Leading crane manufacturer Anupam Industries and Japan's Mitsubishi Heavy Industries on Thursday signed a deal to form a new joint venture company, Anupam-MHI Industries, to manufacture port cranes and material handling equipment (MHE) for domestic and global markets.
Anupam Industries will hold 51 per cent and MHI 49 per cent in the joint venture firm. The two partners will together invest equity capital of Rs188 crore in the venture, aiming to cater for Indian as well as global markets for port cranes and MHE.
The company will have two manufacturing units at Anand and Mundra in Gujarat, with its head office to be located at Anand, said Mehul Patel, managing director of Anupam Industries and chief executive officer of the new venture, at a press conference in Mumbai.
The new company is expected to commence operations in the first half of 2012 with a targeted annual production of 60 units.
Anupam-MHI will have total work force of around 2,000 people. The facilities at Anand and Mundra would be the first and only of their kind in India and one of the very few in the world, the company said.
The first phase of capital expenditure for the JV has been finalised with a capital expenditure of Rs280 crore. The company expects Rs800 crore worth of sales in the first year.