Larsen & Toubro, Mitsubishi Sign Technological and Licensing Agreement for Shipbuilding

Indian engineering and construction company Larsen & Toubro’s shipbuilding division and Japan’s Mitsubishi Heavy Industries Ltd. will sign a technological and licensing agreement. Both firms are seeking out shipbuilding opportunities in rising economies. The agreement is initially for 3 years starting early 2012, with the option to extend.

Mitsubishi will train engineers from L&T Shipbuilding Ltd. In building vessels and will assist in procuring materials from overseas. They will also advise on the potential expansion of L&T’s shipbuilding facilities. All of this is covered in the agreement.

The companies plan to eventually jointly market and sell commercial vessels. They currently operate two joint ventures to manufacture power-related equipment together, signed in 2007.