Toshiba JSW inks pact with Japanese bank for $90 mn loan

Electronic equipment maker Toshiba JSW Turbine and Generator today said it has entered into an agreement with the Japan Bank for International Cooperation (JBIC) for a $90-million loan (Rs 420 crore) for financing its upcoming facility in Chennai.

The Chennai plant would go on stream in early 2011 and would manufacture mid to large size steam turbines and generators, the company said in a statement.

"The company signed an agreement with the Japan Bank for International Cooperation, the international wing of the Japan Finance Corporation, for a $90-million loan that will be used to finance construction of the facility," it said.

Toshiba JSW Turbine and Generator is a joint venture between Japanese corporate giant Toshiba Corporation and JSW Group.

The Chennai site will be Toshiba Group's first production base for manufacturing steam turbines and generators outside Japan.

Earlier this week, Toshiba JSW had signed a land lease agreement with the Tamil Nadu Government for the planned facility.