The joint venture set up by the two organizations aims at primarily serving power sector with its technology-intensive product range having wider application across other sectors like oil and gas, petrochemicals, steel and mining. Currently, India faces considerable supply constraints and has significant dependence on overseas sources for such advanced technology products. These will include products like advanced class pumps, high pressure piping, castings and forgings and other critical equipment involving hi-end engineering and state-of-the-art manufacturing processes.

The company made this announcement before the trading hours today, 15 March 2010.