Secretary, Ministry of Steel Nagendra Nath Sinha congratulates VSSL on Golden Jubilee; VSSL Board recommends 1:1 bonus share

New Delhi [India], April 13 (ANI/PNN): Vardhman Special Steels Ltd (VSSL) celebrated the completion of 50 glorious years of its steel business under the aegis of Vardhman Group at The Oberoi, New Delhi. Over the 50 years, it had consistently improved its manufacturing capabilities to provide high-quality steel for automotive applications and delivered innovative solutions to its customers.

The chief guests for the evening were Nagendra Nath Sinha, Secretary, Ministry of Steel, Takahiro Fujioka, President of Aichi Steel Corporation Japan accompanied by Naohide Goto, Isao Fujii and Mahari Kawabata. Koichiro Hayashida from Aichi Forge, Thailand and Kunihiko Kawazu, Deputy Chief of Mission, Embassy of Japan in India also graced the occasion with their presence.

The company had a board meeting on the same day of the event to consider giving bonus shares to the shareholders of the company. The board discussed and recommended the issuance of bonus shares in the ratio of 1:1, which means one bonus share to be given against the holding of one equity share.

The event started with Takahiro Fujioka, President of Aichi Steel Corporation lighting a lamp along with Naohide Goto, Managing Executive Officer of Aichi, Kunihiko Kawazu, Deputy Chief of Mission, Embassy of Japan in India, Rajeev Gupta, Chairman of VSSL, R.K.Jain, Director of VSSL. To show the glorious 50 years of journey, Vardhman Corporate Film was played on screen. Going ahead a welcome speech was given by Soumya Jain, daughter of Sachit Jain followed by speeches of Rajeev Gupta, Takahiro Fujioka, Nagendra Nath Sinha, Secretary of the Ministry of Steel and finally by Sachit Jain. The event was brought to an end with a groovy live band performance and cocktails.

At this event Sachit Jain, Vice-Chairman & Managing Director, Vardhman Special Steels Limited said "50 years is a very important milestone in the history of an organization and to get there, one needs the mentality of a marathon and not a 100-meter dash. Now we have a strong partnership with Aichi and together we are ready for the next 50. Today, the board of the company has declared a bonus issue to give the signal to the shareholders that we are confident for the future together."

At this event, Nagendra Nath Sinha, Secretary of the Ministry of Steel said "Indian steelmaking has to move to special steels in addition to normal steels. I am happy to see such a strong relationship between Indian and Japanese companies that I could see here with Vardhman and Aichi."

At this event, Takahiro Fujioka, President of Aichi Steel Corporation, Japan congratulated the team at Vardhman and said "On behalf of my entire organization Aichi Steel, we extend our heartiest congratulations to Vardhman Group on completing 50 glorious years of success in the Steel Business. Our relationship is built on mutual trust, and respect for each other social and culture and works on the WIN-WIN principle to serve the society with whatever we can do."

Various dignitaries from different parts of the country also joined the event to mark this momentous moment. It included Gajendra Singh, Chairman of PNGRB, Vikas Bajaj, MD of Microtek, KN Prasad, MD of Toyota Kirloskar Auto Parts, Vikram Verma, CEO of Sona Comstar, S. Radhakrishnan, MD of Gurunank Auto Enterprises, Tomoya Shirai, MD of Musashi Auto Parts India Ltd.; Nobuaki Yahiro, Managing Director of Toyota Tsusho India Pvt. Ltd; Inoue Takeshi, Executive Officer Automotive of Marubeni-Itochu Steel Inc Japan; Sanada Yusuke, Managing Director of Marubeni-Itochu Steel India Pvt. Ltd.; Kawakita, CMD of Metal One India; Directors of VSSL and many other well-known personalities from the industry.

VSSL partnered with Aichi Steel Corporation in August 2019 and entered into a Technical Assistance Agreement which helped the company produce alloy steel matching in quality standards of Japanese OEMs. In Feb'23, VSSL became a part of Toyota's Global Supply Chain by starting mass production of steel for the forging companies of Aichi Steel based in South East Asia.

VSSL is fully dedicated to delivering high-quality steel with critical grades essential for automotive applications, which aligns with the "Make in India" initiative led by our esteemed Prime Minister, Narendra Modi. VSSL look ahead to the future with a bold vision of becoming a world-class steel player in the automotive special steel segment. VSSL is confident that the strategic alliance with Aichi and its dedication to quality and customer satisfaction will enable it to establish a prominent position in the global market.

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