Larsen & Toubro (L&T) has acquired the remaining 26% stake in L&T Special Steels and Heavy Forgings Private Ltd (LTSSHF) from the Nuclear Power Corporation of India Limited (NPCIL) for ₹170 crore. With this transaction, LTSSHF, in which L&T previously held a 74% stake, is now a wholly-owned subsidiary of the infrastructure giant.
In a regulatory filing, L&T confirmed the acquisition and the execution of a Joint Venture Termination Agreement with NPCIL, formalizing the complete ownership transition. With full control over LTSSHF, L&T plans to make strategic investments to expand its product portfolio beyond the energy sector and optimize operational capacity.
The acquisition includes 1.47 billion equity shares, 1.67 billion preference shares, and a secured loan provided by NPCIL to LTSSHF. The move comes on the heels of L&T’s strong financial performance, as reported in its Q3 FY24 earnings.
The company posted a 13.96% year-on-year rise in profit to ₹3,358.84 crore, alongside a 17.31% increase in revenue from operations, reaching ₹64,667.78 crore. This growth was driven by a strong order book and improved execution momentum in its Projects & Manufacturing (P&M) businesses.
Larsen & Toubro (L&T) is one of India’s largest multinational conglomerates, known for its expertise in engineering, construction, manufacturing, technology, and financial services. Founded in 1938, L&T has been instrumental in shaping India’s infrastructure and defense landscape, delivering large-scale projects across sectors such as power, transportation, defense, and heavy engineering. The company is a key player in India’s defense industry, producing advanced weapon systems, submarines, and military equipment for the Indian Armed Forces. L&T’s commitment to innovation and sustainability has positioned it as a global leader, driving growth through cutting-edge solutions and strategic collaborations.
