ISGEC Heavy Engineering and Japan's Hitachi Zosen Corporation have announced the formation of a joint venture to manufacture specialised and critical process equipment at an investment of Rs 100 crore.

The JV company, Isgec Hitachi Zosen, would cater to the specialised and critical Process Equipment requirements of refineries, fertiliser and petrochemical industries all across the world, said Mr Aditya Puri, Managing Director of ISGEC Heavy Engineering. ISGEC will hold 51 per cent stake and Hitachi Zosen Corp the remaining 49 per cent in the venture.

Isgec Hitachi Zosen will utilise one of the manufacturing facilities of Isgec, located at the port town of Dahej in Gujarat.