Acquires 49% stake in Mukand Sumi Special Steel for Rs 1180.99 crore
Sumitomo Corporation has bought 49% stake for Rs 1180.99 crore in the joint venture company, Mukand Sumi Special Steel. Mukand retains 51% equity of this joint venture.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. The JV 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 at an approximate cost of Rs 600 crore.
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