Triveni Engineering and Industries on Thursday announced that it had entered into an agreement with GE Oil and Gas to form a joint venture, GE Triveni, to design and manufacture steam turbines in India.
The company signed a joint venture agreement with GE Oil and Gas through one if its affiliates, GE Pacific Mauritius, to form GE Triveni Ltd.
The company would develop advanced technology steam turbines in India in the 30-100 MW range for power generation applications in the Indian and worldwide markets.
Triveni Engineering will hold one extra share with both parties having equal representation on the board. GE Triveni would manufacture advanced technology steam turbines in India for both domestic customers and export to global markets, it said.
The joint venture, which will benefit from a full and exclusive technology transfer and on-going research and development support from GE, will use Triveni's Bangalore facility for turbine manufacturing.
GE Oil and Gas provides advanced technology equipment and services across oil segments of the global oil and gas industry, on land, offshore.
GE Triveni will be incorporated in India and headquartered in Bangalore.
Speaking about the joint venture at the signing ceremony, John Flannery, President and CEO, GE India, said: “Our strategic alliance reflects GE's continued commitment to India and strengthens our local market presence through technology transfer, creation of local employment opportunities and continued investment in skills development and training.”
Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering, said: “With our manufacturing capabilities as a springboard, GE's world-class engineering, global footprint, and brand recognition, will be critical to the success of the partnership.”