From correspondents in Maharashtra, India, 02:03 PM IST

Engineering major Larsen and Toubro (L and amp;T) and state-run Nuclear Power Corp of India Ltd (NPCIL) Monday announced a $370-million (Rs.1,665-crore) joint venture to manufacture ultra-heavy forging and special steels used in nuclear power reactors.

L and amp;T will hold a 74 percent in the joint venture while NPCIL will be the minority partner, L and amp;T chairman and managing direct A.M. Naik told reporters here.

The state-of-the-art facility will be set up in Hazira in Gujarat, said a joint media release by the two companies.

'Indigenous manufacture of forgings will close a critical gap in India's ability to produce equipment for nuclear, thermal power and hydrocarbon plants and also enable significant reduction in cycle times,' said the statement.

NPCIL operates 17 nuclear reactors, with a total power generating capacity of 4,120 MW with three more under construction with about 2,660 MW capacity.

(Staff Writer, © IANS)