Larsen and Toubro's Kattupalli Shipyard near Chennai has qualified for the Master Shipyard Repair Agreement (MSRA) and the Indian conglomerate has signed an agreement with US Navy for repairing of vessels.

The shipyard has been approved by the Indian Navy and the Coast Guard for repairing works.

The Kattupalli Shipyard near Chennai is a major node in the Southern Defence Corridor which has been undertaking voyage repairs of the US Navy's Military Sealift Command vessels, a release said.

Kattupalli shipyard is equipped with a heavy ship-lift, multiple dry berths, and wet berths to concurrently enable building of new ships and undertaking repairs and refits, it said.

USNS Salvor was received at Larsen & Toubro's (L&T) Kattupalli Shipyard on Sunday for voyage repairs. The USNS Salvor is a rescue and salvage ship and is used as a platform to support recovery missions.

This is the third US ship coming to the shipyard for voyage repairs. Earlier, voyage repairs of Marine Sealift Command (MSC) fleet support ships - USNS Charles Drew and USNS Matthew Perry - were undertaken and completed on time, the release said.

The agreement marked yet another step in the growing relationship between the two key partner countries, more so in the defence sector.

"This MSRA is yet another milestone in our ever-expanding U.S.-India partnership. This historic agreement is a direct outcome of the 2022 U.S.-India 2+2 Ministerial Dialogue and demonstrates U.S. commitment to utilize repair facilities on a regular basis at the L&T shipyard in Kattupalli. This agreement will serve to strengthen our two nations' strategic partnership and contribute to a free and open Indo-Pacific," said the US Consul General in Chennai Judith Ravin.

According to AT Ramchandani, Executive Vice President and Head L&T Defence, "This agreement marks a global recognition of our unmatched capabilities and facilities to undertake quality ship repairs and refits. We are happy to be of service to the US Navy and the Military Sealift Command."

Larsen & Toubro is a USD 23 billion Indian multinational engaged in engineering, procurement, and construction (EPC) projects, among others.

It operates in over 50 countries worldwide.

Larsen & Toubro achieved consolidated revenues of Rs 183,341 crore for the year ended March 31, 2023, recording a healthy year-on-year growth of 17 per cent, aided by strong execution of a large order book. International revenues during the year at Rs 68,787 crore constituted 38 per cent of the total revenue.

The company for the year ended March 31, 2023 posted a total consolidated Profit After Tax (PAT) of Rs 10,471 crore, registering a robust growth of 21 per cent compared to the previous year.