iStockMumbai: Engineering major Larsen & Toubro (L&T) on Monday said it will acquire the remaining 40% stake in L&T Sapura Shipping Private Limited (LTSSPL) from Sapura Nautical Power Pte Ltd for Rs 122.4 crore, making the offshore marine construction company a wholly owned subsidiary.
The acquisition will be carried out at Rs 19.26 per share and involves the purchase of 6.35 crore equity shares.
LTSSPL is currently a 60:40 joint venture between L&T and Sapura Nautical Power. Following the completion of the transaction, L&T will hold 100% ownership of the company, strengthening its presence in the maritime and offshore construction segment.
L&T stated that the acquisition will enhance its operational flexibility and improve asset availability for executing offshore projects, particularly in India and the Middle East, where offshore energy activity is increasing.
The transaction is expected to be completed by January 31, 2026, subject to the fulfilment of customary conditions.
In addition to the equity acquisition, LTSSPL will fully repay shareholder loans aggregating $16.93 million to Sapura, the company said.
Incorporated in September 2010, LTSSPL owns and operates a heavy lift cum pipe-lay vessel (HLPV), which is used for the installation of offshore platforms and for laying subsea pipelines and cables for the hydrocarbon upstream industry. The company operates in the offshore marine construction segment, which complements L&T’s core engineering and construction businesses.
For the financial year ended March 31, 2025, LTSSPL reported a turnover of RS 154.12 crore.
Since Sapura Nautical Power is a related party of LTSSPL under Section 2(76) of the Companies Act, 2013, the transaction qualifies as a related party transaction under SEBI’s listing regulations. However, the company clarified that the acquisition is being undertaken on an arm’s-length basis.
The strategic move underscores L&T’s intent to deepen its capabilities in offshore engineering and marine construction as part of its broader infrastructure and energy portfolio.
On Monday, L&T's scrip ended 0.20% at Rs 4018 a piece on the BSE.
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The acquisition will be carried out at Rs 19.26 per share and involves the purchase of 6.35 crore equity shares.
LTSSPL is currently a 60:40 joint venture between L&T and Sapura Nautical Power. Following the completion of the transaction, L&T will hold 100% ownership of the company, strengthening its presence in the maritime and offshore construction segment.
L&T stated that the acquisition will enhance its operational flexibility and improve asset availability for executing offshore projects, particularly in India and the Middle East, where offshore energy activity is increasing.
The transaction is expected to be completed by January 31, 2026, subject to the fulfilment of customary conditions.
In addition to the equity acquisition, LTSSPL will fully repay shareholder loans aggregating $16.93 million to Sapura, the company said.
Incorporated in September 2010, LTSSPL owns and operates a heavy lift cum pipe-lay vessel (HLPV), which is used for the installation of offshore platforms and for laying subsea pipelines and cables for the hydrocarbon upstream industry. The company operates in the offshore marine construction segment, which complements L&T’s core engineering and construction businesses.
For the financial year ended March 31, 2025, LTSSPL reported a turnover of RS 154.12 crore.
Since Sapura Nautical Power is a related party of LTSSPL under Section 2(76) of the Companies Act, 2013, the transaction qualifies as a related party transaction under SEBI’s listing regulations. However, the company clarified that the acquisition is being undertaken on an arm’s-length basis.
The strategic move underscores L&T’s intent to deepen its capabilities in offshore engineering and marine construction as part of its broader infrastructure and energy portfolio.
On Monday, L&T's scrip ended 0.20% at Rs 4018 a piece on the BSE.
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