Mumbai: Japanese industries giant Mitsubishi Heavy on Thursday announced a joint venture with Anupam Industries to make port cranes and other equipment for the domestic and global markets.
The two companies said in a statement that they will invest a total of Rs 1.88 billion ($38 million) in the new venture, which will be called Anupam-MHI Industries Ltd.
A Mitsubishi Heavy Industries Ltd.’s gas turbine. Photo: Bloomberg
Anupam, which is India’s largest overhead crane manufacturer, will hold a 51% stake while shipbuilding-to-machinery manufacturer Mitsubishi Heavy will hold the balance.
The venture plans to set up two plants in Anand, in the western state of Gujarat, to make port cranes and material-handling equipment.
Operations are set to start in the first half of 2012, officials told reporters.
“We expect to see significant growth in the port crane and equipment market in India, alongside the Middle East, Africa and Latin America,” said the chairman of the new venture, Kanji Obata.
The company has already bagged two orders - one from the state-owned Jawaharlal Nehru Port Trust in Mumbai and another from the private Krishnapatnam port in the southern state of Andhra Pradesh.
The combined orders are worth Rs 3 billion, the companies said.