Toshiba Corporation, a Japan-based leading manufacturer of electronic products and Tokyo Electric Power Company (TEPCO), a leading power supplier in Japan, have entered into an agreement to form a joint venture (JV) under the name TT Network Infrastructure Japan Corporation for global power transmission and distribution.
The venture, to be established on September 2 will be capitalised at 100 million Yen (US $1 million).
It will integrate Toshiba's expertise in power transformation and power grid solutions with TEPCO's excellence in grid planning, system design, operations and maintenance.
Toshiba already has a considerable presence in the global market and by adding TEPCO's expertise, the JV hopes to target wide range of market including emerging economies such as India and other countries of Southeast Asia and Latin America.
The JV will initially provide engineering support to Toshiba's overseas clients.
The company also plans to develop a business model offering services ranging from consultancy and supply to construction, operation and maintenance.