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.[1] Larsen & Toubro is also the parent company to around 120 subsidiaries, several of which are engaged in nuclear weapons related efforts.[2]

In the financial year ending 31 March 2017, Larsen & Toubro generated revenues of Rp 1,114.1 billion (€ 16.0 billion), resulting in an operating income of Rp 88.9 billion (€ 1.3 billion) and a net income of Rp 68.9 billion (€ 987.3 million).[3]

Contact Information

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).[4] 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.[5]

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.[6]

Investors

Investors

The following financial institutions have made approximately US$ 15,905 million available to this producer from January 2014 through October 2017.

  • A.K. Group (India)
  • Altius Finserv Private (India)
  • ANZ (Australia)
  • Axis Bank (India)
  • Barclays (United Kingdom)
  • BlackRock (United States)
  • BNP Paribas (France)
  • Citigroup (United States)
  • Commonwealth Bank of Australia (Australia)
  • Corpbay Financial Services (India)
  • Credit Suisse (Switzerland)
  • Deutsche Bank (Germany)
  • Edelweiss Financial Services (India)
  • Equator Corporate Services (India)
  • 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)
  • L&T Employees Welfare Foundation (India)
  • Life Insurance Corporation of India (India)
  • LKP Group (India)
  • Mata Securities India (India)
  • Mitsubishi UFJ Financial (Japan)
  • Mizuho Financial (Japan)
  • Morgan Stanley (United States)
  • Norges Bank (Norway)
  • 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 Group (India)
  • Unit Trust of India (India)
  • Vanguard (United States)
  • Viel & Cie (France)
  • Yes Bank (India)

Notes

Notes

[1]     Larsen & Toubro, “Overview”, Website Larsen & Toubro (www.larsentoubro.com/corporate/about-lt-group/overview/), viewed July 2017.

[2] Larsen & Toubro, “REPORTS AND ACCOUNTS 2015-2016 SUBSIDIARY COMPANIES”, Website Larsen & Toubro (www.investors.larsentoubro.com/upload/SubAnnualRep/FY2016SubAnnualRepL&T%20Subsidiary%20Report%202015-16.pdf), viewed August 2017.

[3]     Larsen & Toubro, “Statement of Audited Consolidated Financial Results for the Year Ended March 31, 2017”, Larsen & Toubro, May 2017; Thomson Reuters Eikon, “Larsen & Toubro Ltd – Fundmentals”,Thomson Reuters Eikon, viewed June 2016.

[4]     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 July 2017; 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 August 2017.

[5]     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).

[6]     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).

This page was last updated 26 January 2018.

Top 20 Producers

Looking for information on other nuclear weapon associated companies? Check here.

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 the top 20 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, the Netherlands, the United Kingdom and the United States. More information on other companies involved in nuclear arsenals, not listed in the top 20, can be found here.

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 is on the website.
We welcome information at any time about possible nuclear weapon producing companies to investigate.