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 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). 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.