L&T Acquires Remaining 40% Stake in L&T Sapura Shipping
Filing Summary
Larsen & Toubro Ltd has executed a Share Purchase Agreement to acquire the 40% stake held by Sapura Nautical Power Pte Ltd in L&T Sapura Shipping Private Limited (LTSSPL). This acquisition will make LTSSPL a wholly owned subsidiary of L&T. The transaction involves the purchase of 6,35,41,233 equity shares at Rs. 19.26 per share, totaling Rs. 1,223,904,412. Additionally, LTSSPL will repay a shareholders’ loan of US$16.93 million to Sapura. The acquisition is expected to be completed by January 31, 2026.
Larsen & Toubro Ltd has announced the acquisition of the 40% stake held by its joint venture partner, Sapura Nautical Power Pte Ltd, in L&T Sapura Shipping Private Limited (LTSSPL). This acquisition will result in LTSSPL becoming a wholly owned subsidiary of L&T. The transaction is conducted under the terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The financial terms of the acquisition include the purchase of 6,35,41,233 equity shares of LTSSPL at a price of Rs. 19.26 per share. The total consideration for this transaction amounts to Rs. 1,223,904,412. In addition to the share purchase, LTSSPL will repay a shareholders’ loan to Sapura, which aggregates to US$16.93 million. The transaction is structured as a cash consideration.
LTSSPL operates in the Oil and Gas and Maritime and Shipping sectors. It owns and operates a Heavy Lift cum Pipe Lay Vessel (HLPV) used for the installation of offshore platforms and the laying of pipes and cables under the sea for the Hydrocarbon Upstream Industry. The company was incorporated on September 2, 2010, and has been a 60:40 joint venture between L&T and Sapura. The turnover of LTSSPL as of March 31, 2025, was Rs. 154 Crore.
The acquisition will enable L&T to have complete control over LTSSPL, enhancing its operational flexibility and asset availability for executing offshore projects, particularly in India and the Middle East. LTSSPL’s operations in the offshore marine construction segment complement L&T’s core engineering and construction businesses.
The acquisition is expected to be completed by January 31, 2026, subject to the satisfaction of customary conditions. No governmental or regulatory approvals are required for this acquisition. The transaction is conducted on an arm’s length basis, as Sapura is a related party of LTSSPL under Section 2(76) of the Companies Act, 2013.
Sapura Nautical Power Pte Ltd is involved in the maritime and shipping industry, focusing on providing solutions for offshore construction and installation. The company has been a joint venture partner with L&T in LTSSPL, contributing to the development and operation of offshore marine assets.
Larsen & Toubro Ltd is a major Indian multinational engaged in technology, engineering, construction, manufacturing, and financial services. The company is committed to delivering projects and services in the infrastructure and industrial sectors, with a focus on enhancing its capabilities in the offshore and marine construction segments.