Nippon backs Mahindra for UAE production
Mahindra Intertrade Ltd. (MIL), the steel
trading company of
India's Mahindra Group, established a steel service center in Sharjah,
UAE to produce electrical steel for the
Middle East.
Nippon Steel Corporation (NSC), which is MIL's equity partner for the center, will supply the necessary raw materials.
NSC's managers expect high growth in the demand for electricity in the
Middle East due to the region's expanding economy.
Electrical steel is an essential component of the transformers required to distribute electricity.
MIL and NSC lead a similar corporation in
India.