Isgec forms joint venture with Japan's Hitachi Zosen
Pratip Chaudhuri, chairman of the State Bank of India, said reducing the cash reserve ratio (CRR)—the amount of deposits that banks must keep with RBI—to 4% will free up about Rs 7,500 crore.
Isgec Heavy Engineering and Japan's Hitachi Zosen Corporation have formed a joint venture to make specialised and critical process equipment.
The capital for the new company - Isgec Hitachi Zosen -is pegged at Rs 100 crore.
In the new entity, Isgec Heavy Engineering will hold 51 per cent stake, while Hitachi Zosen Corp will have 49 per cent, the companies said in a joint press release.
"The JV will cater to the specialised and critical Process Equipment requirements of refineries, fertiliser and petrochemical industries all across the world," said Aditya Puri, Managing Director of Isgec Heavy Engineering.
Isgec Hitachi Zosen will utilise one of the manufacturing facilities of Isgec, located at the port town of Dahej in Gujarat, India.
"We are very happy that our relationship of the past few years has now moved on to a joint venture company. We are confident that with Isgecs expertise, we will be able to leverage our technology to give the market top end solutions," Hisao Matsuwake, Managing Director, Hitachi Zosen Corp said.