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Vardhman Special Steels India Announces Investment by Aichi Steel

Steel News - Published on Mon, 09 Sep 2019

Image Source: Business World
Vardhman Special Steels announced a new partnership with Aichi Steel Japan, an affiliate of Japan’s Toyota Motor Corporation. Aichi Steel Corp will buy approximately 11.4% stake in Vardhman Special Steels and provide technical assistance. This company will be capable of supplying steel for critical and special applications for today and tomorrows automotive industry. Aichi Steel will be posting three personnel in India while additional critical support from the headquarters will be provided constantly. The complementary portfolio of management, product, technology and services offered by Aichi Steel provides the end-users with the special steel backed up by years of expertise and recognized technology. This will help Vardhman Special Steels to expand its size and markets in years to come.

Mr Sachit Jain Vice-Chairman & MD Vardhman Special Steels said that “One of our key objectives of this partnership is to develop special steel grades for automotive companies in India so as to help fill the gap of providing substitution of steel, that is currently being imported. We plan to later export this special grade of steel to South Asia and Europe as well.”

The two companies signed an agreement on the deal worth USD 7 million in a ceremony held on last week in Aichi Prefecture, where the Japanese firm is located. President Takahiro Fujioka from Aichi Company said that “This partnership will help Aichi Steel strengthen the foundation of its special steel business by improving quality and cost competitiveness on a global basis. A friend in need is a friend indeed and Vardhman Special Steels team is a friend who we will be supporting to develop technology-based solutions in coming years.”

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Posted By : Sanju Moirangthem on Mon, 09 Sep 2019
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