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. It has nine operating divisions, among which are heavy engineering, construction and power. 1

In the financial year ending 31 March 2014, Larsen & Toubro generated revenues of Rp 920.0 billion (€ 13.5 billion), resulting in an operating income of Rp 90.6 billion (€ 1.3 billion) and a net income of Rp 47.6 billion (€ 701 million). 2

Contact Information


Larsen & Toubro Limited
L&T House, Ballard Estate
P. O. Box: 278,
Mumbai 400 001,
+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). 3 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. 4


The following financial institutions have made approximately USD 15,640 million available to this producer since January 2012.

  • A.K. Group (India)
  • Abu Dhabi Investment Authority (United Arab Emirates)
  • Aditya Birla Group (India)
  • Altius Finserv Private (India)
  • ANZ (Australia)
  • Axis Bank (India)
  • Barclays (United Kingdom)
  • BlackRock (United States)
  • BNP Paribas (France)
  • Carmignac Gestion (France)
  • Citigroup (United States)
  • Commonwealth Bank of Australia (Australia)
  • Corpbay Financial Services (India)
  • Crédit Suisse (Switzerland)
  • Darashaw (India)
  • Deutsche Bank (Germany)
  • Equator Securities (Indonesia)

  • Export Development Canada (Canada)
  • Franklin Resources (United States)
  • General Insurance Corporation of India (India)
  • GIC (Singapore)
  • Goldman Sachs (United States)
  • HDFC Bank (India)
  • Housing Development Finance Corporation (India)
  • HSBC (United Kingdom)
  • ICAP (India)
  • ICICI Bank (India)
  • IDFC (India)
  • Kotak Mahindra Bank (India)
  • L&T Employees Welfare Foundation (India)
  • Life Insurance Corporation of India (India)
  • LKP Group (India)

  • MassMutual Financial (United States)
  • Mitsubishi UFJ Financial (Japan)
  • Mizuho Financial (Japan)
  • Reliance Group (India)
  • Royal Bank of Scotland (United Kingdom)
  • SPA Group (India)
  • Standard Chartered (United Kingdom)
  • State Bank of India (India)
  • Sumitomo Mitsui Financial (Japan)
  • Sumitomo Mitsui Trust (Japan)
  • Taurus Group (India)
  • Trust Investment Advisors (United States)
  • Unit Trust of India (India)
  • Vanguard (United States)
  • Viel & Cie. (France)
  • Yes Bank (India)

This page was last updated 29 October 2015.


  1. Larsen & Toubro, “Overview”, Website Larsen & Toubro ( ), viewed June 2015.
  2. Larsen & Toubro, “Annual Report 2013-2014”, Larsen & Toubro, May 2014;
    Thomson Reuters Eikon, “Larsen & Toubro Ltd – Fundmentals”,Thomson Reuters Eikon, viewed June 2015.
  3. L&T Heavy Engineering, “Missile launchers”, Website L&T Heavy Engineering (, viewed June 2015;
    Larsen & Toubro, “Annual review 2013-14”, Larsen & Toubro, 2014 (;
    Army Technology, “Akash Surface-to-Air Missile System, India”, Website Army Technology (, viewed May 2015.
  4. The Times of India, “Nuclear-capable Akash missile test fired”, Website The Times of India, 13 December 2007 (;
    Rout, H.K., “Of 9 Trials, Akash Failed in 2”, Website The New Indian Express, 27 November 2014 (


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.


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.