CLICK HERE FOR VIDEOArcelorMittal Stainless and Nickel Alloys, Auerhammer Metallwerk Gmbh and Shivalik Bimetals today joined hands to set up a joint venture company, which would set up a metal cladding unit at an estimated cost of Rs 50 crore.Innovative Clad Solutions, the JV company, will be set up at aspecial economic zone in Indore. All the three companies will have an equal stake in the JV company.Clad metals are produced by metallurgically joining two or more metal andalloys together without the use of any adhesive element."The first phase will have a production capacity of 10,000 tonne annually,and we will continue to expand as per market demand. Our first priorityis to substitute import of clad metals," said S S Sandhu, chairman,Shivalik Bimetals.Globally, the size of the metal cladding industry is estimated at Rs 2,000 crore, and the JV is targeting a 20% market share in the next 3-4 years.The new unit is expected to become operational within 15 months."We have extended full support to the JV. This is just a beginning, and we hope it will expand significantly in the coming years," said Sudhir Maheshwari, executive vice president (finance and M&A), ArcelorMittal.
