Sumitomo Corp of Japan has inked a pact with specialty steel maker Mukand Ltd to form a joint venture that will set up a rolling mill in Karnataka.
The joint venture named Mukand Alloy Steel Pvt Ltd (MASPL), will set up a steel rolling mill unit at Hospet in Karnataka with an initial capacity of 3,75,000 tonnes per annum.
A statement said Mukand will hold 51 per cent stake in the JV and Sumitomo 49 per cent equity with an enterprise value of Rs 2,820 crore.
The new company will be engaged in the rolling and finishing of Mukand’s principal business of alloy steel long products. It will exclusively procure the required alloy steel billets and blooms from Mukand’s steel making facility at Hospet, added the statement.
Image credit : i.ytimg.com