India-based alloys and stainless steel producer Mukand Ltd. has formed a joint venture with steel cord and wire manufacturer NV Bekaert SA, Belgium, for the production of stainless steel wires in India.
According to the press release issued by Mukand Ltd to the Bombay Stock Exchange (BSE) on September 5, the 50:50 joint venture will be established in Lonand, located in the Satara district of the western Indian state of Maharashtra.
The joint venture, which will be set up with an investment of Rupees 1 billion ($ 24.5 million), is expected to meet demand for stainless steel wires from all over the world.