On January 28, Nippon Steel and Tata, the largest steel enterprise in India announced that they would invest 35bln Yen (U.S.$388mln) in establishing a JV enterprise producing auto steel plate in India, and both sides would own 49% and 51% shares respectively.
In fact, in early 2007, Nippon Steel and Tata reached agreement, but both sides had not made further progress on how to carry out the cooperation of auto steel plate.
In November of 2009, JFE and India JSW signed comprehensive cooperation agreement, intending to snatch the market shares of India by technological operation of auto steels and expect to produce high-grade auto steel plate in India.
The India market is attracting more and more international steel manufacturers. In 2009, Indian government’s economic stimulus plan significantly drove the auto consumption in the local market. In the same year, the sales of Hyundai Motor were nearly 290,000 units, bit record high.
Besides, S.Korea POSCO and ArcelorMittal, the global largest steel mill, are also gazing at the Indian market.
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