L&T Signs Master Ship Repair Agreement With U.S. Navy

Larsen & Toubro Ltd, last week on Tuesday, Jul 11, 2023, informed the stock exchange that it has signed a Master Ship Repair Agreement with the U.S. Navy. The company's state-of-the-art Kattupalli Shipyard near Chennai will undertake voyage repairs of the Military Sealift Command vessels. The share price value of L&T witnessed 1% upside in the past 1 week. Check below to know more:

L&T Signs Master Ship Repair Agreement with U.S. Navy

In a press release, L&T Said, L&T's state-of-the-art Kattupalli Shipyard near Chennai - a major node in the Southern Defence Corridor - has been undertaking voyage repairs of the Military Sealift Command vessels. After elaborate assessment by the US Navy and the Military Sealift Command, the Shipyard qualified for the Master Shipyard Repair Agreement (MSRA). This is equivalent to undertaking warship refits, for which the Shipyard has already been qualified by the Indian Navy and the Coast Guard.

U.S. Consul General in Chennai Ms. Judith Ravin said: "This MSRA is yet another milestone in our ever-expanding U.S.-India partnership. This historic agreement is a direct outcome of the 2022 U.S.-India 2+2 Ministerial Dialogue and demonstrates U.S. commitment to utilize repair facilities on a regular basis at the L&T shipyard in Kattupalli. This agreement will serve to strengthen our two nations' strategic partnership and contribute to a free and open Indo-Pacific."

The agreement marks yet another step in the growing relationship between the biggest and the oldest democracies of the world, further strengthening the strategic partnership between them in the defence sector.

Commenting on the momentous occasion, Mr AT Ramchandani, Executive Vice President & Head L&T Defence said: "This agreement marks a global recognition of our unmatched capabilities and facilities to undertake quality ship repairs and refits. We are happy to be of service to the US Navy and the Military Sealift Command. L&T will dedicate all its dynamism, innovation, and Shipbuilding 4.0 techniques to meet the quality and delivery requirements of the US side."

USNS Salvor was received at Larsen & Toubro's (L&T) Kattupalli Shipyard for voyage repairs. The ship was received by U.S. Consul General in Chennai Ms. Judith Ravin, Mr. A.T. Ramchandani, Executive Vice President and Head L&T Defence Business, and senior officials of U.S. Embassy and L&T. This is the third U.S. ship coming to L&T Shipyard for Voyage Repairs. Earlier, Voyage Repairs of Marine Sealift Command (MSC) Fleet Support Ships - USNS Charles Drew and USNS Matthew Perry - were undertaken and completed on-time by L&T.

L&T's Kattupalli Shipyard is one of the modern shipbuilding and ship repair facilities in this part of the world and is equipped with a heavy ship-lift, multiple dry berths, and wet berths to concurrently enable building of new ships and undertaking repairs and refits. It will not only be able to undertake quality ship repair jobs and refits on the vessels of US Navy and the Military Sealift Command, but L&T's global network of offices & facilities will contribute towards logistics support in supply chain management.

Stock Movement

On Monday, the share price of L&T declined 0.17%, closed at Rs 2469 on BSE. It traded its 52-week high on Jul 07, 2023, at Rs 2503 and 52-week low on Jul 15, 2022, at Rs 1648, respectively.
The share price value jumped 1% in the past 1 week. It jumped 11.6% in 3 months and 11.56% in 6 months, respectively. It gave 46.5^% positive return in the past 1 year, 52.49% in the past 2 years. It gave 166.77% maximum return in the past 3 years. In the past 5 years, it gave 91.69% positive return.

About - Larsen & Toubro Ltd (L&T)

Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.