Sumitomo Corporation has acquired 49% stake in Mukand’s joint venture company, Mukand Sumi Special Steel for Rs.1180.99 crore.

The joint venture is involved in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets procured exclusively from Mukand’s Hospet plant in Karnataka.

Mukand has retained remaining 51% equity of this joint venture company. Furthermore, the Joint venture has 100 acres of land adjoining Mukand’s existing plant at Hospet for the proposed construction and commissioning of new steel rolling facilities by mid 2020 at an approximate cost of Rs 600 crore.

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