JSW Steel Ltd, part of $8 billion O. P. Jindal Group has informed that the company would form joint venture with Toshiba to manufacture and market steam turbines and generators for thermal power plants in India. As per the agreement, Toshiba and JSW Steel would establish the joint venture company by June this year, with 75% stake held by Toshiba and 25% by the JSW Group.

The stake held by JSW Group will be divided among two group companies, JSW Steel Limited - 5% and JSW Energy Limited - 20%.

The scope of the JV includes design, manufacture, marketing and maintenance services of mid- to large-sized steam turbines and generators, ranging in size from
500-megawatts (MW) to 1,000MW that will be deployed in highly efficient super- critical thermal power plants.

The new company will have an initial capitalization of US$ 50 million and the manufacturing operations are expected to begin in September 2009.