TOKYO—Kobe Steel Ltd. has acquired full ownership of its Indian joint venture L&T Kobelco Machinery Pvt. Ltd.
Established in 2010, LTKM began as a tire and rubber machinery joint venture 51 percebt held by Larsen & Toubro and 49 percent by the Japanese company.
Now a 100 percent subsidiary of Kobelco Machinery Asia, LTKM will relaunch in May as Kobelco Industrial Machinery India Pvt. Ltd., Kobe Steel said in an April 18 statement.
The company said the full takeover will "enable more flexible management, increase marketing capabilities, and strengthen cost competitiveness (of production)."
Through LTKM, the Japanese machinery major added that it also aims to further expand in India, southeast Asia and Europe.
LTKM manufactures rubber mixers and twin-screw, roller-head extruders used in making tires, mainly for road vehicles and construction equipment.