Larsen & Toubro (L&T) that had been in talks with Japan's Toshiba Corporation has finally signed a memorandum of understanding (MoU) with the latter for jointly making turbines for power plants in the country for an investment of Rs.300 crore.

L&T has a significant presence in the engineer-procure-construct (EPC) projects while Toshiba's expertise in power equipment is expected to strengthen the former's dominance in the power sector. With an active EPC business, the capability for providing boilers and turbines will enable L&T to make a stronger bid for a large number of projects being planned in the power sector.

Toshiba, renowned for electronics, has been expanding its power business internationally. Last year, Toshiba acquired US nuclear power plant maker Westinghouse for $5.4 billion in one of the biggest Japanese acquisitions overseas in years.

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L&T consortium bags Rs.1,400 crore order from RINL (15-Mar-07)