Mukund forges JV with Belgian company

Kolkata, Sep 5(UNI) Mukand Ltd., the country's leading speciality steel producer and NV Bekaert SA, Belgium, the world's largest steel wire manufacturer, have signed an agreement for formation of a joint venture company to produce stainless steel wires in India to feed markets across the world.

The 50:50 joint venture will be set up in Lonand, district Satara, Maharashtra, company sources today said.

Stainless steel wires are used for applications such as welding, weaving, etc. and for the manufacture of springs.

The sources said the JV company would manufacture stainless steel wires with an investment of Rs 100 Crore.

Bekaert is the largest steel wire producer in the world with manufacturing facilities in 26 locations across the world. Bekaert currently has a manufacturing facility in Pune where they produce steel cords for radial tyres and carding products for the textile industry.

Mukund Limited Chairman and Managing Director Niraj Bajaj the JV was in line with the company's strategy to become a leading supplier of speciality steels to global customers.

UNI