Jindal Stainless has announced major expansion and acquisition plans to augment its melting and downstream capacities. The company announced a three-pronged investment strategy worth nearly INR 5,400 crores (approx. EUR 600 MLN) to achieve global leadership in stainless steel.
Jindal Stainless entered into a joint venture (JV) for developing and operating a stainless steel melt shop (SMS) in Indonesia with an annual production capacity of 1.2 million tonnes per annum (MTPA). This will increase the company’s melting capacity by over 40% to 4.2 MTPA at an investment of more than INR 700 crore. Secondly, the company also set aside around INR 1,900 crore for the expansion of its downstream lines in Jajpur, Odisha, to be able to process an increase in melting capacity. Besides, the company earmarked nearly INR 1,450 crore towards the associated upgradation of infrastructural facilities, such as railway siding, sustainability-related projects, and renewable energy generation. Thirdly, the company will acquire a 54% equity stake in Chromeni Steels Private Limited (CSPL). The transactions entail an outlay of around INR 1,340 crore.
