Toshiba JSW Turbine and Generator Pvt. Ltd. (Toshiba JSW), a joint venture between JSW Group and Japan-based electronic goods major Toshiba Corporation, is presently setting up a facility in TamilNadu to manufacture steam turbines and generators for thermal power plants.

Recently, Toshiba JSW has signed a memorandum of understanding (MoU) with the State Government to facilitate the process of setting up a production unit. A company official stated in a release that the latest agreement would allow Toshiba JSW to lease land for the construction of manufacturing facilities on a site in Chennai.

It should be noted that Toshiba JSW was established in September, last year.

Under the JV, Toshiba holds 75% ownership rights in the company, while the balance 25% stake was held by JSW Group (JSW Steel 5% and JSW Energy 20%). The company intends to spend about $160 million in plant and manufacturing equipment over five years from fiscal year 2009. The Construction is scheduled to start this month and the manufacturing is expected to start in January 2011.

Toshiba JSW aims to achieve sales of $400 million by the end of fiscal 2015.