The company retained 51 percent equity of this joint venture company.
Shares of Mukand added nearly 3 percent intraday Wednesday as Japanese firm bought 49 percent stake in joint venture company for Rs 1181 crore.
Sumitomo Corporation buys 49% stake for Rs 1180.99 crore in the joint venture company, Mukand Sumi Special Steel.
The company retained 51 percent equity of this joint venture company.
The joint venture is engaged in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets procured exclusively from Mukand’s Hospet plant in Karnataka.
The JV has 100 acres of land adjoining Mukand's existing plant at Hospet for the proposed construction and commissioning of new steel rolling facilities by mid 2020 at an approximate cost of Rs 600 crore.
At 09:54 hrs Mukand was quoting at Rs 71.50, up Rs 1.45, or 2.07 percent on the BSE.
Posted by Rakesh Patil