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Jindal Stainless inks deal with Japan's Nisshin
By siliconindia staff writer
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Tuesday, 13 January 2004, 20:30 IST
NEW DELHI: Jindal Stainless Ltd, a leading steel firm, said on Tuesday it had entered into a technical alliance with Nisshin Steel, one of Japan's largest integrated steel makers.
"The collaboration is purely technical in scope and an agreement has been signed for a period of two years," a statement from the Indian company said.
It said under the agreement, Nisshin would provide Jindal: "technical advisory services through transfer of operation technology relating to manufacture of stainless steel, including Nisshin Steel proprietary technical information".
Jindal Stainless expects net sales in the year ending March 2004 to be Rs 22-23 billion.
The company's director of finance Arvind Parakh said the company expects sales in the October-December quarter to exceed Rs 5.50 billion and a cut in nickel customs duties was a "definite positive for profit".
He said the company's board would meet on Wednesday to approve the third quarter results.