Mukand Limited has executed loan agreements with a bank on 14 July 2022 for availing a promoter backed unsecured loans as term loan & working capital loan at competitive rates of interest of an amount aggregating to INR 400 crores. The loans will be utilized for refinancing existing high cost borrowings of the Company and for general business purposesMukand Ltd. is a leading Indian manufacturer of specialty steel long products and industrial machinery. Incorporated in 1937, today the company produces alloy steel from its facility in Hospet in Karnataka and stainless steel from its factory in Thane in Maharashtra. TPM, IATF 16949 and ISO 9001:2008 compliant, the company produces specialty steel products that mainly feed into the automotive and engineering industries. The industrial machinery division of the company is involved in the design, manufacture, assembly and commissioning of heavy industrial equipment including EOT cranes, Port equipment, process plant equipment for ferrous and non-ferrous industries, bulk material handling equipment, etc.In the year 2013 and later in 2018, the company formed joint ventures with Sumitomo Corporation of Japan. The JVs are engaged in the business of rolling, finishing and marketing of wire rods, bars, bright bars and wires made from blooms, billets and bars exclusively procured from Mukand Ltd.Mukand Sumi Special Steel Limited and Mukand Sumi Metal Processing Ltd. are two joint venture companies between Mukand Ltd of India and Sumitomo Corporation of Japan.Together known as Mukand Sumi, the company is engaged in the business of rolling, finishing and marketing of wire rods, bars, bright bars and wires made from blooms and billets procured exclusively from Mukand Ltd.The company rolls steel in sizes ranging from 5.5 mm to 160 mm in diameter in supply conditions such as annealed, spheroidised annealed, pickled and phosphated, hardened and tempered. With over 400 grades and specifications, the company offers products such as roller and ball bearing steel, cold heading quality steel, free cutting steel, micro alloyed steel, spring, carbon and alloy steels. These steels are mainly used in automotive and engineering industries for the manufacture of transmission parts, engine components, steering components, bearings, high tensile fasteners, fuel injection systems, braking systems, suspension parts, etc.