Wide-Ranging Diversification

Wide-Ranging Diversification Hansavivek LARSEN AND TOUBRO is further diversifying its activities and is going into shipping. It expects to receive soon two bulk carriers of 27,000 DWT capacity each which it purchased from Hong Kong shipowners for US $ 18.3 million each. Arrangements for financing upto 90 per cent of the cost of these vessels by Eurocurrency loans have been made. Meanwhile, contracts have also been signed for purchase of three more bulk carriers each of 28,300 DWT from Hitachi Zosen Shipyard of Japan at a price of yen 4,567 million each. These ships are of modern design, suited to Indian requirements and equipped with the latest fuel economy engines. The company is submitting applications for government approvals. These vessels will be financed by shipyard credit for a period of 8