Infrastructure major Larsen & Toubro (L&T) on Tuesday (February 18) said it has acquired the remaining 26% stake in L&T Special Steels and Heavy Forgings Private Ltd (LTSSHF) from Nuclear Power Corporation of India Limited (NPCIL) for ₹170 crore, making it a wholly-owned subsidiary.
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“…we wish to inform you that the company has acquired the balance 26% stake in L&T Special Steels and Heavy Forgings Private Ltd (LTSSHF), an existing subsidiary of the company, from Nuclear Power Corporation of India Ltd (NPCIL) and also executed the Joint Venture Termination Agreement with NPCIL. Consequently, LTSSHF has become a wholly owned subsidiary of the company,” according to a stock exchange filing.
The acquisition includes 1.47 billion equity shares, 1.67 billion preference shares, and a secured loan provided by NPCIL to LTSSHF. The move allows L&T to undertake incremental investments, expand beyond the energy sector, and improve utilisation of LTSSHF’s manufacturing capabilities.
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LTSSHF, established in 2009, operates an advanced integrated facility with India’s largest hydraulic press (9,000 tonne) and a 125-tonne electric arc melting furnace, serving nuclear, refinery, petrochemical, power, and heavy engineering industries.
Larsen & Toubro Ltd reported a net profit of ₹3,359 crore, registering a growth of 14%, compared to the corresponding quarter of the previous year. The figure was lower than CNBC-TV18’s poll of ₹3,762 crore.
L&T posted consolidated revenue of ₹64,668 crore for the quarter ended December 31, 2024, registering a year-on-year growth of 17% on the back of a strong order book and ramp-up in execution momentum across its projects and manufacturing (P&M) businesses. However, the topline numbers were higher than CNBC-TV18’s poll of ₹63,750 crore.
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Shares of Larsen and Toubro Ltd ended at ₹3,220.75, down by ₹0.80, or 0.025%, on the BSE.
