Larsen & Toubro

Larsen & Toubro (India) is responsible for developing the launcher system for the nuclear-capable short-range surface-to-air Akash missile system for the Indian nuclear arsenal.

Company profile

Larsen & Toubro, based in India, is a technology, engineering, construction and manufacturing company. Its operating divisions include hydrocarbon, infrastructure, power, process industries, and defence.[a]

In the financial year ending 31 March 2016, Larsen & Toubro generated revenues of Rp 1,026.3 billion (€ 13.7 billion), resulting in an operating income of Rp 80.9 billion (€ 1.1 billion) and a net income of Rp 72.2 billion (€ 962.5 million).[b]

Contact Information

Website: www.larsentoubro.com

Larsen & Toubro Limited
L&T House, Ballard Estate
P. O. Box: 278,
Mumbai 400 001,
India
+91 22 6177 4200

Nuclear weapons

Larsen & Toubro is responsible for developing the launcher system for the nuclear-capable surface-to-air Akash missile system developed by India’s state-owned Defence Research and Development Organisation (DRDO).[i] According to defence sources, the short-range missile has a strike range of 25 km and is capable of carrying a nuclear warhead of 50kg.[ii]

In August 2015, it was reported that the Indian Defence Ministry intended to free Rp 50 billion for the procurement of Akash missile systems for the Air Force. Larsen & Toubro is one of the companies mentioned as likely to receive major contracts.[iii]

Investors

The following financial institutions have made approximately US$ 11,101 million available to this producer since January 2013.

  • A.K. Group
  • Aditya Birla Group
  • Altius Finserv Private
  • ANZ
  • Axis Bank
  • Barclays
  • BlackRock
  • BNP Paribas
  • Citigroup
  • Commonwealth Bank of Australia
  • Corpbay Financial Services
  • Credit Suisse
  • Deutsche Bank
  • Edelweiss Financial Services
  • Equator Corporate Services
  • Export Development Canada

  • Franklin Resources
  • General Insurance Corporation of India
  • GIC
  • Goldman Sachs
  • HDFC Bank
  • Housing Development Finance Corporation
  • HSBC
  • ICAP
  • ICICI Bank
  • IDFC
  • L&T Employees Welfare Foundation
  • Life Insurance Corporation of India
  • LKP Group
  • Mata Securities India
  • Mitsubishi UFJ Financial

  • Mizuho Financial
  • Norwegian Government Pension Fund – Global
  • Reliance Capital
  • Royal Bank of Scotland
  • SPA Group
  • Standard Chartered
  • State Bank of India
  • Sumitomo Mitsui Financial
  • Sumitomo Mitsui Trust
  • Taurus Group
  • Trust Investment Advisors
  • Unit Trust of India
  • Vanguard
  • Viel & Cie
  • Waddell & Reed
  • Yes Bank

This page was last updated 29 November 2016.

Notes

[a]       Larsen & Toubro, “Overview”, Website Larsen & Toubro (www.larsentoubro.com/corporate/about-lt-group/overview/), viewed June 2016.

[b]      Larsen & Toubro, “Statement of Audited Consolidated Financial Results for the Year Ended March 31, 2016”, Larsen & Toubro, May 2016;
Thomson Reuters Eikon, “Larsen & Toubro Ltd – Fundmentals”,Thomson Reuters Eikon, viewed June 2016.

[i]       L&T Heavy Engineering, “Missile launchers”, Website L&T Heavy Engineering (www.larsentoubro.com/heavy-engineering/products-services/defence-aerospace/land-weapon-systems/missile-launchers/), viewed June 2016;
Larsen & Toubro, “Annual review 2014-15”, Larsen & Toubro, May 2015; (investors.larsentoubro.com/upload/AnnualRep/FY2015AnnualRepL&T%20AR%202015_LRS.pdf);
Army Technology, “Akash Surface-to-Air Missile System, India”, Website Army Technology (www.army-technology.com/projects/akashsurfacetoairmis/), viewed May 2016.

[ii]      The Times of India, “Nuclear-capable Akash missile test fired”, Website The Times of India, 13 December 2007 (timesofindia.indiatimes.com/india/Nuclear-capable-Akash-missile-test-fired/articleshow/2620568.cms);
Rout, H.K., “Of 9 trials, Akash Failed in 2”, Website The New Indian Express, 27 November 2014 (www.newindianexpress.com/states/odisha/2014/11/27/Of-9-Trials-Akash-Failed-in-2/article2543332.ece);
Rout, H.K., “DRDO Registers Another Success with Akash”, Website The New Indian Express, 14 April 2016 (www.newindianexpress.com/states/odisha/DRDO-Registers-Another-Success-with-Akash/2016/04/14/article3379416.ece).

[iii]      Pubby, M, “Defence ministry to clear Rs 5,000-crore procurement contract for ‘Made in India’ Akash missile systems”, Website The Economic Times, 8 August 2015 (economictimes.indiatimes.com/articleshow/48397910.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst).

 

Producers

In some nuclear-armed states – in particular the United States, the United Kingdom and France – private companies are hired by governments to carry out work on maintaining and modernising nuclear arsenals. This report looks at companies that are providing the necessary components to develop, test, maintain and modernise nuclear weapons.The contracts these companies have with nuclear armed countries are for materials and services to keep nuclear weapons in their arsenals. The companies described are substantially involved in the nuclear weapons programmes of the United States, the United Kingdom, France, or India and are themselves based in France, India, Italy, the Netherlands, the United Kingdom and the United States.

In other nuclear-armed countries –Russia, China, Pakistan and North Korea – the maintenance and modernization of nuclear forces is carried out primarily or exclusively by government agencies.

Methodology

The nuclear weapon producers identified were selected on the basis of a predetermined set of criteria.
– Information on investments is publicly available.
– The company is directly involved in the development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services.
– The company’s involvement is related to warheads, or to delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

State owned or controlled nuclear industries are outside the scope of this research, as are companies not publicly listed. Our research uncovered a number of Universities involved in nuclear weapons programmes, but these are also outside the scope of the report.

The list of nuclear weapon producers investigated was compiled through a wide variety of sources, including financial institution exclusion lists, civil society reports, media reports, etc. Additional details on the contracts and components can be found in the Annex. We welcome information at any time about possible nuclear weapons producing companies to investigate.