Mitsubishi Heavy to form India JV with L&T
This venture will aim to manufacture and sell boilers for coal-fired power plants to meet escalating electricity demands.business Updated: Apr 17, 2007 14:50 IST
Japan's Mitsubishi Heavy Industries Ltd announced its plan to form a joint venture in India with engineering firm Larsen and Toubro Ltd. to manufacture and sell boilers for coal-fired power plants.
The joint venture will be set up this month with a capital of about 68 million US dollars and is due to begin production of supercritical pressure boilers by early 2009.
"The move is aimed at responding to a rapidly growing electricity demand, in accordance with India's robust economic growth," the Japanese industrial giant said in a statement.