Jindal steel ties up with TMEIC GE for USD 80 mn

Mumbai, Apr 27 (UNI) JSW Steel Limited today signed an agreement worth USD 80 mn with Virginia's TMEIC GE to provide the company with a complete electrical and automation system.

TMEIC GE is a joint venture between Toshiba, Mitsubishi Electric and General Electric in the industrial drive systems business, said JSW Steel Managing Director Sanjeev Jindal.

After signing the agreement here, Mr Jindal expressed confidence over the new venture and said that with the new technology, JSW steel will become the most energy-efficient steel plant in the country.

The new system will be applied for a new hot strip mill of JSW Steel located at Toranagallu in Bellary district of Karnataka.

JSW Steel has the annual production capacity of 3.8 mn tonne of crude steel but in order to deal with rapid increase of steel demand, it is implementing the expansion plan to increase annual production up to 6.8 mn tonne of crude steel by next year.

TMEIC GE is a long-standing joint venture between industry giants like Toshiba, Mitsubishi Electric and GE formed to leverage each company's specific areas of expertise in the global supply of packaged drives and drive systems, he said.

TMEIC GE Marketing Director Steve Blomquist said ''This project is another excellent example of TMEIC and TMEIC GE global project execution.'' UNI AD VMD/KU VKG1640