Toshiba JSW signs $90 mn loan pact with JBIC

Toshiba JSW signs $90 mn loan pact with JBIC

Chennai: Toshiba JSW Turbine and Generator, a JV between Sajjan Jindal-led JSW Group and Toshiba Corporation, Japan, on Thursday signed an agreement with Japan Bank for International Cooperation for a $90 million loan that will be used to finance construction of its manufacturing facilities.

The JBIC loan was granted under the ‘Leading Investment to Future Environment Initiatives’ programme initiated by the Japanese government in March this year, a company release said.

In addition, Toshiba JSW has also signed a “land lease agreement" with Tamil Nadu government for setting up plant to manufacture and market mid to large sized steam turbines (500 MW to 1,000 MW) to highly super critical thermal power plants in India, it said.

The company has initiated necessary arrangements toward plant construction, the release said.

Toshiba JSW has invested $2.2 billion for the plant and plans to hire 500 employees by 2014 at the facility.

The company has targeted to commence production by January 2011. The new Indian site would be Toshiba’s group first production base to manufacture steam turbines and generators outside Japan, the release added.