Japan's NTT Data Corp. said July 31 it closed its share transfer agreement and shareholders agreement with Mitsubishi Heavy Industries Ltd. to form a new company derived from the latter's MHI Information Systems.

The new company, NTT Data MHI Systems Corp., will take over all business operations currently carried out by MHI Information Systems. NTT Data will hold a 51% stake in the new company, while Mitsubishi Heavy Industries takes the remaining 49% stake with a total share capital of 40 million yen.

The new company, which launches Oct. 1, will have NTT Data's Masanori Shiina as its president. The joint venture will offer services including building, operation and maintenance of IT infrastructure and business application development for MHI.