The conglomerate Siemens has increased its stake in Shanghai Electric Power Generation Equipment Co Ltd on 40 % of 33.7 %. The competent supervisory authorities of the increase in the joint venture with Shanghai Electric Group has already agreed to as Group announced on Monday.
Financial details were not disclosed. The joint venture provides products and solutions for power generation for coal and gas power plants , and conventional components for nuclear power plants.
Siemens and Shanghai Electric will further claims to also start a service joint venture for the Chinese steam and gas turbines market. An agreement should be completed in the second half of 2010. Besides cooperation in the field of renewable energy sources with Shanghai Electric would be considered.
Courtesy By : business news – Leading Market Information Resource
