Sumitomo Corporation has announced that it has bought 49 per cent stake for Rs1180.99 crore in the joint venture company, Mukand Sumi Special Steel Limited. Mukand Ltd. retains 51 per cent equity of this joint venture company.

Makoto Horie, Senior Managing Executive Officer, General Manager, Metal Products Business Unit, Sumitomo Corporation, said that it was a very proud moment for Sumitomo Corporation today as they were keen to strengthen their presence in India, one of the fastest growing markets in the world. He stated that the corporate value systems of Sumitomo Corporation and Mukand Ltd were aligned and is highly confident of the success and growth of this joint venture.

According to Niraj Bajaj, Chairman and Managing Director of Mukand Ltd., Mukand and Sumitomo Corporation have already been working harmoniously and closely together for the past 5 years in another joint venture and he sees great synergy and strength brought to this joint venture by both companies.

Rajesh V Shah, Chairman of the new joint venture and Co Chairman and Managing Director of Mukand Ltd. said that Japan is synonymous with high quality products across all industries. Mukand was a pioneer in India in adopting rigorous quality processes in steel manufacturing and this joint venture is committed to delivering superior and complex specialty steels to the automotive and engineering industries.