Steel Industries Kerala (SILK), a company in the state of Kerala, India, has signed an agreement with China's Hunan Chenzhou Electric International Development Corporation (HCIDC) to set up a joint venture company for the manufacture of small hydro turbines and associated equipment.
According to the MoU, SILK will have a 30% stake in the new company and HCIDC 70%. The company, to be known as Sino Indian Turbine Manufacturing Co, is expected to receive US$2.9M from the state government.
The new organisation will be the first joint venture company of its kind in India where Chinese investment and participation by way of technology transfer is envisaged.