L&T scales down Ennore port funding

CHENNAI: Engineering and construction major Larsen & Toubro (L&T) has scaled down its initial investment plan for the ship-building yard and minor port complex in Ennore, north Chennai. It had planned to invest Rs 2,500 crore in the first phase on the project, in which the Tamil Nadu Industrial Development Corporation (TIDCO) will have a 3% equity stake.

L&T will now invest only Rs 1, 500 crore in the this phase. The whole project, to come up over a land area of 1,100 acres, will cost Rs 5,000 crore. The project has been approved in principle as a heavy engineering sector (shipyard) SEZ by the Centre.

L&T has also decided to manufacture defence vehicles and not commercial vehicles in this yard. ���We are already manufacturing in this space and have the necessary expertise,��� said L&T president (machinery products) JP Nayak.