Toyo, L

Tokyo, May 30: Japan's Toyo Engineering Corp. said on Tuesday it and Larsen&Toubro Ltd.(L&T) have received a 75 billion yen (0 million) order from state-owned Indian Oil Corp. to build an ethylene plant in the country.

Shares in Toyo rose as much as 6 percent in morning trade.

A Toyo spokesman said the company will take a 60 percent share in the facility, which will have annual output capacity of 800,000 tonnes. Operations are slated to begin in 2009, he added.

Toyo has had an Indian joint venture for more than 30 years, whose approximately 950 workers are all locals except for its Japanese president.

Under its new mid-term business plan, the company planned to boost its sales by one-third in the next three years to 260 billion yen by strengthening its overseas businesses. Toyo also said earlier this month that it would increase its work force overseas, while maintaining the size of its staff in Japan.

Shares in Toyo were up 4.5 percent at 713 yen as of 0142 GMT.

Reuters