Mitsubishi Heavy: We’re Not Buyin’ It

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October 2, 2012

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.

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