On April 8, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Co. Ltd (WISCO), a listed subsidiary of Wuhan Iron and Steel (Group) Corp., announced that it is establishing a joint venture with Tebian Electric Apparatus Stock India Co. (TBEA India) to build a new silicon steel processing and distribution center in India. TBEA India is a subsidiary of major Chinese transformer producer Tebian Electric Apparatus Stock Co. (TBEA).
The registered capital of the JV in question totals $19.6 million, with the two sides equal shares of $9.8 million each.