Komatsu enters India

Komatsu enters India

TOKYO (AFP): Japan's Komatsu Ltd. said yesterday it had agreed with Larsen and Toubro Ltd. of India to form a joint venture in November to produce and market construction machinery in India.

L and T Komatsu Ltd., would be equally owned by Komatsu and the Indian partner, said the world second largest integrated maker of construction machinery, vying with Caterpillar of the United States.

The headquarters of the new venture would be located at Mumbai with initial capital of 3.72 billion yen (US$33 million), Komatsu said, adding that it planned to hire 1,200 employees.

The venture would produce hydraulic excavators and components, with projected output of 1,500 units a year by 2000.

It would build a new plant at Bangalore with production scheduled to start operation in October 1998.