Mitsubishi Heavy Industries Ltd
has announced plans to
establish a new firm
Mitsubishi Power Systems India Private
Ltd (MPS India) that will serve as a
regional arm overseeing the company's
power systems business.
MPS India will be Mitsubishi
Heavy Industries' fourth regional
headquarter, after the US, Europe
and Southeast Asia. The move, the
company said, is aimed at
strengthening MHI's marketing
activities "to accommodate India's
rapidly growing power demand," an
official statement noted.
The objectives also include getting a
bigger foothold in the Indian market
for gas turbine combined cycle plants
at a time when there are indications of
higher natural gas supplies on account
of gas field development in the Bay of
Bengal and the expansion of LNG
terminals, MHI said in a statement
issued on Monday.
MHI already has in place two joint
venture companies with Larsen &
Toubro Ltd for taking care of the
expanding demand for coal-fired
power plants in the country. MPS
India will aim to "further nurture
India's power generation market by
leveraging the knowhow acquired
through the joint ventures with L&T,"
the statement said. The new company
will also support management of the
two ventures, it added.
MPS India will initially be capitalised
at around $1 million, which could go up
to around $10 million by the year 2013,
when the company expects to have fullscale
EPC (engineering, procurement
and construction) capabilities here, it
said. MPS India will be established
effective November 1 and operations at
the new regional base are also slated to
get under way on the same date. "With
its establishment, MHI aims to further
enhance its response to the needs of
India's rapidly growing power
generation market and to expand orders
from India for its power systems
products, including gas turbine
combined cycle power generation plant
and its component," it said.