L&T floats power generation firm

MUMBAI: Engineering firm Larsen and Toubro (L&T) on Friday said it has floated a power generation arm called L&T Power Development and would invest Rs 20,000 crore in the new company.
    
"The overall investment in the company would be Rs 20,000 crore. L&T would invest Rs 5,000 crore and the rest would come through debt," L&T Chairman and Managing Director A M Naik said here.
    
The new firm would generate 5,000 MW of power in the next five years.
    
In November, L&T entered into a joint venture agreement with Japan's Mitsubishi Heavy Industries for setting up a manufacturing unit in India for super-critical steam turbine and generator facility.
    
The JV would be investing about Rs 880 crore and would have a product configuration catering to plant capacities ranging between 500 MW and 1,000 MW.
    
L&T also has a joint venture with Japan's Toshiba to manufacture power plant equipment in India.