Belgium-based steel cord and wire manufacturer NV Bekaert SA has stated in its annual report that the first phase of the 50:50 stainless steel wire joint venture between the company and India-based alloys and stainless steel producer Mukand Ltd will be operational by May 2009.
Mukand and NV Bekaert SA signed an agreement on September 5, 2007 for the formation of a joint venture company in Lonand in the Satara district of the western Indian state of Maharashtra for the production of stainless steel wires aimed at supplying markets across the world.
The 50:50 joint venture is expected to require a total investment of Rupees 1 billion ($19.9 million).