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Toshiba, GE eye fossil-fuel power joint venture

Deal comes after Mitsubishi Heavy Industries, Hitachi said they would combine their thermal power businesses
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First Published: Thu, Jan 24 2013. 12 42 PM IST
Toshiba and GE said that the two firms have cooperated in gas turbine power generation systems since 1982. Photo: AFP
Toshiba and GE said that the two firms have cooperated in gas turbine power generation systems since 1982. Photo: AFP
Tokyo: Toshiba Corp and General Electric Co. will enter a global strategic alliance to develop and sell fossil-fuel power equipment and consider a joint venture in the business, the firms said on Thursday.
The deal comes after domestic rivals Mitsubishi Heavy Industries and Hitachi Ltd said they would combine their thermal power businesses in November due to increased competition from the likes of Siemens and GE.
Under the memorandum of understanding signed on Thursday, Toshiba and GE said they will “...explore the formation of a strategic joint venture for the development of next-generation combined-cycle power projects with higher levels of thermal efficiency”.
The two firms have cooperated in gas turbine power generation systems since 1982, the companies said.
The Nikkei business newspaper earlier reported the firms plan to have equal stakes in the joint unit, which may be launched as early as this year.
Toshiba shares rose 1.4% to ¥370, against a flat benchmark Nikkei average.
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First Published: Thu, Jan 24 2013. 12 42 PM IST
More Topics: Toshiba | GE | Fossil-fuel power | Thermal power |
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