Nisshin Steel announced on Monday the firm agreed with JBM Group, which is Indian major automotive parts supplier, to establish carbon and stainless steel pipe making joint venture in India for 400 million rupees. They will produce annual 30,000 tonnes of steel pipe for automobile and motorcycle starting operation in August 2007. JBM controls 51% of the joint venture, ANS Steel Tubes with 24.5% share each by Nisshin Steel and Sumitomo Corporation. They introduce new 2 high frequency pipe making mills, a slitter and 2 cutting facilities in existing plant of JBM in Faridabad, Haryana. They launch the operation with 200 employees. The joint venture procures the material of hot rolled coil and stainless coil in India. Nisshin Steel and the subsidiary provide technical support for the joint venture under the technical support agreement. Nisshin Steel and Sumitomo Corp. have long term relationship with JBM through the automotive steel pipe sales. They will develop high valued steel pipe market including expanding Indian automobile market through the new business. Nisshin Steel and Acerinox of Spain are study for feasibility of stainless cold rolling operation in India.
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