MUMBAI, June 23: Engineering giant Larsen & Toubro Ltd has plans to invest over Rs 576 crore in new projects in the coming years. This will include new ventures and build-own-operate ventures to be undertaken by the company.

The company will be seeking the permission of the shareholders at the forthcoming annual general meeting for making this investment. L&T is bidding for several projects on build-own-operate and build-own-operate-transfer basis.

The company is likely to make investments in the special purpose vehicle companies to be formed for taking up such projets. The requirement of investment in such companies is estimated at Rs 200 crore.

The company is also exploring proposals with good prospects and/or synergy with the business of the company. ``The requirement of investment in such proposals is estimated at Rs 200 crore,'' the company said.

It has decided to promote a new company (L&T Komatsu Ltd) for the manufacture of construction equipment including hydraulic excavators, which is currently manufactured by the company at its Bangalore works. The paid-up capital of the proposed joint venture company will be Rs 120 crore and the company will subscribe to the extent of Rs 60 crore.

L&T has received an order for constuction of Narmada bridge on build-own-operate-transfer basis from the Ministry of Surface Transport. For execution of this order, the company has promoted a special purpose vehicle company by the name `Narmada Infrastructure Construction Enterprise Ltd' and will subscribe to its equity capital to the extent of Rs 30 crore.

The company has received a letter of award for setting up a combind cycle cogeneration power plant for Haldia Petrochemical Ltd (HPL) on build-own-operate basis. To reduce the company's risks, HPL has already formed a company - HPL Cogeneration Ltd (HPLCL).

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.