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It did not disclose the transaction amount.
Concast India, headquartered in Mumbai, has built a strong position in the country for billets and rounds. The company exports to over 30 countries, including many emerging markets in the Middle East, Africa, Southeast Asia, MHMM said in a statement.
Through the acquisition, MHMM said it hopes to gain a foothold to scale up in the field of long steel products, add continuous casting technologies of both round billets and slabs, which it does not possess at present, and help it enter markets such as the Middle East, Africa.
Founded in 2000, MHMM is part owned by Mitsubishi Heavy Industries and Hitachi. It manufactures steel and iron production machinery and its products include hot rolling, cold rolling and processing line products.
Tokyo-based Mitsubishi-Hitachi Metals Machinery (MHMM) has concluded a share purchase agreement with casting machines supplier Concast India, to capture a bigger share in India’s metal-making machinery market.