Nisshin Steel Co. is studying a plan a factory in India for making stainless steel products, becoming Japan's first steelmaker to launch operations there, company officials said Friday.
The company aims to form a joint venture with Spain's Acerinox SA to begin production in 2008 in India, where steel demand is on the rise for use in a wide variety of products, including kitchen units and electrical appliances, amid strong local economic growth, the officials added.
The new manufacturer will also try to serve Japanese automakers setting up operations in the country, according to the officials.
Nisshin owns a 10.9 percent interest in the Spanish steelmaker. They jointly make car exhaust pipes in the United States.