JSW Steel setting second steel processing centre in JV with Marubeni Itochu
Indian's largest steel maker by capacity JSW Steel Ltd is setting up its second steel processing centre in Pune with its JV partner Tokyo-based Marubeni Itochu Steel Inc (MISI), the company said in a release. The two partners had earlier formed 50:50 joint venture and set the first steel processing centre at Palwal in Haryana.
The new centre will cost Rs 204 crore and will be funded through 50 per cent equity and 50 per cent debt.
The first phase of the project is expected to come on stream in FY15 with an installed capacity of 180,000 tonnes per annum and will be scaled up to 360,000 tonnes per annum in the second phase.
"The rapid growth of the Indian steel industry offers tremendous opportunity for supply of high-end processed steel," said Seshagiri Rao, joint managing director & group chief financial officer of JSW Steel.
In October 2011, JSW Steel formed a JV with MISI to set up a steel processing centre in North India, under the name of JSW MI Steel Service Centre Pvt Ltd.
The JV is equipped to process flat steel products such as hot rolled, cold rolled and coated products with a view to offer just in time solutions to the automotive, white goods, construction and other value added segments.
The firm also has an operating strategic partnership with Japan's JFE Corporation to share technological competence and gain access to the automotive steel making technology. JFE also holds 15 per cent stake in JSW Steel.
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