Mahindra Auto Steel breaks ground on USD24-mil. steel service centre in Maharashtra
Latest process facility is Mahindra's third in Pune and its seventh globally.
Mahindra Auto Steel has broken ground on a steel service centre near Pune, Maharashtra (India), reports the Economic Times. The company, a joint venture (JV) between Mahindra Intertrade, China Steel Global Trading Corporation, and Mitsui & Company (Asia Pacific) Pte, plans to invest INR1.5 billion (USD24.4 million) in the centre, which will have an annual processing capacity of 130,000 tonnes. The centre is expected to become functional by the fourth quarter of fiscal year 2014/15. Mahindra Intertrade holds a 51% share in the JV, while the other two partners own 24.5% each.
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