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.
(c) 2012 Dow Jones & Company, Inc.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,118 members that receive our newsletter.
Have a news tip? Let us know.
German liner Hapag-Lloyd has inked contracts with two prominent Chinese shipyards for 24 new state-of-the-art containerships valued at around US $4 billion The ambitious order includes 12 vessels from Yangzijiang...
by Pratyush Thakur (Reuters) – The largest U.S. military shipbuilder Huntington Ingalls $HII on Thursday cut its 2024 shipbuilding revenue due to uncertainty in navy agreements, supply chain issues and labor shortages, sending its shares down....
United European Car Carriers (UECC) has inked a deal with China Merchants Jinling Shipyard Nanjing for the construction of up to four state-of-the-art multi-fuel battery hybrid pure car and truck...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,118 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
