The Anil Ambani-owned Reliance Infrastructure is looking forward to forming a joint venture (JV) with the Shanghai Electric Corp of China. Sources inform that the motive behind this JV is to develop a power equipment plant in India worth 120 billion rupees or 2.8 billion by the year 2010.

Further on, the source from the Reliance Infrastructure Company revealed that both the firms will ink a framework of agreement for long-term strategic partnership on Monday, July 28. One learns that to set up the plant, the equal JV will have to accumulate 95 billion rupees in debt. The initial capacity of the plant is going to be 10,000 megawatts.    

The spokesperson of the Reliance infrastructure Company could not be reached for a comment immediately. In order to proffer services to utilities in India, the Reliance Company is going to ink four more JVs with China’s Shanghai Electric Corp.