The major electronics goods manufacturer company from Japan, Toshiba and the third largest steel producer of India, JSW, have formed a new joint venture (JV) company between them, on Wednesday. The sources related to the development have stated that the new JV company is going to manufacture and market super critical steam turbine and generators for the thermal power plants in India. The sources added that the new company will start its operations with an initial of $50 million and Toshiba will hold a 75% stake in the company, as per the agreement.
Informing that the remaining 25 per cent stake will be jointly held by JSW Steel (5 per cent) and JSW Energy (20 per cent), one of the sources said that the companies will announce the location of the manufacturing facility and its headquarters, shortly. The source said that the companies are expecting the facility to start its operations by the month of September 2009, and the JV company is going to be established by June 2008. The Japanese electronics major, Toshiba is planning to enhance its presence in the Indian market for its cutting edge technology for steam turbine generators, through this new JV company.
The JSW has already released an official statement for informing the Bombay Stock Exchange regarding the JV formation and said that the scope of the JV includes design, manufacturing, marketing and maintenance services of large-to-midsized steam turbines and generators that range from 500 mw to 1,000 mw. The statement added that the JV is looking for a location of 400,000 sq mtrs for setting up the proposed facility and it is also thinking of making an investment of $250 million in plant and manufacturing equipment. The statement further informed that the new JV is also aiming to establish an independent production scale of 3,000 mw per annum and it will commence its marketing activities from June 2008.
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| Posted : 5/9/2008 |
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