Incorporated in 1962, Mahindra Ugine Steel Company (MUSCO) was promoted by Mahindra & Mahindra (49% stake), along with Ugine Aciers, France and IFC, Washington. The company has two divisions - steel and stampings. It manufactures tool, alloy and special steels. It makes alloy and special steel through the electric arc furnace (EAF) route and caters to high-end applications for the railways, bearings and the automotive and engineering. The company has diversified into hotels through a collaboration with Day`s Inn Inc. of the United States for setting up a chain of budget hotels in India. MUSCO currently enjoys a market share of 8% in the alloys and specials steels market. Its two stamping units manufacture pressed sheet, metal components and assemblies at Pune and Nashik. Its products are used mainly by the automobile and engineering industries for crankshafts, axles, connecting rods, gears, ball and roller bearings, shells, valves, etc. MUSCO is the only steel company in India which is approved by large, reputed multinational corporations, such as General Motors and Ford Motors, US; Mercedes Benz and BMW, Germany; and Mitsubishi Motors, Japan, all specifying the use of the company`s steel for critical components. The company`s clients include multinationals such as Timkens, FAG, Rane TRW, L&T Johndeer, GKN Axles, Horbeiger and Caterpillar. MUSCO is looking to expand its capacity from 105,000 MTPA to 120,000 MTPA. Further, the company plans a forging unit of 9 MT ingots inhouse. It is also eyeing development of new grades of steels to meet specific market demand.
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