SOURCE: Industrial Info Resources

September 15, 2008 07:00 ET

BHEL in Discussion With Global Majors to Set Up Locomotive Plant, an Industrial Info News Alert

BANGALORE, INDIA--(Marketwire - September 15, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Bharat Heavy Electricals Limited (BOMBAY:500103) (BHEL) (New Delhi) is planning to strengthen its position in the locomotive business by setting up a greenfield locomotive manufacturing project. The government-owned BHEL, which is India's largest power equipment manufacturer, has earmarked an initial investment of $225 million in the project. The proposal follows BHEL's decision to bid for a tender floated by Indian Railways for sourcing 660 electric locomotives at an approximate cost of $5.6 billion. BHEL has started discussions with several global locomotive and transportation giants for forming a joint venture. Prospective partners include: Alstom (EPA:ALO), Mitsubishi Corporation (PINKSHEETS:MSBHY) and Toshiba Corporation (PINKSHEETS:TOSBF).

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