Isgec Heavy Engineering Ltd of India and Hitachi Zosen Corporation of Japan have announced the formation of a joint venture, Isgec Hitachi Zosen Ltd, for manufacturing specialised and critical process equipment. The new company has a shareholding pattern of 51 per cent (Isgec) to 49 per cent (Hitachi Zosen Corporation).

The majority stakeholder, Isgec Heavy Engineering Ltd, is a leading supplier of process equipment globally and Hitachi Zosen Corporation is a major Japanese engineering corporation.

Isgec Hitachi Zosen Ltd will utilise one of the manufacturing facilities of Isgec located Dahej in Gujarat. The capital for the new company is pegged at 100 crore.

Speaking about this development, Aditya Puri, Managing Director, Isgec Heavy Engineering Ltd, and Director, Isgec Hitachi Zosen Ltd, said: "We are happy to expand our relationship with Hitachi Zosen Corporation from a technology transfer agreement to a joint venture. The JV will cater to the specialised and critical process equipment requirements of refineries, fertiliser and petrochemical industries all across the world. Isgec's expertise and manufacturing capabilities in India are a perfect fit for the stateof- the-art technical and engineering skills of Hitachi Zosen Corporation."

"The new venture will be manned by personnel from India and Japan, with active support from both the partner companies, in all activities, including design and marketing. The market offers a huge opportunity for us since there are not many companies in the world that offer products that fall in our portfolio. Products like vanadium modified heavy chrome-moly reactors for oil refineries and critical equipment for the fertiliser industry like ammonia converters and urea reactors," said Sanjay Gulati, Managing Director, Isgec Hitachi Zosen Ltd.