Mahindra Ugine Steel Company (MUSCO), a subsidiary of Mahindra & Mahindra, has agreed to turn its special steel division, which is currently a wholly owned subsidiary, into a joint venture of MUSCO, Sanyo Special Steel, and Mitsui & Co.
MUSCO will hold a 51% stake in the joint venture. Sanyo Steel will own 29% and Mitsui 20%.
The joint venture will manufacture special steel in India for the automotive industry and other specialist industrial sectors. Sanyo Steel will invest approximately US$21 million in the venture while Mitsui is expected to contribute around US$15 million.
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