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Toshiba JSW gets US$90 million loan from JBIC for Chennai facility Print E-mail
Written by Krishna Kumar   
Friday, 23 October 2009
Chennai: 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.

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 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.

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. Toshiba Group holds 75% stake in the joint venture while JSW Energy holds 20% and JSW Steel holds 5%.

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.

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