L&T, Kobe Steel ink joint venture for rubber, tyre industry equipment

摘要

Larsen and Toubro Ltd (L&T), the diversified engineering and construction conglomerate, and Japan's Kobe Steel Ltd formed a joint venture--L&T Kobelco Machinery Ltd--to make equipment for tyre and rubber companies. L&T will own 51 % of the venture and Kobe the rest, the companies said in a release on Tuesday. The firm will have paid-up capital of 30 crore pounds to start with, funded by equity and domestic debt, said S. Raghavan, senior executive vice-president of L&T. The venture is looking to set up a manufacturing facility in south India.