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Friday, Feb 08, 2008
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Online edition of India's National Newspaper Friday, Feb 08, 2008 ePaper | Mobile/PDA Version |
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Business
JOINING FORCES: (left to right) M. Chaboud, CEO, Arcellor Mittal; G. Rohr, CEO, Auerhammer Metallwerk, GMBH; P. G. Blumbach, CEO, DNick; S. S. Sandhu, Chairman, Shivalik Bimetal Controls; and Sadhir Maheshwari, Vice-Chairman, Arcellor Mittal Group, at a press conference in New Delhi on Thursday. NEW DELHI: ArcelorMittal Stainless and Nickel Alloys, a wholly-owned subsidiary of ArcelorMittal, on Thursday announced a tripartite joint venture with Germany’s Auerhammer Metallwerk and India’s Shivalik Bimetal Controls to set up a metal cladding plant at an investment of Rs. 40-50 crore. The new venture, to be called Innovative Clad Solutions, would have an initial production of 10,000 tonnes annually. The plant will become operational in the next 15 months. According to plans, about 65 per cent of the production will be exported. The raw materials will be provided by ArcelorMittal. All the three companies will have equal equity participation in the joint venture. “We will invest Rs. 40-50 crore in the first phase of the plant. We have zeroed in on a special economic zone in Indore for setting up the plant,” Shivalik Bimetal Controls Chairman, S. S. Sandhu, told reporters here. Clad metal technology provides a method of combining the characteristics of two or more metals into composite metal systems having properties designed to meet specific applications in auto components and bullet jacket manufacturing, besides marine engineering and other industries. The investment would be made equally by the three companies. According to M. Chaboud, Chief Executive Officer, ArcelorMittal Stainless and Nickel Alloys, this is just the beginning of a new era of metallurgy in India. “We are going to provide innovative application solutions based on our state-of-the-art R&D capabilities. This technology and product will take India to the next level.”
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