TOKYO (AFP) - Japanese giant Toshiba Corp. said Tuesday it was in talks with India's Larsen and Toubro Ltd. to enter the coal-fired power plant business in the growing South Asian economy.
The proposed venture would jointly produce and sell equipment for the plants.
"We are in negotiations with L and T to form a joint venture to launch coal-fired power plant businesses in India," said Toshiba spokeswoman Hiroko Mochida.
"If concluded, it will be our company's first step to begin such businesses in the country," Mochida said, adding that further details of the project are still under negotiations.
The Nikkei business daily said Larsen and Toubro would likely take a majority stake in the joint venture, which will spend some 20 billion yen (173 million dollars) to build plants for steam turbines and power generators.
The new venture aims at annual sales of 20 billion yen in five years, the newspaper said.
Toshiba, best known internationally for its electronics, has been expanding its power business.
Last year it acquired US nuclear power plant maker Westinghouse for 5.4 billion dollars in one of the biggest Japanese acquisitions overseas in years.
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