TRIVENI Engineering & Industries has formed a joint venture with General Electric to make and sell steam turbines for small power generation projects.
Diversified company Triveni had last month decided to demerge the engineering unit into a separate listed company. The parent company will house the sugar business after this restructuring.
“The steam turbine business will come under the JV and the demerged entity will invest in GE Triveni,” Triveni Engineering & Industries managing director Dhruv Sawhney.
Although, both partners will have equal representation on the board of the JV, the demerged engineering company will own one share in addition to its 50% stake in GE Triveni. This will allow it to include the sales of this JV as a part of its consolidated accounts. “The JV is a great example of the decentralised reverse innovation approach,” John Flannery, the newly-appointed chief executive of GE India, said. GE Triveni will make steam turbines with 30-100 mw capacity.
Based in Bangalore, GE Triveni will use Triveni’s existing manufacturing facility in the city to make turbines and get technology and research support from GE. The turbines will be sold under GE’s brand name. Besides the domestic market, GE Triveni is eyeing turbine exports to Middle East, Latin America, Indonesia and some parts of Europe. The JV firm hopes to generate annual revenues of $30-40 million.
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