Mukand Sumi Special Steel announced a ₹2,345 crore investment to set up a greenfield plant in Kanakpura, Karnataka.
The company is a joint venture between Sumitomo Corporation (49%) and Jamnalal Sons Pvt Ltd (51%) of the Bajaj Group.
Mukand Sumi Special Steel on Monday said it will invest ₹2,345 crore to set up a greenfield project in Kanakpura, Karnataka.
Mukand Sumi Special Steel Limited (MSSSL) is a joint venture company between Japan's Sumitomo Corporation (49:51%) and Jamnalal Sons Private Limited (Bajaj Group), which owns 51%.
"With this collaboration, MSSSL’s productive potential will increase to 7,00,000 tonnes per annum, positioning it among India's pre-eminent special steel manufacturers," Mukand Sumi Special Steel said in a statement.
The new facility, to be set up with an investment of ₹2,345 crore, will produce special high-grade steel for automotives, railways, energy, oil & gas and bearings.
The company will follow a zero liquid, solid, and gaseous discharge model, with over 95% of energy needs met through renewables.
"The new facility will allow us to serve growing demand with greater efficiency, quality, and environmental responsibility. It is a step forward in realising our shared vision of creating a world-class, sustainable special steel enterprise," said Vipul Mashruwala, President, Mukand Sumi Special Steel Limited.
