India’s Vardhman Steels Limited and Aichi Steel Corporation, an affiliate of Japan’s Toyota Motor Corporation, have entered into a collaboration for production and supply of steel for special application for the automotive industry, a company statement said on Thursday, September 5.
Under the collaboration agreement between the two companies, Aichi will pick up 11.4 percent equity stake in Vardhman and offer technical assistance to the latter for the production of special grade steel for the automotive industry.
Technical personnel from Aichi will be posted with Vardhman to facilitate technology transfer for production of automotive grade special steel which is currently being imported by Indian automobile manufacturers, the statement said.
The collaboration between the two companies follows consultations with India’s Ministry of Steel within the scope of the Indian government’s “Make in India” manufacturing program.
