Tuesday, March 06, 2007

Toshiba and L&T

Toshiba in talks on power plant business in India in its first ever JV in India.This is a match made in heavens. Toshiba is looking to expand its power sector business and India desperately needs investment in the power sector. The original article was feaured in the Yahoo news.

March 6 2007: Japanese giant Toshiba Corp. said Tuesday it was in talks with India's Larsen and Toubro Ltd. to enter the coal-fired power plant business in the growing South Asian economy. The proposed venture would jointly produce and sell equipment for the plants.

"We are in negotiations with L and T to form a joint venture to launch coal-fired power plant businesses in India," said Toshiba spokeswoman Hiroko Mochida.

The Nikkei business daily said Larsen and Toubro would likely take a majority stake in the joint venture, which will spend some 20 billion yen (173 million dollars) to build plants for steam turbines and power generators.

Toshiba, best known internationally for its electronics, has been expanding its power business.
Last year it acquired US nuclear power plant maker Westinghouse for 5.4 billion dollars in one of the biggest Japanese acquisitions overseas in years.

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