Erasteel SA of French plans to form a jv in India

Erasteel SA of French plans to form a jv in India

According to latest news in the market, French high-quality high-speed steel producer Erasteel SA is planning to form a joint venture company of 74/26% in India. With the purpose of supplying high-quality steel products to Indian market, Erasteel proposes to subscribe 74% of the equity share capital of an Indian Private Limited company to be established by Erasteel and Sterling Metchem Trade Private Limited in Mumbai (India). The new Indian company will import products in bulk from Erasteel and process and distribute them in India. The range of products of the company will include basic iron and steel, flat-rolled products of alloy steel of a width of less than 600mm, bars and rods of alloy steel; angles, sections and hollow drill bars and rods of alloy or non-alloy steel. It is also stated that, Erasteel will supply the new company with a know-how license to process the imported products from Erasteel and provide after sales services as well.