Mitsubishi Heavy Industries Ltd (MHI) of Japan and Aditya Birla PE-backed Anupam Industries Ltd have formed a joint venture to establish Anupam-MHI Industries Ltd that will manufacture in India heavy-duty material handling equipment like quayside container cranes.
The joint venture will have an investment of Rs 188 crore, with Anupam holding 51 per cent stake and Mitsubishi owning 49 per cent.
Founded in 1973 and located in Vithal Udyognagar (Gujarat), Anupam Industries designs and manufacture cranes for various industries such as steel, power, construction, cement, shipyard, fertilizer & petrochemical and heavy & general engineering. Headquartered in Tokyo, Mitsubishi was founded in 1950 and focuses on manufacturing, installation, sale and repair of heavy machinery worldwide.
“The creation of the new JV is aimed at aggressively exploring the fast-growing Indian market and keeping in sight other Asian and MENA (Middle East and North Africa) markets, by strengthening business collaboration between MHI and Anupam to whom MHI has already licensed related technologies. The company is further enhancing the cost competitiveness of the products,” an MHI statement said.
The JV will also set up two plants for overseeing production and assembling of structural components. The new units will be functional in the first half of 2012, the statement has added.
The market for heavy-duty material handling system and port cranes is expected to grow significantly in Asian countries, including India, which views port facility improvement as one of its key growth strategies. Other major markets include the Middle East, Africa and Latin America.