Larsen and Toubro has forayed into dredging business by acquiring 61 per cent stake in International Seaport Dredging Pvt Ltd.
After the shareholders' agreement on January 25, L&T has acquired 61 per cent stake of the Indian venture of Dredging International, which is promoted by Belgian Dredging International NV.
The remaining 39 per cent stake would be held by its promoter company, L&T informed the Bombay Stock Exchange.
The acquisition is in line with the
company's strategy to strengthen its position in ports and harbours.
Dredging International is part of the DEME Group (Dredging, Environmental and Marine Engineering) and its core activity includes dredging and land reclamation.
The company's shares closed at Rs 2717, up 3.41 per cent at the BSE.
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