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Power Energy

Toshiba JSW gets US$90 million loan from JBIC for Chennai facility

10/23/2009 09:00:00 AM

Chennai, Oct (EPC News): Toshiba JSW Turbine and Generator Pvt. Ltd. (Toshiba JSW), a joint venture between JSW Group and Toshiba Corporation of Japan, today signed an agreement with the Japan Bank for International Cooperation (JBIC), the international wing of the Japan Finance Corporation for a US$90 million loan.

The loan will be used to finance construction of its manufacturing facilities for steam turbines and generators coming up in Chennai, Tamil Nadu. On October 21, Toshiba JSW signed a land lease agreement with the government of Tamil Nadu for the site for its facilities.

Toshiba JSW has targeted January 2011 for the start of manufacturing operations. The company has already started to recruit staff and plans to hire 500 employees by 2014.

The project will see a capital investment of 2.2 billion Indian rupees (approximately US$50 million). The joint venture will undertake design, manufacture, marketing and maintenance services for steam turbines and generators.

EPC News Bureau