Thermax, Babcock & Wilcox to set up JV to make supercritical boilers

10 Mar 2010

Power solutions provider Thermax Ltd todday said that it had signed an agreement with the US-based Babcock & Wilcox Power Generation Group to set up a joint venture company for manufacturing supercritical boilers.

Babcock & Wilcox Power Generation is a global power generation technology supplier.

Thermax will own 51 per cent stake in the JV while the balance 49 per cent would be held by the US partner, it said in a statement to the Bombay Stock Exchange.

The US company, along with Thermax, will engineer, manufacture and supply supercritical boilers for the Indian power sector. According to the company, it would also make sub-critical boilers over 300 MW. It said the supercritical boilers would be manufactured in a new facility that was being planned.

"We are proud to offer the services of this JV to support the government's initiatives to improve the power scenario of the country," Thermax MD and CEO M S Unnikrishnan said.

The two companies plan to jointly invest of Rs700 crore equally by way of debt and equity in the venture.