October 13, 2008

Mitsui to double its stake in Indian Steel Corp to 20%

Reuters reported that Mitsui & Co has reached a deal to double its holding to 20% in Indian Steel Corporation, which is expanding its capacity for cold rolled steel and galvanized products.

Mr Arjun Jalani ED of Indian Steel Corporation said that it is planning to more than double capacity to 600,000 tonnes a year at a cost of about INR 9.5 billion.

Mitsui has signed the agreement with Indian Steel Corporation’s partner company Ruchi Group on November 27th 2007 but it did not disclose financial details.