Mahindra Ugine Steel surges 10% on JV with Sanyo Steel

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Mahindra Ugine Steel surges 10% on JV with Sanyo Steel
Shares of the Mahindra Ugine Steel Company (MUSCO) surged over 10% at Rs 53 after the company said it has formed a new joint venture (JV) company, Mahindra Sanyo Special Steel Private Ltd.

Mahindra Ugine Steel Company shares was seen trading higher by 9.22% at Rs 53.30 on BSE at 11.34 am IST. It touched an intraday high of Rs 58.50 and an intraday low of Rs 52.40.

Sanyo and Mitsui have picked up 29% and 20% stake each in a three-way joint venture with Mahindra group company, MUSCO. Sanyo has invested Rs 129 crore and Mitsui Rs 89 crore in the JV while Mahindrawill retain 51% stake.

Means, Mitsui and Sanyo have bought 49% in Mahindra Ugine's steel business for Rs 218 crore.

Pursuant to investment by Sanyo and Mitsui, it is propsed to change name to Mahindra Sanyo Special Steel Pvt Ltd.

Read more about: mahindra ugine steel
Story first published: Friday, September 7, 2012, 11:50 [IST]
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