Infrastructure giant Larsen & Toubro (L&T) has purchased Tamil Nadu Industrial Development Corporation Ltd’s (TIDCO) 3 per cent stake in its subsidiary L&T Shipbuilding Ltd for Rs 32.74 crore. L&T acquired TIDCO’s stake pursuant to exercise of a put option which TIDCO had on Larsen & Toubro Ltd which is the promoter of L&T Shipbuilding as agreed with TIDCO at the time of inception of L&T Shipbuilding.