India’s Vardhman Special Steel Limited (VSSL) has inked an agreement with Aichi Steel Corporation, Japan, under which the latter will increase its equity stake in VSSL, reinforcing its commitment to developing high quality special steel and green steel in India, a joint statement of the companies said on Wednesday, June 4.
Under the agreement, Aichi Steel will increase its equity stake in VSSL to 24.90 percent from 11.33 percent at present, the statement said.
It said that the increased participation between the two companies would further bolster collaboration and support and strengthen the upcoming VSSL 500,000 mt special steel production capacity to cater to the automobile sector entailing an investment of INR 20 billion ($233 million) with technical and financial support from Aichi Steel.
The mill which is currently under construction will incorporate Japanese process and technology and cater to both domestic and ASEAN markets, the statement said.
