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Japanese company Itochu Steel sets up JV with Caparo India

According to a news report published in The Hindu, Japanese giant Marubeni Itochu Steel Inc. has entered into an agreement with Caparo Engineering to jointly set up an automotive blank manufacturing unit, with an investment of about Rs.18 crores. The Indian company will be hold majority stake in the joint venture company being formed.

Referring to a statement released upon the signing of the JV agreement between the two companies in Tokyo, the news story says that the new company will be called Caparo Marubeni Itochu Steel Inc. The manufacturing unit, expected to be operational by July next year, will be set up in Gurgaon with an initial capacity of 6,000 tonnes of tailor welded blanks per year.

Source: The Hindu / PTI, Aug 3, 2006

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