India-based Mahindra Intertrade, part of Mahindra Group, has announced that it has entered into a joint venture with Taiwan's China Steel Global Trading Corporation and Singapore-based Mitsui & Co. (Asia Pacific) Pte. Ltd to set up an automotive steel service center near Pune in India. This will be Mahindra's seventh steel processing facility and the third in the Pune region.
The facility will be set up at a cost of $24 million with an annual processing capacity of 130,000 mt when it begins operations in the fourth quarter of the financial year 2015-16. While Mahindra Intertrade will hold a share of 51 percent in the joint venture, the other two partners will hold 24.5 percent each.
According to Mahindra Intertrade, the raw stock for the facility will be imported from China Steel Global as well as sourced locally. The steel service center will offer automotive customers in the Pune region an entire bouquet of end-to-end services such as sourcing, warehousing and yield optimization.
