BS reported that overhead crane manufacturer Anupam Industries has formed a joint venture with Japan's Mitsubishi Heavy Industries to manufacture container and material handling equipment.

The JV company, Anupam-MHI, will invest INR 280 crore to set up two units at Tarapur and Mundra in Gujarat.

Mr Mehul Patel CEO of Anupam-MHI told reporters that "We will infuse equity capital of INR 188 crore with Anupam's share being 51% and Mitsubishi's 49%. The rest will be funded through debt.”

He added that the JV company is targeting a revenue of INR 800 crore in the next two to three years.

Mr Patel said that the company will commence its operations from the first half of 2012 and will have an annual production of 60 units adding that the projects were likely to be completed within 24 months.

Anupam-MHI has already bagged two orders worth INR 435 crore including one from Jawaharlal Nehru Port Trust worth INR 100 crore for three cranes and another from Krishnapatam Port worth INR 335 crore for 10 ship unloaders.

(Sourced from BS)