French engineering group Alstom said that it had struck an agreement with Shanghai Electric Group to establish a joint venture combining both companies' power plant boiler divisions.

Alstom in a statement said that the joint venture, to be called Alstom-Shanghai Electric Boilers Co, would have combined sales of about EUR 2.5 billion (USD 3.63 billion) adding that it would be registered in Shanghai with an operational headquarters in Singapore.

(Sourced from Bloomberg)