Sponsored By
Forgemasters lands major Indian deal
SHEFFIELD Forgemasters has signed a trade agreement worth up to £30m to oversee the development of power generation forgings with Indian state run power equipment maker Bharat Heavy Electricals Limited (BHEL).
The venture will be operated as a technology transfer agreement and will see BHEL buy the technology and share specialist engineering knowledge with the Sheffield-based giant.
The 10-year agreement, which helps see the protection of future SFIL markets in the sub-continent, will mainly serve India's rapidly growing domestic market for turbine and power generation products including it's renewed, nuclear power plans.
Signing of the memorandum of understanding (MOU), the first part of the agreement, took place in Sheffield this week and pledges future training provision in specialist cast and forged steel production with the world's only independent forgemaster.
Graham Honeyman, chief executive at Sheffield Forgemasters, said: "Signing the MOU with our colleagues from BHEL is a great step forward and reinforces an already strong trading partnership between SFIL and India.
"The agreement will see us help build new steel making and forging facilities to manufacture forgings for hydro, nuclear and thermal power generation projects servicing India's domestic market. The Indian power generation market is currently an area that we do not operate in so this provides a unique opening for us. This is all about extending our reach and benefiting from sharing our knowledge."
"This is an important business development deal which will deepen our relationship with BHEL and also generate funds from a technology transfer fee and also royalties of sales of these new products, which will go back into SFIL's ongoing development in the UK."
K Ravikumar, Chairman and Managing Director of BHEL echoed similar feelings and said: "the Agreement with SFIL will go a long way in supporting the Power Generation Equipment manufacturing strategies of BHEL"
Sir Richard Stagg, the British High Commissioner to India, said: "British businesses already have a strong presence in the Indian market, cutting across many sectors. It is a market which continues to grow and to offer new opportunities, even in difficult times. I warmly welcome the trade agreement between Sheffield Forgemasters and BHEL, which clearly illustrates the scope for mutually beneficial technology partnerships between UK companies and their Indian counterparts."
It is anticipated that over the next decade, links between Forgemasters and BHEL could provide crucial links and business worth 30m as a result of this agreement.
Buy the Sheffield Telegraph and the Property Guide every Friday. To subscribe CLICK HERE
MORE:
Local News
Local Sport
Arts Guide
Community News
Listings Guide
Restaurant Guide
Letters
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Sheffield
Tuesday 07 February 2012
Today
Cloudy
Temperature: -6 C to 2 C
Wind Speed: 8 mph
Wind direction: East
Tomorrow
Sunny
Temperature: -4 C to -1 C
Wind Speed: 8 mph
Wind direction: South
