Metal One to set up steel coil center
Mumbai : Metal One Corporation, a Tokyo-based integrated steel trading company, on Tuesday announced formation of a Joint Venture company-Manesar Steel Processing (India) Private Limited-at Manesar in Haryana.
The Joint venture with a planned total investment of approx INR 911.69 Million (Approx Yen 1823.38 million), will constitute four shareholders: Metal One, Japan (55%), Suzuki Motor Corporation, Japan (20%), Maruti Suzuki India Limited, India(15%) and JFE Shoji Trade, Japan (10%).
The Manesar Steel Processing India Limited will be the nodal processing center for automobile steel sheets used by Maruti Suzuki India Limited. It will have an annual capacity of over 150,000 tonnes.
The facilities will have state of the art equipment including slitter lines, leveler lines and shearing lines.
The Joint Venture Company shall be handling and cutting steel coil to carry out slitting, leveling, shearing, blanking, warehousing & supplying to fulfill mainly MSIL vendors? requirements, for MSIL?s ultimate consumption.
Minori Nakamura , Managing Executive Officer Group COO; Division COO (Business Division B), Metal One said, ?We are proud of contributing our operation for Maruti Suzuki’s further progress with sincere support from other share holders.?
Manesar Steel Processing (India) Private Limited Joint Venture will offer high Quality and Cost-effective Delivery (QCD) capabilities that would be at par with the global standards.
Manesar Steel Processing (India) Limited will be located at the JV complex at the Maruti Suzuki India Limited?s Manesar plant and is expected to employee 70 persons. The JV is expected to commence operations in May 2011.
