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New Delhi, Sep 21 (UNI) Larsen&Toubro Ltd (L&T) today laid the foundation of switchboard manufacturing plant in Ahmednagar that will increase the capacity of its Electrical and Electronics Division (EBG) there.

''L&T's electrical business is growing at 30 per cent and we are committed to maintaining this growth. Our market share in the switchboard business is above 40 per cent. The new factory at Ahmednagar will help us meet the needs of a variety of customers in both, domestic and international market,'' company's Chairman and MD A M Naik said after laying the foundation stone.

The total expansion programme for both businesses in Ahmednagar facility envisages investment of Rs 90 crore with manpower strength of 1300 personnel.

The construction of the new plant will be completed by the middle of FY 2007-08, Mr Naik said adding, once operational it would generate revenue of Rs 150 crore in the first year.

The plant will employ more than 100 people directly and 300 indirectly, he informed.

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