for steel melting and heavy forgings.
"L&T Special Steels and Heavy Forgings (LTSSHF) has entered into a technology transfer agreement with Japan Steel Works (JSW)... The five year agreement covers transfer of critical technology for steel melting and heavy forgings made from ingots weighing up to 200 MT, for hydrocarbon, thermal power, steel and cement sectors," the company said in a statement.
Direct access to L&T's jetties at Hazira facilitates exports across the globe and indigenous manufacture of critical heavy forgings will close a vital gap in Indian industry's capability to produce equipment for core sectors, it said.
LTSSHF is a subsidiary of L&T, supplying critical heavy stainless steel and alloy steel forgings for high pressure reactors and heat exchangers as well as special steels.
JSW is a manufacturer of heavy forgings for power plants, steel and other sectors.
Larsen & Toubro's shares closed at Rs 1,565.50 per scrip, up 1.38% from the previous close on BSE.
