Steel company Mukand Limited has entered into a joint venture with Japan's Sumitomo Corporation, for the rolling and finishing of alloy steel products. The shareholder agreement between the two companies was signed on 30th March. The joint venture, the companies said, would bring together Mukand's manufacturing and production skills, and Sumitomo's global reach and marketing strengths. Sumitomo is a Fortune 500 company, with 108 locations across 66 countries.
Mukand will own 51% of the joint venture, with the rest owned by Sumitomo. Mukand's alloy steel is used in automobile and auto part production, particularly in steering, fuel injection and transmission components. The company's share price has hit a new 52 week high today on the news.
Photo source: MukandLtd