Triveni forms JV with GE to manufacture Steam Turbines

Triveni Engineering & Industries Ltd has now announced with reference to the signing of a Joint Venture Agreement (JV) between one of the affiliates of GE Oil & Gas and Triveni Engineering & Industries Ltd. to design, manufacture, supply, sell and service advanced technology steam turbines in India in the above 30 to 100 MW - range for power generation application in the India and worldwide markets, that GE Triveni Ltd. (GTL) an equity joint venture Company has been incorporated in India, to manufacture advanced technology steam turbines in India for both domestic customers and export to global markets. The transaction with GE Mauritius Infrastructure Holdings Ltd. (an affiliate of GE Oil & Gas) has been concluded after fulfilling all the conditions precedent contemplated under the JV including signing of the ancillary agreements and subscribing to the Share Capital of GTL on November 03, 2010.

The Triveni Engineering & Industries Ltd stock closed the day at Rs.127, up by Rs.3.60 or 2.92%. The stock hit an intraday high of Rs.127.80 and low of Rs.122.70.

The total traded quantity was 3.16 lakhs compared to 2 week average of 1.30 lakhs.

Source : Equity Bulls

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