India-based Mahindra Group has announced that Mahindra Intertrade, Mahindra Auto Steel Pvt. Ltd., a joint venture between its subsidiary Mahindra Intertrade, Taiwan's China Steel Global Trading Corporation and Singapore-based Mitsui & Co. (Asia Pacific) Pte. Ltd., has started the construction of its automotive steel service center near Pune in India. This will be Mahindra's seventh steel processing facility and the third in the Pune region.
As SteelOrbis previously reported, the facility will be set up at a cost of $24 million with an annual processing capacity of 130,000 mt when it begins operations in the fourth quarter of the financial year 2015-16. While Mahindra Intertrade will hold a 51 percent stake in the joint venture, the other two partners will hold 24.5 percent each.