Marubeni-Itochu Steel (MISI), Japanese major steel business house, announced on Thursday the firm has signed a joint venture agreement to set up a coil center in North India with processing capacity at 180,000 tonnes per year in cooperation with JSW steel, Indian major steel maker.
MISI invests 1.22 billion rupees (approximately 2 billion yen) for the JV. The coil center will start operation in January 2013 and supplies steel sheet to automobile, electric appliance and building material industries. JSW Steel has received JFE Steel’s technical support for automotive steel sheet production. MISI cooperates with JSW Steel in downstream and expands sales of high grade steel sheet in India. The coil center is named JSW MI STEEL SERVICE CENTER PRIVATE LIMITED. The capital fund is 610 million rupees (approximately 1 billion yen), 50% controlled by MISI and 50% by JSW Steel. The coil center processes hot, cold and surface treated steel sheets and provides just-in-time solutions to Japanese, Indian and European customers in India. The coil center installs one large size slitter, two large size levelers and two mini levelers. The operation will start with 120 employees. MISI will become have 4 coil centers in India. MISI established a joint coil center and steel tube factory with Magnum Group this year while agreed in establishment of a joint coil center with Gupta Machine Tools in India. MISI expands steel processing bases in the country and builds up sales power through collaboration with JSW Steel.Related Posts
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