MUMBAI: Engineering and construction major Larsen and Toubro today said its shipbuilding arm, L&T Shipbuilding, will sign a licensing and technological collaboration agreement with Japan's Mitsubishi Heavy Industries (MHI).
The agreement with Mitsubishi will provide a broad range of technological support for the construction and design of commercial vessels by L&T Ship Building and training of its engineers, the Indian engineering major said in a statement.
It added that the training of engineers will include training in ship construction, quality control and overseas procurement of shipbuilding materials.
"Going forward, MHI and L&T Ship Building (LTSB) will market vessels built by LTSB under exclusive technical collaboration with MHI," the statement added.
The agreement will be valid initially for three years, with an option to extend it further.
The statement also said starting early 2012, L&T engineers will be trained at the MHI's Nagasaki Shipyard and Machinery Works and the Shimonoseki Shipyard and Machinery Works in Yamaguchi Prefecture.
The Japanese firm will also depute experts in design, ship construction and quality control from its shipyards to India to impart training.
Both the companies, who are partners since 2007 and have two joint ventures in power sector, will also look to capture the opportunities relating to shipyards in emerging economies, the statement said.
Shares of L&T today closed at Rs 1,028.80 apiece on the BSE, up 0.30 per cent.
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