Jindal Stainless Unveils ₹5,400 Crore Investment Plan for Global Stainless Steel Leadership

2 May 2024 , 11:08 AM

Jindal Stainless unveiled a ₹5,400 Crore investment plan to bolster its global stainless steel leadership position. The company entered a joint venture for a stainless-steel melt shop (SMS) in Indonesia, investing ₹700 Crore to increase melting capacity by 40% to 4.2 MTPA.

Another ₹1,900 Crore investment is earmarked for downstream line expansion in Jajpur, Odisha, with plans to augment melting capacity. Additionally, ₹1,450 Crore will go towards infrastructural upgrades including railway siding and renewable energy.

MD Abhyuday Jindal stated both projects would be operational within two years, funded mostly through internal accruals.

Jindal Stainless will acquire a 54% equity stake in Chromeni Steels Private Limited, which owns a 0.6 MTPA cold rolling mill in Mundra, Gujarat, for approximately ₹1,340 Crore, aiming to strengthen its value-added segment presence.

Jindal emphasized that these investments aim to enhance speed, raw material security, and value for both domestic and export customers, aligning with the company’s expansion goals.

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