August 29, 2008

Sumitomo signs MoU with Bhushan Steel for Orissa project

Projects Today reported that Sumitomo Metal Industries has signed a MoU with Bhushan Steel to provide technical assistance for the construction and operation of its integrated steel plant in Orissa. It will also provide Bhushan Steel with technical assistance for the production of steel sheets for automobiles.

Sumitomo Metal is likely to acquire a 20%to 30% stake in Bhushan Steel as part of an agreement to participate in the proposed project. It will also help its Indian counter part to build and operate a blast furnace and provide other technological assistance.