Mahindra Auto Steel to set up a $24 mn facility near Pune.

Mahindra Auto Steel, a joint venture between Mahindra Intertrade, China Steel Global Trading Corporation, Taiwan and Mitsui & Co. (Asia Pacific) Pte, Singapore, held the ground breaking ceremony at its steel service centre at MIDC's Chakan Industrial Area, Phase II, near Pune. To be set up at a cost of @24 million (Rs. 150 crore) over 10 acres of land, the facility will have an annual processing capacity of 1,30,000 tonnes. It is expected to be functional by the fourth quarter of FY15. While Mahindra Intertrade holds a 51% share in the joint venture, the other two partners hold 24.5% each.

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