Larsen & Toubro has today executed a Share Purchase Agreement for acquisition of shareholding of Sapura Nautical Power (Sapura), JV Partner, in L&T Sapura Shipping (LTSSPL), a subsidiary of the Company. Post completion of the acquisition, LTSSPL will be a wholly owned subsidiary of the Company.

The acquisition further strengthens the Company's operational flexibility and asset availability for execution of offshore projects, particularly in India and the Middle East.

LTSSPL operates in the offshore marine construction segment, which is complementary to L&T's core engineering and construction businesses.