Nov. 08, 2018 - Shinagawa resolved to establish a joint venture company SG Shinagawa Refractories India LLP ("LLP") in India at the Board of Directors meeting held on November 8, The joint venture will fall under the Company's specified subsidiary.
Shinagawa will hold 51% and Grindwell Norton Ltd.("GNO")will hold 49% in the LLP. The new company will be established in the end of December of 2018 and capital will up to INR 230 million.
Demand for refractories of ironworks in India steadily expands with the growth of crude steel production, and further growth is expected in the future. Taking advantage of our experience and technical strength cultivated in Japan, we have been proactively promoting sales activities by exporting from Japan mainly refractories for blast furnaces (tap hole closure material). In order to respond to the market needs by offering more rapid products and services, GNO an Indian refractory / abrasive material maker under the umbrella of Saint-Gobain, France (Saint-Gobain and its affiliates account for 51.6%), and we have decided to establish a joint venture to manufacture and sell refractories. We will make maximum use of our technical capabilities and the local business infrastructure of GNO and we will work on expanding business in India.