Sumitomo Corporation buys 49% stake in JV with Mukand
MSSL has 100 acres of land adjoining Mukand’s existing plant at Hospet for the proposed construction and commissioning of new steel rolling facilities by mid-2020 with an investment of USD87.59m.
Japan/Mumbai- Sumitomo Corporation1 of Japan has bought 49% share equity of Mukand Sumi Special Steel Ltd (MSSL)3, a joint venture set up in partnership with Mukand Ltd2, for USD172.41m. Mukand retains 51% equity of this joint venture equity in JV company.
MSSL has 100 acres of land adjoining Mukand’s existing plant at Hospet for the proposed construction and commissioning of new steel rolling facilities by mid-2020 with an investment of USD87.59m.
1Sumitomo Corporation of Tokyo, Japan incorporated in 1919, With its global network and based on trust from companies in various industries and from consumers, Sumitomo Corporation engages in multifaceted business activities by making the most of its Integrated Corporate Strength. These business activities include sales of a variety of products and services, import and export, trilateral trade, and domestic and international business investment. As of Mar 2018, Sumitomo has Consolidated subsidiaries: 654 (Overseas 562, Domestic 92), Associated companies: 293 (Overseas 242, Domestic 51).
2Mukand Ltd. incorporated in 1937, a multi-division, multi-product conglomerate involved in the manufacture of specialty steel long products and heavy machinery. With manufacturing facilities in Thane, Maharashtra and Hospet, Karnataka, Mukand produces over 400 grades of specially engineered steel to suit stringent customer requirements in sizes ranging from 5 mm to 160mm in the form of bars, bright bars, wire rods and wires. Mukand’s alloy steel is widely used in the automobile and auto component industry for products such as fasteners, bearing transmissions, crankshaft, steering components, suspension springs, fuel injection equipment, including common rail diesel injection systems, braking systems, drive axle mainly velocity joints, seamless tubes etc. The Company also exports its stainless-steel products to developed and developing countries such as: The United States of America, Germany, Italy, the Netherlands, Switzerland, United Arab Emirates, Japan, Korea, Hong Kong, Taiwan, Vietnam, to mention a few.
3Mukund Sumi Special Ltd is JV firm between Mukand steel and Sumito Corporation was incorporated in 2012, who is engaged in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets procured exclusively from Mukand's Hospet plant in Karnataka.
