The Japanese corporation agreed to buy 49 percent stake in its Indian joint venture ‘Mukand Sumi Special Steel Ltd’ for INR 1,181 Cr.
July 2, 2018
Mukand Sumi Special Steel Limited, which is a leading specialty steel supplier for the fast growing automotive and engineering industries, will retain 51 percent equity in the company. Sumitomo and Mukand announced the JV in March 2017 whose proposed Karnataka mill would get semi finished casting products, blooms and billets, from Mukand’s plant in Hospet and produce alloy steel wire rods & bars.
The joint venture has 100 acres of land adjoining Mukand’s plant at Hospet with a proposed investment of INR 600 crores for the construction of the mill by mid-2020.
