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Sumitomo to invest in Indian specialty steel processor

Japanese trading house seeks to tap world's fifth-largest auto market

A Mukand Alloy plant in the Indian state of Maharashtra.

TOKYO -- Sumitomo Corp. will spend just over 20 billion yen ($178 million) to take a stake in an Indian processor of automotive specialty steel.

The Japanese trading house plans to buy as early as this summer a 49% interest in Mukand Alloy Steels from parent Mukand Ltd., a Mumbai-based specialty steel producer.

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