Toshiba Corporation and JSW, one of the India’s well known business groups have agreed to establish a joint venture company to manufacture and market steam turbines and generators for thermal power plants in India.
Under the terms of agreement between the companies, Toshiba and JSW will establish a joint venture in June 2008. The new company will have an initial capitalization of US$ 50 million, 75% held by Toshiba and 25% by JSW Group, to be held by two key group companies. JSW Steel – 5% and JSW Energy – 20%. The companies are now deciding the location of the headquarters and manufacturing facilities and will and will announce the details in due course.