PRESS RELEASE
Vardhman Special Steels Ltd India announces
Investment by Aichi Steel Corp
Japan redefines steel experience in India
India, September 2019: Vardhman Special Steels Limited is proud and excited to announce a new partnership with Aichi Steel Corp Japan, an affiliate of Japan’s Toyota Motor Corporation. Aichi Steel Corp will buy approximately 11.4 percent stake in Vardhman Special Steels Ltd and provide technical assistance aiming to establish a world class, socially and environmentally responsible special steel company in India. This company will be capable of supplying steel for critical and special applications for today and tomorrows automotive industry. Aichi Steel will be posting three personnel in India while additional critical support from the Headquarters will be provided constantly.
Both companies aim to achieve sustainable growth through use of advanced technology leading to enhanced excellence in steel making here in India. The complimentary portfolio of management, product, technology and services offered by Aichi Steel provides the end users with the special steel backed up by years of expertise and recognized technology. This will help Vardhman Special Steels to expand its size and markets in years to come.
“One of our key objectives of this partnership is to develop special steel grades for automotive companies in India so as to help fill the gap of providing substitution of steel, that is currently being imported. We plan to later export this special grade of Steel to South Asia and Europe as well.” said Mr Sachit Jain, Vice-Chairman & MD Vardhman Special Steels Limited.
The two companies signed an agreement on the deal worth USD $7 million in a ceremony held on last week in Aichi Prefecture, where the Japanese firm is located. “This partnership will help Aichi Steel strengthen the foundation of its special steel business by improving quality and cost competitiveness on a global basis. A friend in need is a friend indeed and Vardhman Special Steels team is a friend who we will be supporting to develop technology based solutions in coming years.” added President Takahiro Fujioka from Aichi Company in his statement.
This initiative of Vardhman Steel has been executed post deep consultations with the Steel Ministry of India and the desire is to work on the platform of “Make in India”, which is our Hon. Prime Minister Sh. Narendra Modi’s mega plan for India’s growth. This joint project of Vardhman Special Steels and Aichi Steel will add to the job market too and give a boost to the steel industry in South Asia in the coming years.
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About Vardhman Special Steels Limited India
Established in 1973 Vardhman Special Steels is part of USD 1.2 Billion turnover Vardhman group in India. Vardhman Special Steels focus is to make special and critical steel grades for automotive application. Customer base spreads from passenger cars, commercial vehicles, and two wheelers to engineering and off highway industry both in India and outside India.
The philosophy of Vardhman Special Steels is emphasizing on total customer focus in all operational areas. The first objective of the alliance will be to help change the culture and transfer technical knowledge. The companies will then work together to improve quality, reduce cost and increase capacity. Eventually this alliance has to add value to all stakeholders, customers, employees and shareholders.
About Aichi Steel Corporation Japan
As the only material maker of the Toyota Group, Aichi Steel is a manufacturer of special steels and pursues the limitless potential of materials to create new value and contribute to a sustainable society and earth. Aichi Steel having turnover of approx USD 2.4 Billion contributes to the creation of a prosperous society through provision of optimal and sought-after materials to a wide range of industries centered on the automotive industry. Head Office in Tokai city, Aichi Prefecture Japan they came into existence in 1934 and changed name to Aichi Steel Corporation in 1945. They now have steel and forging operations across the globe.
Their vision is based on Aichi way – Create, Appreciate and Sustain
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