L&T to set up shipbuilding yard

India’s largest engineering firm Larsen & Toubro will be the first company to set up a major state-of-the-art ship- building yard at a cost of Rs 1,500 crore.

“We will announce the details of the project in one or two months,” a top company official told PTI, adding the company has identified three locations in Tamil Nadu, Andhra Pradesh and Gujarat, of which one would be selected.