Business Daily from THE HINDU group of publications
Friday, Feb 08, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Feb 08, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Alliances & Joint Ventures Shivalik Bimetal joins hands with ArcelorMittal Stainless, Auerhammer
Our Bureau New Delhi, Feb. 7 Shivalik Bimetal Controls Ltd has set up a joint venture with ArcelorMittal Stainless and Nickel Alloys, a wholly-owned subsidiary of ArcelorMittal, and Germany’s Auerhammer Metallwerk GmbH to manufacture and market clad metal products. The joint venture – Innovative Clad Solutions – will have one-third equity participation from each of the partners. “The new manufacturing facility to start metal cladding in India will come up in a special economic zone (SEZ) in Indore and the initial investment in the project is estimated to be around Rs 50 crore,” Mr S.S. Sandhu, Chairman, Shivalik Bimetal Controls, said at a press conference here on Thursday. The plant would have an annual capacity of 10,000 tonne and the company is looking at acquiring around 25,000 sq meters of land in the SEZ. The plant would be operational in the next 15 months. Clad metal technology provides a method of combining characteristics of two or more metals into composite metal systems having properties designed to meet specific applications in auto components and bullet jacket manufacturing, besides marine engineering and other industries. “We plan to have a market share of about 20 per cent in India in three to four years after commencing production,” Mr Sandhu said. He added that about 65 per cent of the production would be exported and the raw materials would be provided by ArcelorMittal. More Stories on : Alliances & Joint Ventures | Metals
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