Mukand Bekaert Wire Industries Pvt. Ltd. was formed as a 50:50 Joint Venture of Mukand Ltd. and NV Bekaert SA, Belgium in September, 2007 to manufacture stainless steel wires for the domestic and international markets. MuKand continues to hold the original equity stake, however, owing to the JV company’s requirement for additional capital for its expansion programme, etc., Bekaert has infused additional capital.
In light of the above, the joint venture which was on equal partnership basis has been terminated but the close working relationship between the promoter group of companies remain strong and Mukand continues to have one director on the board of the JV Company.