Japan-based Mitsubishi-Hitachi Metals Machinery, Inc (MH) has concluded a share purchase agreement with Concast India Ltd (CIL), a supplier of casting machines, to capture a bigger piece of India's market for metal-making machinery. The deal amount was undisclosed.
CIL was established in 1973 by Narinder Nayar with its headquarters and engineering centre located in Mumbai. It employs approximately 200 people and has built a strong position for billets and rounds and is currently exporting to over 30 countries, including many emerging markets in the Middle East, Africa and Southeast Asia.
The acquisition will give Mitsubishi-Hitachi Metals Machinery a foothold to scale up in the field of long steel products, add continuous casting technologies of both round billets and slabs, which it doesn’t possess as of now, and help it penetrate into markets such as the Middle East, Africa, etc.
Founded in 2000, Mitsubishi-Hitachi Metals Machinery (formerly MHI-Hitachi Metals Machinery, Inc) is part owned by Mitsubishi Heavy Industries and Hitachi. It manufactures steel and iron production machinery and its products include hot rolling, cold rolling and processing line products.
Tokyo-headquartered heavy machinery manufacturer Mitsubishi Heavy Industries Ltd has six divisions—marine vessel and ocean, power engine, machinery and iron structure, aviation and space division, and medium-size product. The sixth division specialises in the purchase, sale and leasing of real estate, as well as the provision of printing, leasing and information-related services.
Hitachi is a diversified business giant with products ranging from electricity generation systems to consumer products and electronic devices. The company operates in information and telecommunication systems and automated teller machines, power systems.