Mahindra Ugine Steel Company has transferred the steel business of the company including rings/bearing races as a going concern on a slump sale basis, to the wholly owned subsidiary of the company - Navyug Special Steel (Navyug Steel) with effect from closing working hours of July 09, 2012.
The company has taken this step pursuant to the approval by the board of directors and the shareholders of the company and receipt of requisite statutory approvals and satisfaction of conditions.
Mahindra Ugine Steel Company is engaged in the manufacturing of alloy & special steel through Electric Arc Furnace (EAF) route & caters to the automotive, engineering, bearing & other industries. The company manufactures a wide array of products including skin components, underbody components, critical assemblies, chassis components and car body sheet metal (Body in White) parts with a total capacity of 30,000 metric tons.
