L&T executes SPA to acquire stake held by JV Partner in L&T Sapura Shipping
Post completion of the acquisition, LTSSPL will be a wholly owned subsidiary of the company
Larsen & Toubro (L&T) has executed a Share Purchase Agreement (SPA) for acquisition of shareholding of Sapura Nautical Power (Sapura), JV Partner, in L&T Sapura Shipping (LTSSPL), a subsidiary of the Company. LTSSPL is a 60:40 joint venture of the company with Sapura Nautical Power (Sapura) holding 40% stake in LTSSPL. Post completion of the acquisition, LTSSPL will be a wholly owned subsidiary of the company.
The acquisition further strengthens the company’s operational flexibility and asset availability for execution of offshore projects, particularly in India and the Middle East. LTSSPL operates in the offshore marine construction segment, which is complementary to L&T’s core engineering and construction businesses.
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
