Russian heavy equipment maker Uralmash is set to enter India's steel and mining sector and has decided to form a joint venture with Noida-based SRB International to manufacture heavy equipments. The joint venture with SRB will be formalized in the next two to three months.
Uralmash is looking at investing close to USD 5- 6 million every year in the new company Uralmash SRB 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. The new company is eyeing a part of orders worth Rs 2000 crore that is up for grabs from Coal India for new 'draglines'.