Hitachi, SFO Technologies to Set Up JV in India

Wednesday, 28 September 2011, 19:18 IST
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Bangalore: Hitachi Ltd and Kochi-based SFO Technologies, a NeST Group company, announced that they have agreed to set up a joint venture for advanced control systems for thermal power plants. The JV, Hitachi NeST Control Systems Pvt Ltd, is scheduled to be set up next month and will be based here. Hitachi India Pvt Ltd, wholly owned subsidiary of Japanese firm Hitachi and SFO will have 70 percent and 30 percent holding respectively in the JV, the companies said in a joint statement. The two will expand the control systems businesses in India, it said. "This will be achieved by converging the strengths of each company Hitachi's leading edge control technologies, advanced manufacturing technologies, wealth of experience and expertise in plant control systems and SFO Technologies' 10 year's experienced control systems and its highly skilled employees, as well as its nationwide sales and service network in India," the statement said. Hitachi NeST Control Systems Pvt Ltd is targeting sales of 150 crore (2.6 billion yen) by March 2015, it said.
Source: PTI