During world war II, Mr. J. C. Mahindra [ Advisor to Govt. Of India – The 1st Indian to become the Iron & Steel Controller of India ] & Mr. K. C. Mahindra [ Head of Indian supply mission to Washington – USA ] wrote our history in Steel.
These extra ordinary men cherished the dream of building a plant for the manufacturing of tool, alloy & special steel in India. The dream realised by joining hands with Mr. Rene Perrin France & IFC Washington to promote MUSCO [ Mahindra Ugine Steel Co ] in 1962.
Under the guiding leadership of Mr. Harish Mahindra, MUSCO became the first private sector alloy steel plant in India. India's latest steel manufacturer was soon listed on the BSE (Bombay Stock Exchange) in 1964. Production soon commenced in 1967 with a Rolling Mill, HTFS and steel melting (20T Arc Furnace).
Mahindra Ugine Steel Company Ltd. reached its 60,000 TPA installed capacity in 1968 with the commencement of a Forge Shop. It was during this year that the core values of the company (Professionalism, Good corporate citizenship, Customer first, Quality focus & Dignity of the individual) were formulated.
Mahindra Ugine Steel Company Ltd. became the torch-bearer of India's emerging prowess during this decade. By 1975, plans for expansion and modernization were already underway with the installation of a new Electric Arc Furnace of 45T. The reversible Blooming Mill was installed and the bottom pouring practice was established to further improve the quality in 1979.
Jagdish Chandra Mahindra Memorial School was started inside the Mahindra Ugine Steel Company in 1980. Mr. Anand Mahindra joined the Mahindra Ugine Steel Company Ltd. in 1981 as a Management Trainee after graduating from the Harvard Business School. Back in 1985, we became one of the very few companies in the country to facilitate computerization. We commemorated our silver jubilee in 1987. By the end of that decade, Mr. Anand Mahindra became the Director of Mahindra Ugine Steel Company Ltd. in 1989.
We started the decade by installing a Laddle Furnace / Cast Chambers in our SMS. We became India's first plant to get the Merkblatt WO and W2 (PED) certification for our products in 1991. In 1993, we became the country's first plant to get an ISO 9001:2000 certification. It was in 1991 that we developed the MUSCO INOX - a special variant of stainless steel. Laurels soon began to follow as Mahindra Ugine Steel Company Ltd. grabbed many significant awards during the decade.
After 37 years of Mr. Harish Mahindra's able leadership, Mr. Keshub Mahindra took over the mantle in 1999. It was in the same year that Mahindra Ugine Steel Company Ltd. was listed on the National Stock Exchange (NSE). Mahindra Ugine Steel Company Ltd. acquired the Kanhe plant's stamping division in 1996.
Mahindra Ugine Steel Company Ltd. became approved suppliers of ball bearing quality steel at the start of new millennia. In 2001, Mahindra Ugine Steel Company Ltd. became the first steel company in India to implement SAP system for its manufacturing process. During this tenure, the EBT furnace in SMS capacity doubled from the existing 120,000 TPA to 240,000 TPA Mahindra Ugine Steel Company Ltd. was certified for TS16949, further cementing its global recognition as a reputable supplier. It is also certified for ISO 14001:2004, BS OHSAS 18001:2007 and ISO 50001 - Energy Management System. As a result, the customer base soon broadened to include several global brands.
Rings division came-up as a forwarding integration to Steel divisions in 2008 to cater to the ever growing market demand of Antifriction Bearings as well as Auto parts in as forged / and green machined condition. This unit is one of the few among Indian Manufacturers, being the only unit having in-house source of Quality alloy steel as input to meet any critical quality requirement of raw material.
Mahindra Sanyo Special Steel Private Limited comes into existence as Sanyo Special Steel Co. Ltd. and Mitsui & Co. Ltd. enter into a joint venture with the Indian steel manufacturer.
In October, 2013, MUSCO has sold & transferred its entire shareholding of 51% in the share capital of the Company to Mahindra & Mahindra Ltd. Mahindra & Mahindra Ltd., became the Holding Company of Mahindra Sanyo Special Steel Pvt. Ltd., w.e.f. 3rd October, 2013.
On 21st June, 2018, Mahindra & Mahindra Ltd., (“Mahindra”) sold and transferred its 22% shareholding in the Company to Sanyo Special Steel Co., Ltd., Japan ( “Sanyo, Japan”) thereby Sanyo, Japan’s shareholding in the Company has increased to 51% and Mahindra’s shareholding has come down to 29%. Sanyo Special Steel Co., Ltd. has become the Holding Company of Mahindra Sanyo with effect from 21st June, 2018.
On 27th April, 2023, Mahindra & Mahindra Ltd,(“Mahindra”), sold and transferred its entire shareholding of 22.81 % in the share capital Company to Sanyo Special Steel Co., Ltd. Japan(“Sanyo, Japan”) and exited from the joint Venture and as shareholder of the Company.
On 24th May, 2024 Mitsui & Co., Ltd., Japan (“Mitsui, Japan”) sold and transferred its entire shareholding of 15.43% in the share capital of the Company to Sanyo, Japan and exited from the Joint Venture and as shareholder of the Company. Presently, Sanyo, Japan is holding 100% shares in the share capital of the Company.
