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.
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