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Sumitomo Corp buys 49% stake in Mukand Sumi Special Steel JV

Steel News - Published on Sat, 19 May 2018

Image Source: Square Yard
JV partner Mukand Ltd announced that Sumitomo Corporation has agreed to buy a 49% stake in its Indian joint venture Mukand Sumi Special Steel Ltd for INR 1,181 crore (USD 173.6 million). Mukand will retain 51% equity in the company.

Sumitomo and Mukand had 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 crore for the construction of the mill by mid-2020. The JV will supply steel to the automotive and engineering industries.

Source :

Posted By : Ratan Singh on Sat, 19 May 2018
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