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Our Bureau

Mr A M. Naik

New Delhi June 12 Engineering and construction major Larsen & Toubro on Tuesday urged the Government to encourage shipbuilding in the country through policy support.

"Only few companies have utilised the existing subsidy policy, which is coming into an end in September. There is a need to extend this policy beyond September in the case of shipbuilding," Mr A.M. Naik, Chairman and Managing Director, Larsen & Toubro, told presspersons after meeting the Union Finance Minister, Mr P. Chidambaram, here today.

Mr Naik said that a committee of the Government was currently looking into various policy aspects concerning the shipbuilding industry.

In May last year, Larsen & Toubro had announced foray into shipbuilding with the winning of a contract for building four cargo ships valued at Rs 440 crore for Zadeko Ship Management (now Rolldock) of the Netherlands.

Meanwhile, Mr Naik expressed confidence that the capital goods industry would sustain the current strong growth performance in the coming years as well. He said that the continuing appreciation of the rupee was a matter of concern for the domestic industry.

More Stories on : Shipping | Larsen & Toubro Ltd

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