Tokyo – Kobe Steel Ltd has acquired full ownership of its Indian joint venture L&T Kobelco Machinery Private Ltd (LTKM), Kobe Steel has announced.
Established in 2010, LTKM began as a tire & rubber machinery joint venture 51% held by Larsen & Toubro and 49% by the Japanese company.
Now a 100% subsidiary of Kobelco Machinery Asia, LTKM will relaunch in May as Kobelco Industrial Machinery India Pvt Ltd (or KIMI), said Kobe Steel’s 18 April announcement.
The full takeover, it said, will “enable more flexible management, increase marketing capabilities, and strengthen cost competitiveness [of production].”
Through LTKM, the Japanese machinery major added that it also aims to further expand in India, southeast Asia and Europe.
LTKM manufactures rubber mixers and twin-screw, roller-head extruders used in making tires, mainly for road vehicles and construction equipment.