Sumitomo Corp. said Tuesday it has agreed to set up a joint venture in India with local specialty steel manufacturer Mukand Ltd. for the secondary processing of specialty steel long products for automobile parts.
The two companies reached the agreement as demand for automobile parts is growing in India along with the rapid growth of its auto market, the major Japanese trading house said.
The new company will be established in October and will take over Mukand’s secondary processing of steel for 2.53 billion Indian rupees, or ¥3.6 billion. It will supply steel and stainless steel long products mainly to auto parts manufacturers.
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