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Mitsubishi Heavy Industries to license shipbuilding technology to L&T
Source: Capital Market, Tuesday, December 27th, 10:58 AM
Larsen & Toubro has announced that Mitsubishi Heavy Industries (MHI), Japan has decided to sign a technological collaboration agreement with L&T Shipbuilding (LTSB), the shipbuilding arm of Larsen & Toubro conglomerate to provide a broad range of technological support for the construction of commercial vessels.
The agreement, under which MHI will provide licensing and technology support, including training of LTSB engineers, represents the successful convergence of the long term business interests of both companies. MHI has been proactively promoting development of its engineering business, centering on technology licensing, while L&T Shipbuilding has been seeking to strengthen its shipbuilding business through the introduction of technology from a global leader.
The agreement calls for MHI to provide support for an initial period of three years, with an option to extend beyond that time frame. In specific terms, support from MHI will comprise design support and a broad range of training, in ship construction and quality control, Support activities will further include consultation relating to potential expansion of L&T's shipbuilding facilities in the future and to overseas procurement of shipbuilding materials, as well as support for LTSB's marketing efforts. Going forward, MHI and LTSB will market vessels built by LTSB under exclusive technical collaboration with MHI.
The company made this announcement during the trading hours today, 27 December 2011.
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