Under the arrangement, ATSAL proposes to manufacture products in India with technical support from Toyo Denka, while the JFE Shoji entities will coordinate commercial distribution and supply-chain activities. The parties will also explore long-term business opportunities and market development initiatives.

The MoU will remain in force for an initial term of one year and will be automatically renewed for successive one-year terms unless terminated in accordance with its terms. The company said that neither its promoters nor promoter group entities have any interest in the counterparties to the MoU.

Arfin India manufactures and trades in non-ferrous metals. The company reported a 1,186.8% surge in consolidated net profit to Rs 6.82 crore on a 26% rise in revenue from operations to Rs 193.24 crore in Q4 FY26 over Q4 FY25.