Lists - Toshiba JSW Signs Loan Agreement with Japan Bank for their plant in Chennai , India

1st of May 2010 0

Toshiba JSW Signs Loan Agreement with Japan Bank for their plant in Chennai , India

Toshiba JSW Turbine and Generator Pvt. Ltd. (Toshiba JSW), a joint venture between JSW Group and Toshiba Corporation of Japan, today announced that it has made a major step forward in its projects for the construction of its manufacturing facilities for steam turbines and generators in Chennai, Tamil Nadu.

 

On October 21, Toshiba JSW signed a land lease agreement with the government of Tamil Nadu on a site for its facilities, and today, the company 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 that will be used to finance construction of the facilities.

 

Toshiba JSW was established in September 2008 to manufacture and market mid- to large-sized steam turbines and generators (500 megawatts (MW) to 1,000MW) for highly efficient super-critical thermal power plants in India. In July, 2009, the company signed Memorandum of Understanding with the government of Tamil Nadu and selected the construction site in Chennai, the capital of Tamil Nadu state, and has initiated necessary arrangements toward plant construction. Toshiba JSW has targeted January 2011 for the start of manufacturing operations.

 

Toshiba JSW expects its steam turbines and generators to contribute to the generation of cleaner energy, and to help meet a surge in demand for power expected in India in the near future. In recognition of its contribution, the loan from JBIC was granted under the “LIFE (Leading Investment to Future Environment) Initiatives” program initiated by the Japanese government in March this year.

 

Toshiba JSW has already started to recruit staff and plans to hire 500 employees by 2014, a move that will make a significant contribution to expansion of job opportunities in Chennai.

 

Outline of Toshiba JSW Turbine and Generator Pvt. Ltd.

Location:                    Chennai, Tamil Nadu, India

Established:               September 2008

Capital:                       2.2 billion Indian rupees (approximately US$50 million)

Ownership:                 Toshiba Group 75%, JSW Energy 20%, JSW Steel 5%

Managing Director:   Itaru Ishibashi

Employee:                  Approximately 500 (in 2014, plan)

Business:                    Design, manufacture, marketing and maintenance services for                            steam turbines and generators

 

Background information

Establishment of Toshiba JSW is part of Toshiba Group’s long-term programs to expand its global thermal power business. The new Indian site will be Toshiba Group’s first production base for the manufacture of steam turbines and generators outside of Japan.

 

Driven by strong economic growth, the Indian power generation equipment market foresees demand growth of 15,000-16,000MW a year for the next decade, according to the Indian government’s Eleventh (2007-2012) and Twelfth (2012-2017) Five-Year National Electricity Plans. Coal-fired thermal power stations will account for over 60 percent of capacity growth, far surpassing other energy sources, and 80 percent of those power stations will be highly efficient super-critical thermal power plants.

 

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For further media information kindly contact:

Vartika Khera @ 09810072362 Email: vartika.khera@fourthestateindia.com

Ph : 91 11 4101 5633 Fax ; 91 11 4165 5806 www.fourthestateindia.com

 

 

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