Cethar Vessels teams up with Russian firm

Chennai: Tiruchi-based Cethar Vessels has signed a memorandum of understanding (MoU) with Power Machines of Russia for manufacturing turbines for thermal power plants in India.

The MoU signed is for a joint venture in which Power Machines will have at least 51 per cent stake while Cethar will initially have 26 per cent stake, with option for increasing its stake to 49 per cent.

A ‘joint working group' has been formed to look into issues such as capacity, location and local content of turbines manufactured at the plant.