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Bangalore, July 5 (UNI) Infrastructure engineering giant Larsen and Toubro is planning to launch a One billion dollar Infrastructure Development Fund next month.

L and T Chairman and Managing Director A M Naik told reporters here today that the company would put in 50 million dollars as seed money and the rest of the funds would be raised.

He said that the company was not planning to sell the stake in Ultratek Cement as the shares were presently undervalued in the stock market.

"The company is not in need of funds currently," he said.

He said that the company had taken up three major expansion programme in power, ship building and Railways.

The company is planning set up a 1000 mw power station at a cost of Rs 300 crore he said adding that it has shot listed Tamil Nadu and Gujarat for its location.

The major Shipyard was being built at a cost of Rs 1000 crore to be operative in the next three years, he said adding that the compnay had shortlisted Tamil Nadu, Andhra Pradesh and Gujarat.

Stating that now it was time to build ships in India he said that the shipyard work would be completed in 30 months once it acquired the land.

Mr Naik said that the company had received a defence order of Rs 250 crore in the last three months.

He said the company is awaiting the status of Rakshana Udyog Ratna as part of the government's effort to promote privatisation of defence production.

UNI