As per the agreement the new company will have an initial capitalisation of $50 million with 75% ownership rights held by Toshiba and the balance of 25 per cent held by JSW Steel (5 per cent) and JSW Energy (20 per cent).
The location of the manufacturing facility and its headquarters will be announced in due course. The facility is expected to be operational by September 2009, while the JV company will be established by June 2008, stated a JSW release sent to the BSE.
Through the JV, Toshiba aims to enhance its presence in the Indian market for its cutting edge technology for steam turbine generators.
The scope of the JV includes design, manufacturing, marketing and maintenance services of large-to-midsized steam turbines and generators ranging from 500 mw to 1,000 mw.
The JV is seeking a site of 400,000 sq mtrs for the proposed facility and is expected to make an investment $250 million in plant and manufacturing equipment. The JV aims to establish an independent production scale of 3,000 mw a year. Marketing activities will commence from June 2008.
