Japan's Nisshin Steel Co. Ltd. and Sumitomo Corp. have disclosed that they will set up a joint venture in India to make steel tubes used in automobiles, due to the expected surge in demand for motor vehicles in India.
India's JBM Group will hold 51 percent of the venture in Faridabad, near New Delhi, with the Japanese firms sharing the remainder between them. Total investment will be Yen 1.2 billion ($9.7 million).