Toshiba Corp. said May 7 that it had agreed to tie up with India's JSW Group to manufacture and market steam turbines and generators for thermal power plants in India.
Toshiba and JSW, which is part of O.P. Jindal Group, plan to invest about $250 million in plant and manufacturing equipment for the joint venture, which will be owned 75% by Toshiba and 25% by JSW.
Manufacturing operations are expected to start in September 2009.
"We want to rapidly build up our presence in a fast growing market," executive vice president Atsuhiko Izumi said.
Last year Toshiba won a large contract to supply five large super-critical steam turbines and generators to India's Tata Power. The Japanese group has positioned energy as one of its core businesses. It bought nuclear plant maker Westinghouse Electric from British Nuclear Fuels in 2006 in one of the largest Japanese overseas acquisitions in years.
Copyright Agence France-Presse, 2008