Russian heavy equipment maker Uralmash is set to enter India’s steel and mining sector. It has decided to form a joint venture with Noida-based SRB International, in what is poised to be the first Indo-Russian venture in manufacturing heavy equipment.
“We are looking at a joint venture company with SRB which will be formalized in next two to three months. The equity shareholding between the two partners are being discussed but it could be a 50:50 partnership,” Vladimir Pugach head of exports at Uralmash said. Uralmash and SRB have had a decade-long alliance for supply and servicing equipment for clients like Coal India, SAIL, NMDC, JSPL etc. in India. The jv will initially focus on servicing existing clients and will increasingly look at assembly and manufacture of spare parts of some key equipment for the complex heavy machines used in mines etc.