TOKYO — Mitsubishi Heavy Industries Ltd. dismissed a local newspaper report Wednesday that it aims to buy a controlling share in a shipbuilding unit of India’s Larsen & Toubro Ltd.
The Yomiuri Shimbun reported in its Wednesday morning edition that the Japanese shipbuilder and heavy machinery maker plans to buy at least a 51% stake in L&T Shipbuilding by 2015 as part of efforts to increase cost competitiveness.
But a Mitsubishi Heavy spokeswoman said there was no truth to the report.
In December, Mitsubishi signed a pact to provide technical assistance to L&T Shipbuilding.
Japanese shipbuilders are facing severe business conditions in the global market as the yen’s strength and higher manufacturing costs give an advantage to shipyards in China and South Korea.
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