Sumitomo Corporation has bought 49% stake in the joint venture (JV) company, Mukand Sumi Special Steel, a leading specialty steel supplier for the fast growing automotive and engineering industries, for Rs 1180.99 crore. Mukand retains 51% equity of this joint venture company.
The joint venture 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.
Mukand is engaged in manufacturing of alloy and stainless steel long products.
