L&T acquires full control of LTSSHF from NPCIL

** Larsen & Toubro (L&T: BSE) announced today that it has completed the acquisition of the remaining 26% stake in L&T Special Steels and Heavy Forgings Private Limited (LTSSHF) from Nuclear Power Corporation of India Limited (NPCIL). The acquisition, for a consideration of ₹170 crore through equity and preference shares along with secured loan provided by NPCIL, solidifies L&T's full control over LTSSHF, turning it into a wholly-owned subsidiary. The acquisition is considered a related party transaction under SEBI regulations, as NPCIL was a joint venture partner. LTSSHF, established in 2009, is a state-of-the-art manufacturing facility for heavy forgings, serving industries such as nuclear, strategic, refinery, petrochemical, power and heavy engineering. LTSSHF reported operational revenue of ₹503.99 crore for FY2023-24, ₹361.47 crore for FY2022-23 and ₹263.11 crore for FY2021-22. L&T stated that full ownership will enable LTSSHF to undertake incremental investments and broaden its offerings, improving overall utilization.