Japanese conglomerate JFE Holdings Inc’s subsidiary JFE Engineering Corp is planning to set up a joint venture to build bridges and other infrastructure in Myanmar.
JFE Engineering aims to establish the joint venture later this year, taking a majority stake with an investment of over 1 billion yen ($10.2 million), JFE Engineering officials said.
The venture plans to start a factory for bridge parts in Yangon and expand the business to other infrastructure construction such as ports and airports.
Tokyo-based JFE Holdings Inc’s main business is steel production. It also engages in engineering, ship building, real estate redevelopment, and LSi business.
JFE Holdings is the fifth largest steelmaker in the world with 56,688 employees and revenue in excess of $30 billion.
JFE Holdings has several subsidiaries including JFE Engineering, JFE Steel and JFE Shoji.