Plant to be located in Maharashtra
Rs. 100 cr. initial investment planned
MUMBAI: Mukand, a leading speciality steel producer, and NV Bekaert SA, Belgium, world’s largest steel wire manufacturer, have signed an agreement for the formation of a joint venture company to produce stainless steel wires in India to feed markets across the world. The 50:50 joint venture will be set up in Lonand, district Satara, Maharashtra, and will entail an investment of Rs. 100 crore. Stainless steel wires are used in applications such as welding, and weaving and for the manufacture of springs.
Bekaert has manufacturing facilities in 26 locations across the globe. Bekaert at present has a production facility in Pune where they produce steel cords for radial tyres and carding products for the textile industry.
Niraj Bajaj, Chairman and Managing Director, Mukand, said this joint venture was in line with Mukand’s strategy to become a leading supplier of speciality steels to global customers. According to Rajesh Shah, co-Chairman and Managing Director, Mukand, the venture will enhance Mukand’s product offering as hitherto Mukand did not make stainless steel wires and this strategic venture will open up new markets for Mukand. Mukand is the leading supplier of alloy steel to the automobile and auto components industry and a leader in the manufacture of high grade stainless steel in India.
Mukand produces 400 grades of steel long products in the form of wire rods, bars and bright bars and wires.