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Nisshin Steel Co., Ltd. and Sumitomo Corporation are pleased to announce their agreement to establish a three-party joint venture company (JV) to manufacture and supply steel tubes for the India's automobile component industry, in cooperation with JBM Group, an India's leading auto component supplier.
The JV will be named "ANS STEEL TUBES PRIVATE LIMITED" and located at Faridabad, near New Delhi, in the state of Haryana, while Delhi area is a largest manufacturing hub for the India's automobile industry.
The JV will engage in the business of manufacture and sale of ordinary steel and stainless steel tubes for the automobile applications, responding to the much-expected sustained future growth in demand for the Indian automobile market.
Also, Nisshin Steel Co., Ltd. and Sumitomo Corporation, have an intention, utilizing the JV as a core, to actively exert the new market development efforts for the high-grade steel tubes in India's fast-growing automobile market. |
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| 1. Company Name: |
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ANS STEEL TUBES PRIVATE LIMITED |
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| 2. Objective of JV: |
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Manufacture and Sale of Ordinary Steel and Stainless Steel Tubes for Automobile Component Industry in India |
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| 3. Plant Location: |
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Faridabad, Haryana, India (In the vicinity of New Delhi) |
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| 4. Main Equipment: |
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2 x High-frequency Tubing Mills, 1 x Slitting Line, 2 x Cutting Machines |
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| 5. Production & Sales Target: |
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30,000 tons per year |
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| 6. Total Investment: |
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400 million rupees (About 1.2 bln yen) |
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| 7. Shareholders: |
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Nisshin Steel Co. Ltd. 24.5%,
Sumitomo Corporation24.5%,
JBM Group51.0% |
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| 8. Scheduled JV startup: |
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August 2007 (tentative) |
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