Tokyo- Matsushita Electric Industrial Co saw a record net profit in the April-June period on increases in its overseas sales, mainly flat-panel televisions, the company said Tuesday.

The Japanese home electronics company saw its net profit rise 85.8 per cent in the three months through June 30 from the same period last year to a record 73.03 billion yen (678.06 million dollars).

Matsushita also attributed the sharp profit increase to the cost-cutting efforts, which more than offset negative factors such as the yen's rise and surging materials costs, the company said.

Reliance Infrastructure, led by Anil Ambani will soon enter in a joint venture with Chinese firm Shanghai Electric Corporation to build an Rs 12,000-crore power equipment plant.

The JV is expected to be completed by 2010 and will have an initial capacity of 10,000mw. The project undertaken by the two companies is expected to be bigger than state-run Bharat Heavy Engineering (Bhel) in terms of capacity.

For the proposed plant, this 50:50 JV will raise around Rs 9,500 crore as debt. The majority of fund will be provided by the foreign banks.

Shipping Corporation of India (SCI) is eyeing joint ventures in order to