Mukand Sumi Special Steel Limited - a joint venture between Mukand Limited and Sumitomo Corporation, Japan – is setting up a new steel rolling facility at an approximate cost of Rs. 600 crore.
The new, fully-automated wire rod-cum-bar mill is incorporated with PSM technology that enables accurate dimensional tolerance. The company has already acquired 52 acres of land at Kanakapur Village, Koppal district in Karnataka for this purpose.
Mukand Sumi Special Steel specialises in alloy steel, mainly used in the automobile industry.
Sumitomo Corporation is a Fortune 500 company in 129 locations.
It’s investment in joint venture with Mukund is one of the largest equity investments in a manufacturing company in India by any Japanese corporation for FY18.
HBL
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