In addition, the agreement also facilitates the establishment of two joint ventures between Ansaldo and Shanghai Electric to manufacture gas turbines across Asian markets and the development of an R&D center in Shanghai, China.
The agreement is expected to be concluded by the end of 2014, following approval by government and antitrust authorities.
Following the agreement, Fondo Strategia’s holding in the firm will come down to 45% from earlier 85% it had acquired from Finmeccanica and First Reserve in December 2013.
Meanwhile, the R&D centers of Genoa and Shanghai will collaborate to develop a new gas turbine technology.
Through this agreement, Ansaldo is expected to witness a 20% growth in turnover, along with furthering its exposure to the Asian markets with new project prospects in China.
Ansaldo struck an agreement with Doosan Heavy Industries of Korea to establish a new gas turbine for countries with 60 Hz grids including North America, Brazil, Saudi Arabia, and South Korea. The South Korean government is expected to finance the project partially.
