Jindal Stainless Ltd is planning to spend USD 100 million in building a plant in NW Russia to produce 400,000tpy of stainless steel slab. Mr Mahendra Agarwal chief representative of JSL in Russia said that the plant would supply most of its stainless slab to the Russian market to meet fast growing demand from the construction, shipbuilding and kitchenware sectors. He added that JSL would own 100% of the plant and that construction would require USD 100 million and a further USD 315 million in working capital would be invested. Kingisepp, a town near Russia’s border with Estonia, has been selected as the location of the proposed plant.
