Singapore: Chinese firm Yangzijiang Shipbuilding is planning to provide marine electrical systems for shipbuilding by partnering with four other Chinese companies.
Jiangsu New Yangzi Shipbuilding, subsidiary of Yangzijiang, has entered into an agreement to form a joint venture with Beijing Highlander Digital Technology, Jiangsu Hantong Ship Heavy Industry (HTS), Taizhou Sanfu Ship Engineering (Sanfu) and Jiangsu Yichun Group.
The proposed joint venture firm Jiangsu Hailan Marine Systems Technology aims to develop the world's largest platform for integrated marine electrical system, according to Singapore-listed Yangzijiang.
"The board believes that the joint venture will also provide an alternative source of income from marine electrical system to complement the shipbuilding business," said Ren Yuanlin, executive chairman of Yangzijiang.
Yangzijiang's subsidiary will hold 20% stake in the joint venture, while Highlander, HTS, Sanfu and Yichun will own 50%, 10%, 10% and 10% respectively. [02/02/11]
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