Jindal Stainless invests

Jindal Stainless has lined up a Rs 1000 crore investment for its proposed ferro chrome unit, stainless steel melting plant and a captive power unit. Jindal sources said the company has already entered into a memorandum of understanding with the Orissa government for setting up a 800,000 tonne per annum stainless steel melting facility along with a 160,000 tonne per annum ferro chrome facility in Orissa. The company was also looking at tying up raw material ends and had applied for acquiring chrome ore mines with the aim of becoming cost competitive. Sources said in the immediate term the company will set up the ferro chrome facility on a priority basis and then take up steel melting. The ferro chrome plant is expected to be completed by the fourth quarter of 2004-05. Simultaneously, Jindal Stainless will set up a captive power plant with a capacity of 120 MW to 150 MW. The Rs 1000 crore investment, however, has not factored in Salem Steel Plant. Jindal Stainless has bid for Salem is still pending with Steel Authority of India Ltd (SAIL). The bulk of Jindal Stainless’ exports was to China and the company is confident of a buoyant demand as China is a net importer of stainless steel.

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