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.

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.

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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.