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The publicly traded stainless steel producer Jindal Stainless has revealed a 'three-pronged' investment plan for its downstream and melting capabilities, totaling around ₹5,400 crore. With an annual production capacity of 1.2 MTPA, Jindal Stainless has formed a joint venture in Indonesia to develop and run a stainless steel melt factory.
“For the Indonesian SMS, the partner entity is of international repute with extensive experience in running such projects. The downstream expansion in Jajpur and acquisition of CSPL are aligned with the Indonesian SMS capacity,” Jindal Stainless said in a stock exchange filing. The company plans to invest around ₹700 crore in this joint venture to enhance melting capacity by 40% to 4.2 MTPA.
"The Indonesian JV will get us the best of speed and raw material security, and the augmentation of the Jajpur lines will offer enhanced value for domestic and export customers," said Abhyuday Jindal, MD, Jindal Stainless.
Jindal Stainless has allocated ₹1,900 cr to expand its downstream lines at Jajpur, Odisha, to enhance its melting capacity. According to the company's statement, it has also set aside about ₹1,450 crore for improving its infrastructure, including projects linked to sustainability, the creation of renewable energy, and railway siding.
In addition, it will pick up a 54% stake in Gujarat-based Chromeni Steels Private Limited. The latter owns a 0.6 MTPA cold rolling mill in Mundra. Jindal will take over existing debt of ₹1,295 crore and ₹45 crore towards the equity purchase. "The cold rolling mill at Chromeni will expand our outreach, both in India and abroad, and strengthen our presence in the value-added segment in the long term," Jindal added.
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