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Larsen & Toubro (L&T) has moved to take full control of its offshore marine construction joint venture, L&T Sapura Shipping Private Limited (LTSSPL), by acquiring the remaining 40% stake from Sapura Nautical Power Pte Ltd for INR 122.39 crore (about USD 30.5 million). L&T will buy over 6.35 crore shares at INR 19.26 each and settle Sapura�s outstanding shareholder loan of roughly USD 16.93 million. The transaction, expected to close by the end of this month, strengthens L&T�s offshore marine capabilities in India and the Middle East.
Larsen & Toubro (L&T) has agreed to acquire the remaining 40% stake in L&T Sapura Shipping Private Limited (LTSSPL) from its joint venture partner, Sapura Nautical Power Pte Ltd, for INR 122.39 crore, making the offshore marine construction firm a wholly owned subsidiary. The company will purchase 6,35,41,233 equity shares at INR 19.26 per share, consolidating its control over the venture. Advertisement
As part of the acquisition, LTSSPL will repay the outstanding shareholder loan of approximately USD 16.93 million owed to Sapura. This ensures all prior financial obligations between the partners are cleared before the complete ownership transfer.
Incorporated in 2010, LTSSPL operates a Heavy Lift cum Pipe Lay Vessel (HLPV), which is used for offshore platform installations and subsea pipeline and cable laying in the upstream hydrocarbon sector. Over the past few years, the company?s turnover has shown steady growth: INR 154.12 crore for the financial year ended March 31, 2025, up from INR 162.50 crore in FY24 and INR 58.45 crore in FY23, reflecting its increasing contribution to offshore marine services.
This acquisition is expected to enhance L&T?s operational flexibility and asset availability, supporting offshore project execution in India and the Middle East. LTSSPL?s specialised capabilities complement L&T?s engineering and construction operations, particularly in complex offshore projects.
Prior to this deal, L&T held a 60% stake in LTSSPL, with Sapura Nautical Power holding the remaining 40%. With full ownership, L&T consolidates LTSSPL into its offshore and marine infrastructure portfolio, enabling greater control over project planning, execution, and asset management.
The transaction is subject to customary closing conditions and is anticipated to complete by the end of this month. Full ownership positions L&T to better leverage its fleet for offshore installations and subsea pipeline projects, strengthening its long-term presence in key regional markets.
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