Arcelor tailored bank, France inks MoU with Indian firm

Chandigarh, Oct 15: France-based Arcelor Tailored Bank, a part of Arcelor Mittal group company and Neel Metal Products, India (JBM) have signed a joint venture agreement for manufacturing tailor welded blanks (TWB) in India for automotive applications.

This 50:50 joint venture would set up welding facilities in India with an intent to make an investment of Rs 60 crore in a phased manner in different locations including Haryana.

The JV agreement was signed in Paris yesterday in the presence of Haryana Chief Minister Bhupinder Singh Hooda and representatives of the two groups.

Mr Hooda is currently leading a high level business and official delegation to Europe. This delegation is part of the CII sponsored programme, 'Government of Haryana International Mission to Europe' aimed at exploring mutual trade opportunities for industries and marketing Haryana as a preferred foreign direct investment destination.

In Paris, the delegation interacted with MEDEF - the French Business Confederation, which represents the French Industry, an MoU partner of CII. The delegation was welcomed by Mr Francoise Perigot, Honorary Chairman, MEDEF.

Later in the day the delegation made a visit to a French company Valeo. Mr Luc Bleriot, COO of Valeo Group, welcomed the delegation. Two MoUs were signed between Valeo and Minda Industries Ltd for setting up of new production centres in Haryana.

UNI