JSW Steel plans to set up its second steel processing centre in Pune with its joint venture partner Marubeni Itochu Steel Inc, Tokyo, with an investment of Rs 204 crore. It will be funded equally through equity and debt, said the company in a statement.
The first phase of the project is expected to come on stream by FY-2014 with an installed capacity of 180,000 tonnes per annum and will be scaled up to 360,000 tonnes per annum in phase two.
The joint venture company is equipped to process flat steel products such as hot-rolled, cold-rolled and coated products with a view to offering just-in-time solutions to the automotive, white goods, construction and other value-added segments.
Seshagiri Rao, Joint Managing Director, JSW Steel & Group Chief Financial Officer, said the rapid growth of the Indian steel industry offers tremendous opportunity for supply of high-end processed steel by leveraging the global sales network of expertise of service centre operations of MISI and the technology products manufactured by JSW.
In 2011, JSW Steel and Marubeni Itochu Steel Inc formed a joint venture to set up a steel processing centre in Haryana.
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