Sumitomo Corporation (TSE:8053) reached a basic agreement to acquire 49% stake in Mukand Alloy Steels Private Limited from Mukand Limited (BSE:500460) on March 31, 2017. Post transaction, Sumitomo Corporation and Mukand Limited will hold 49% and 51% stake in Mukand Alloy Steels Private Limited. As on June 20, 2017, Competition Commission of India approved the transaction. As on December 22, 2017, the transaction is approved by the National Company Law Tribunal. KPMG Corporate Finance acted as financial advisor to Mukand Limited.

Sumitomo Corporation (TSE:8053) completed the acquisition of 49% stake in Mukand Alloy Steels Private Limited from Mukand Limited (BSE:500460) on January 16, 2018.