1 February 2010
Nuclear Power Corp. of India Ltd (NPCIL) and engineering, construction and technology company Larsen & Toubro Ltd (L&T) have signed an agreement to form a joint venture company for the manufacture of heavy forgings and special steel products. L&T will have a 74% stake in the venture, and NPCIL will have a 26% share. The manufacturing facility will house a steel-melting unit that will produce ingots weighing about 600 metric tons each. The complex will also have a forging press to produce heavy forgings, which among others uses, will cater to the requirements of the nuclear sector. The forging unit will likely be one of the largest such units in the world. The project site is located at L&T's facility at Hazira in Surat, Gujarat, and the products will include forgings specific to thermal power plants, forgings for vital components of the hydrocarbon sector, as well as heavy forgings for nuclear reactors, steam generators and pressurizers. The steel and forgings plant at Hazira will be established at an estimated investment of USD 385 million. L&T proposes to set up seven new factories at Hazira, and they will manufacture boilers and turbines in addition to heavy forgings and nuclear components. Overall capital investments are expected to be in the range of USD 1.1 billion. L&T's first boiler plant will be completed in March 2010. The other plants are scheduled for commissioning between March and May this year.
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