Mukand Sumi Special Steel on Monday said it will invest Rs 2,345 crore to set up a greenfield project in Kanakpura, Karnataka.
Mukand Sumi Special Steel Limited (MSSSL) is a joint venture company between Japan's Sumitomo Corporation (49:51 per cent) and Jamnalal Sons Private Limited (Bajaj Group), which owns 51 per cent.
"With this collaboration, MSSSL's productive potential will increase to 7,00,000 tonnes per annum, positioning it among India's pre-eminent special steel manufacturers," Mukand Sumi Special Steel said in a statement.
The new facility, to be set up with an investment of Rs 2,345 crore, will produce special high-grade steel for automotives, railways, energy, oil & gas and bearings.
The company will follow a zero liquid, solid, and gaseous discharge model, with over 95 per cent of energy needs met through renewables.
"The new facility will allow us to serve growing demand with greater efficiency, quality, and environmental responsibility. It is a step forward in realising our shared vision of creating a world-class, sustainable special steel enterprise," said Vipul Mashruwala, President, Mukand Sumi Special Steel Limited.
Mukand Sumi Special Steel Limited (MSSSL) is a joint venture company between Japan's Sumitomo Corporation (49:51 per cent) and Jamnalal Sons Private Limited (Bajaj Group), which owns 51 per cent.
"With this collaboration, MSSSL's productive potential will increase to 7,00,000 tonnes per annum, positioning it among India's pre-eminent special steel manufacturers," Mukand Sumi Special Steel said in a statement.
The new facility, to be set up with an investment of Rs 2,345 crore, will produce special high-grade steel for automotives, railways, energy, oil & gas and bearings.
The company will follow a zero liquid, solid, and gaseous discharge model, with over 95 per cent of energy needs met through renewables.
"The new facility will allow us to serve growing demand with greater efficiency, quality, and environmental responsibility. It is a step forward in realising our shared vision of creating a world-class, sustainable special steel enterprise," said Vipul Mashruwala, President, Mukand Sumi Special Steel Limited.
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