L&T-MHI joint venture starts production of power generation equipment

Engineering and construction company Larsen & Toubro Ltd (L&T) said its joint venture with Mitsubishi Heavy Industries (MHI) and Mitsubishi Electric Corp (MELCO) started production of turbine generators and boilers at their new facility at Hazira in Gujarat.

L&T-MHI joint ventures are the second in India to produce power generation equipment locally. L&T will invest about Rs3,600 crore in the power equipment manufacturing units.

Each of the two factories is capable of producing 4,000 MW of power generating equipment annually. In addition to the turbine and boiler factories, L&T is also setting up factories for axial fans, air-preheaters, electrostatic precipitators, high pressure piping and a forge plant, it said in a regulatory filing.

On Thursday, L&T shares closed 0.5% down at Rs1,874 on the Bombay Stock Exchange, while the Sensex ended at 0.2% up at 17,909 points.

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Bank of Maharashtra gets Rs588 crore from government

State-run Bank of Maharashtra said it received Rs588 crore from the Government of India as capital infusion that will help the lender to expand its business.

The instrument used is perpetual non cumulative preference shares (PNCPS) has an annual floating coupon to be benchmarked to repo rate with a spread of 100 basis points to be re-adjusted each year. The PNCPS will be a part of Tier I Capital, it said in a regulatory filing to Bombay Stock Exchange (BSE).

On Thursday, Bank of Maharashtra shares closed 0.7% higher at Rs60 on the BSE, while the Sensex ended at 0.2% up at 17,909 points.

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Suzlon Energy gets 37.8 MW order from Serum Institute

Wind turbine manufacturer Suzlon Energy Ltd said it won an order from Serum Institute of India Ltd to set up, operate and maintain a 37.8 MW project at Jaibhim in Dhule-Nandurbar wind park in Maharashtra.

The project will comprise 18 units of Suzlon’s S88-2.1 MW wind turbines which are enough to power more than 8,000 households. The project is set to be commissioned by March 2011, it said in a regulatory filing.

On Thursday, Suzlon Energy shares closed 0.3% down at Rs60 on the Bombay Stock Exchange, while the Sensex ended at 0.2% up at 17,909 points.

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