Mahindra Ugine in steel JV with Sanyo, Mitsui

Sanyo will invest Rs 111 crore in the JV with a 29% stake, and Mitsui, Rs 76 crore for a 20% stake and the rest will be held by Mahindra Ugine, it said in an exchange filing, but did not provide the value of its own stake.

"Mahindra Ugine is expected to drive general management, Sanyo will lead the manufacturing function while Mitsui will support the marketing function of the joint venture," it said.

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