UTKAL MACHINERY (UTMAL) locat-ed at Kansbahal, Orissa, which was founded in 1960 by Larsen and Toubro in collaboration with three West Ger-man firms is now an L and T subsidi-ary, with L and T holding 60 per cent of the equity shares. Two of the original West German founders, Gutehoffnung-shuette Sterkrade AG (GHH) and Hein-rich Koppers GmbH have sold their shareholding to L and T. The third West German founder, J M Voith GmbH continues to hold 19 per cent of the shares. The balance is held by financial institutions