B&W and Thermax Form Indian Joint Venture
10 März 2010 - 2:00PM
Business Wire
McDermott International, Inc. (NYSE:MDR) (“McDermott”),
announced today that one of its subsidiaries, Babcock & Wilcox
Power Generation Group, Inc. (“B&W”) and Indian
energy-environment solutions provider Thermax Ltd. have formed a
joint venture to build highly efficient subcritical and
supercritical boilers and pulverizers for the Indian utility boiler
market.
The new joint venture company will have its headquarters at Pune
in the Maharashtra State of India. Under the terms of the
agreement, B&W will also license its technology to the joint
venture company for subcritical boilers 300 megawatts (MW) and
larger, supercritical boilers and coal pulverizers. The joint
venture will have the full capability to engineer, manufacture and
manage large power projects for the Indian power sector. As part of
the agreement, the partners will also construct a new pressure
parts fabrication facility in India.
“B&W and Thermax have successfully worked together on other
joint ventures and licensing agreements for more than two decades,”
said Richard L. Killion, President and Chief Operating Officer of
Babcock & Wilcox Power Generation Group. “This agreement
augments our presence and profile in the global marketplace and
presents a substantial opportunity to continue the growth of our
business in India and around the world.”
The joint venture is being established at a critical time when
India’s ambitious growth plans, coupled with the country’s
dependence on coal-fired power plants, present a tremendous
opportunity to participate in a robust power market. The initiative
combines B&W’s long history of proven state-of-the-art power
generation technology and world class project management
capabilities with Thermax’s expertise of integrating energy and
environmental solutions in the Indian market. B&W will own a 49
percent share of the joint venture while Thermax will have 51
percent ownership.
“Our joint venture with Thermax is an important element of
B&W’s deeper engagement with India as part of our clean energy
initiative,” said Brandon C. Bethards, Chief Executive Officer of
The Babcock & Wilcox Company. “Together, with ongoing
discussions regarding joint deployment of the modular B&W
mPowerTM reactor, this partnership in India will bring further
innovation to the region’s growing energy markets.”
McDermott is an engineering and construction company, with
specialty manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are predominantly utilities
and other power generators, major and national oil companies, and
the United States Government. With its global operations, McDermott
operates in over 20 countries with more than 25,000 employees.
McDermott (NYSE:MDR)
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