Larsen & Toubro has floated a subsidiary, L&T Power Development Co. Ltd, that marks the engineering major's foray in the power generation business. It has so far been a leading supplier to power projects, but has not yet assumed the role of a power developer. In recent times, it submitted bids for three projects in the ultra mega power project series - Sasan, Mundra and Krishnapatnam - but remained unsuccessful in winning any of them. L&T has tied up with Mitsubishi of Japan to manufacture supercritical boilers and turbines in India. The tie-up will be in the form of two respective JVs where L&T will hold 51 per cent stake. These JVs are expected to be operational by 2009. L&T had proposed to tie up with Mumbai-based Patel Engineering to develop hydropower projects. However, the JV is not being pursued.