Luxumborg-based Arcelor starts JV with Jindals
New Delhi, Apr 10: Luxumborg-based Arcelor group, the takeover target of the Mittal Steel in Europe, today started its manufacturing facility as a joint venture partner with Jindal Saw Ltd at Bahadurgarh in Haryana.
Arcelor holds a minority stake of 27 per cent in the IUP Jindal Metals and Alloys Ltd, whereas Jindal Saw Ltd holds the rest of the majority stake in the joint venture, which has set up a capacity of 1500 tonnes per month of stainless steel and alloy strips.
''The Jindal group would contribute its market intelligence and expertise and its partner group would provide technical know-how to the venture,'' a company release said.
The newly-formed joint venture will also leverage Arcelor Stainless International's global sales network.
The operators of the joint venture have undergone a three-week training on precision products at IUP and Imphy Alloy's plants in Europe.