New Delhi, May 11 (PTI) Jindal Stainless is “serious about Maharashtra” and is engaged in discussion to acquire a land parcel for its proposed stainless steel construction facility with the state government, its MD Abhayug Jindal said.
Currently, Jindal Stainless has a capacity of 3 million tonnes per year in two of its plants in Hisar (Haryana) and Jajpur (Odisha). The company is in the process of increasing capacity up to 4.2 MT by FY27.
In an interview by PTI, Jindal said, “We are very serious about investment. Currently, we are discussing with the state government for the acquisition of land.” In March this year, he commented in response to a question demanding an update on the agreement signed with the Maharashtra government.
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On Capex for FY26, Jindal said it has been fixed at Rs 2,700 crore, including a spillover of Rs 1,000 crore of FY25.
In FY25, the company’s CAPEX guidance was Rs 5,500 crore, but it was translated for Rs 4,500 crore. Hence the remaining is added to FY26.
On the Indo-UK FTA, he said that it could not have a direct impact, but it could indirectly affect the company’s growth through its customers.
Jindal further said that now, JSL is not looking for new markets and will continue to focus on the US and Europe for exports.
He said that during the March quarter, the demand for export began to grow once again, which was fulfilled by increasing the use of capacity. It is estimated to continue to improve in small and medium periods, especially in quality-conscious markets such as the US and the European Union, “Older customers have started returning”.
On imports, MD said, Chinese and Vietnamese imports continued to challenge India’s stainless steel industry, with more than 70 percent of the total import accounting, with low -priced stainless steel, often resumed through ASEAN countries including Vietnam.
According to the company’s information, JSL’s investment proposal has also been approved in a meeting of the State Cabinet Deputy Committee. The project is scheduled to develop over the next 10 years with an estimated investment of Rs 40,000 crore, expecting more than 15,000 jobs.
The total melting capacity in the proposed stainless steel facility will be 4 million tonnes per year and will be built in stages, which is expected to be operational in the next four years in the first phase.
JSL will produce special grades for important applications in emerging areas such as hydrogen, nuclear power, defense, mobility, infrastructure and process industries.
According to the information provided by the company, the government of Maharashtra will support the proposed investment by increasing necessary permissions, registration, approval, approval, approval, approval and fiscal incentives.
Jindal Stainless Limited (JSL) is India’s largest stainless-steel manufacturer and has posted an annual turnover of Rs 40,182 crore in FY 25. It is increasing facilities to reach 4.2 million tonnes of annual melted capacity by FY27.
The company has 16 stainless steel manufacturing and processing facilities in India and abroad, including Spain and Indonesia, and is a worldwide network in 12 countries by March 2025.
This report is auto-generated with PTI News Service. ThePrint does not have any responsibility for its content.