Larsen & Toubro Ltd., India’s biggest engineering company, will invest $400 million in its ship-building unit, seeking to gain market share for smaller vessels as South Korean yards rush to complete record orders.
Larsen will select a deep-water yard this year and aims to start building container ships weighing as much as 25,000 tons in three years, Chief Executive Officer A.M. Naik said in an interview. The Mumbai-based company will spend half the funds in three years and plans to set up a separate company to manage the business, he said.