Shares in Larsen & Toubro (LART.NS) gain 3.1 percent, after earlier gaining as much as 4.3 percent, after Japan's quotes a Mitsubishi Heavy Industries Ltd. (7011.T) executive expressing interest on Monday in acquiring a stake in L&T Shipbuilding "within a few years."
Mitsubishi Heavy currently provides L&T Shipbuilding with technological assistance, ranging from design drawings to quality control, under a tie-up agreement signed by the two companies in December.
L&T says no discussion has taken place on a stake sale.
"So far we have no discussions on this at all," said .V. Kotwal, President of L&T Heavy Engineering, tells Reuters. "But if in future such a situation arises, definitely we will be looking at it on merit," he added, referring to a stake sale. "Right now there is no such agreement or discussion."
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