Mumbai, Dec. 27: Larsen and Toubro (LandT) has entered into an agreement with Japan's Mitsubishi Heavy Industries Ltd for technology in shipbuilding.
Under the pact, the Japanese firm will provide a broad range of technological support to LandT Shipbuilding for the construction of commercial vessels.
According to LandT, the agreement marks the convergence of the long-term business interests of both the companies.
Mitsubishi has been focusing on the development of its engineering business centering on technology licensing, while LandT Shipbuilding has been looking to strengthen its business through technology support from a global leader.
Mitsubishi will provide support for an initial period of three years, with an option for extension.
The Tokyo-based company will offer design support and training in ship construction and quality control.
Other support activities include consultation on the expansion of LandT's shipbuilding facilities, overseas procurement of materials and marketing.
Going forward, both the entities will market vessels built by LandT under the exclusive technical collaboration with Mitsubishi.
Mitsubishi will start training LandT engineers from early next year at the company's Nagasaki Shipyard and Machinery Works and the Shimonoseki Shipyard and Machinery Works in Yamaguchi Prefecture in Japan.
The company will also depute experts in design, ship construction and quality control from its shipyards to India to impart training.
The agreement is expected to enable LandT Shipbuilding and Mitsubishi step up the development of new business opportunities in shipyards in emerging economies.
Both the firms have been partners since 2007, with two joint ventures in power generation.
Mitsubishi is one of the world's leading heavy machinery manufacturers with consolidated sales of 2,903.7 billion yen in fiscal 2010.
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