ISGEC forms JV with Japan’s Hitachi Zosen
09 Apr 2012
ISGEC Heavy Engineering Limited, a leading supplier of process equipment, has set up a joint venture with Hitachi Zosen Corporation of Japan, for design and manufacture of process equipment.
The joint venture, ISGEC Hitachi Zosen, will make use of IGSEC's existing manufacturing facility at the port town of Dahej in Gujarat. The capital for the new company is pegged at Rs100 crore.
Yamunanagar, Haryana-based ISGEC will hold a 51-per cent equity stake in the joint venture while Hitachi Zosen will hold the remaining 49 per cent, the companies said in a joint press release today.
Nagasu-machi, Tamana-gun, Kumamoto-based Hitachi Zosen, a leading technology provider for process equipment, has already a cooperation agreement with ISGEC in the business field of process equipment since 2009.
The joint venture company will make it feasible for Hitachi Zosen to provide high quality process equipment at competitive price in India and elsewhere.
Hitachi Zosen also plans to accelerate its business exploitation in the rapidly growing Indian market by taking good advantage of ISGEC's network.
Process equipment is a core component of various plants such as oil refining, LNG, GTL (gas to liquids), and fertiliser. Hitachi Zosen proposes to use the joint venture to address demands in the global market for process equipment as well as manufacturing high value-added products at the Ariake Works or performing perpetual research and development.
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