JSW Steel, the flagship company of $11 billion Indian conglomerate JSW Group, today announced its plan to set up a Second Steel Processing Center in India's Automobile hub Pune (Maharashtra) with its JV partner Marubeni Itochu Steel Inc. Tokyo, (MISI).
- Project will be set up at a capital cost of Rs 204-crores in Pune (Maharashtra)
- To be commissioned in FY-2015 with an initial installed capacity of 180,000 TPA
- This Project is under 50% JV with Marubeni-Itochu Steel Inc (MISI)
The 1st Phase of the project is expected to come on stream by FY-2015 with an installed capacity of 180,000 tons per annum and will be scaled upto 360000 tons per annum in Phase 2. The project will be set up at a capital cost of Rs 204 crores and will be funded through 50% equity and 50% debt element.
Mr Seshagiri Rao, Joint Managing Director, JSW Steel & Group Chief Financial Officer, said “The rapid growth of the Indian steel industry offers tremendous opportunity for supply of high end processed steel. We can leverage the global sales network of expertise of Service Center Operations of MISI and the World Class Technology Products manufactured by JSW.”
The joint venture company 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.
In 2011, JSW Steel and Marubeni Itochu Steel Inc. have formed a JV to set-up a Steel Processing center near Palval (Haryana), under the name of “JSW MI Steel Service Center Pvt Ltd”.
JSW Steel & MISI both have a history of cooperation in areas of mutual interest which will further strengthen going forward.
Source: JSW Press Release
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