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Sumitomo to acquire 49% stake in Mukand's specialty steel unit

Sumitomo Corp. struck a deal with Mukand Ltd. to acquire a 49% interest in the latter's specialty rolled steel manufacturing unit, Mukand Alloy Steels Pvt. Ltd.

Under the terms, Mukand Alloy will process semi-finished specialty steel products, supplied exclusively to the company by Mukand from its plant in Hospet, India, and will sell processed products.

The new venture with Mukand will strengthen Sumitomo's supply chain function in India, with the aim of meeting the anticipated increase in demand for specialty steel driven by the expanding regional automobile market and increasing local sourcing of materials, Sumitomo said March 31.

The deal is valued at US$434 million, according to a same-day Metal Bulletin report.