Monday, 30 May 2011
Sumitomo Pipe & Tube Co Ltd and Sumitomo Corporation announced that they have reached an agreement with Hyundai Hysco Co Ltd of South Korea to establish a joint manufacturing and sales venture in India for automotive steel pipe.
Profile of the Joint Venture
Name: Automotive Steel Pipe India Private Limited
Address: Chennai, Tamil Nadu State
Business description: Manufacturing and sales of automotive steel pipe
Capital: Approximately INR 400 million (JPY 700 million)
Investment amount: Approximately INR 2 billion (JPY 3.6 billion)
Shareholder composition:
Hysco Steel India Private Limited 55% (100% by Hysco)
SPT & SC Investment Co Ltd 45% (74.8% by Sumitomo Pipe & Tube and 25.2% by Sumitomo Corp)
Main facilities:
2 electric resistance welded tube mills
2 draw benches
1 heat treating furnace
3 quenching machines and other equipment
Production items:
Electric resistance welded pipe (carbon steel, stainless steel)
Cold drawn steel pipe
Production capacity: Approximately 4,000 tonnes per month
Number of employees: Approximately 350
Land area: 51,600 square meters
Factory area: 25,800 square meters
Establishment date: August 2011 (scheduled)
Production starts: End of 2012 (scheduled)
India's automotive industry is expanding rapidly thanks to the strong economic growth. With this, demand for automotive steel pipe is expected to expand, with significant growth particularly anticipated for stainless steel exhaust pipes, steel pipes for front forks, door impact beams and other high strength steel pipes as a result of tighter environmental restrictions and the growing demand for safety enhancements.
The joint venture plans to start manufacturing at the end of 2012, targeting Japanese automobile manufacturers, Hyundai Motor Company, the largest automobile manufacture in South Korea, and European and American automobile manufacturers. sourced steelguru
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