L&T,MHI to inks JV: To infuse Rs 880cr

New Delhi, Nov 5: Engineering and construction major company Larsen&Toubro Ltd (L&T) and power equipment maker, Mitsubishi Heavy Industries Ltd (MHI),have signed a joint venture (JV) to set up a manufacturing facility to supply super-critical Steam Turbine and Generator facility in the country, entailing an investment of Rs 880 crore.

The proposed manufacturing JV, will have a product configuration catering to plant capacities ranging between 500 MW to 1000 MW. The manufacturing operation expected to commence sometime during the later part of fiscal 2008-09, a company statement said.

L&T has already a JV with MHI for manufacture of Super Critical Boilers. L&T&Mitsubishi Group has been seeking a foothold in power generation core equipment sector to meet country's rapidly growing power demand while L&T has been looking for an technology partner possessing state of art technologies and willing to invest and work together to serve Indian power demand, thew statement added.

UNI