Mumbai: State-owned Bharat Heavy Electricals Ltd (Bhel), will form a joint venture company with Japan’s Toshiba Corp. that will build power transmission links across India and will also cater to the distribution business.

A memorandum of understanding (MoU) will be signed between the two firms on Wednesday in New Delhi.

Mint had reported about Bhel’s plans on 9 February 2009.

Bhel, the country’s biggest power equipment maker, is also eyeing new businesses and planning joint ventures in areas such as automation of electricity sub-stations and high-voltage distribution systems and gas-insulated switch gears as it faces intense competition from overseas firms, especially Chinese suppliers.

—Utpal Bhaskar

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JSL to extend foreign debt maturity

Mumbai: JSL Ltd said it will extend the maturity of its foreign debt after defaulting on overseas bonds sold mostly to investors in Hong Kong and Singapore. JSL missed paying principal on the bonds on 24 December, according to a Bombay Stock Exchange filing.

—Bloomberg