Japan's Kobe Steel establishes Indian subsidiary

Japan's Kobe Steel establishes Indian subsidiary. Japan's KOBE STEEL LTDsaid Tuesday that it has established a subsidiary in India to sell steelmaking equipment, its first operational base there. Steel demand in India has continued to grow moderately even amid the global downturn that started last autumn, and is expected to quadruple from 52.6 million tons in 2008 to 200 million tons in 2020. Kobe Steel and group firm SHINSHO CORP. control 90 per cent and 10 per cent respectively of the new company, located in Kolkata in the state of West Bengal. With new steel mills burgeoning in the state and its vicinity, Kobe Steel has selected the location for its marketing base.