Jindal Stainless commissions 1.2 MTPA project in Indonesia, firm to invest ₹900 crore more in cold-rolled capacity; shares in focus

With this development, the company said its annual melting capacity has scaled up to 4.2 million tonnes per annum (MTPA).

Jindal Stainless has a combined melt capacity of 3 MTPA at its plants in Hisar (Haryana) and Jajpur (Odisha). The company has commissioned the 1.2 MTPA stainless steel melt shop (SMS) in Indonesia under a joint venture.

Additional ₹900 crore investment

The company also announced an additional ₹900 crore investment towards augmenting cold-rolled capacities in India at Hisar and Kharagpur (West Bengal) by the second quarter of 2027-28. The company, in 2024, had announced an investment of nearly ₹5,700 crore to achieve global leadership in stainless steel.

"With this enhancement in melting and downstream capacities, the company is targeting to achieve a sales volume of 3.5 MTPA by FY29, delivering double-digit CAGR over the next three years," Jindal Stainless said.

A stainless steel melting shop (SMS) is a specialised industrial facility where key raw materials, such as nickel pig iron or ferronickel, chromium, stainless steel scrap, and ferroalloys, are melted and refined to produce high-quality liquid stainless steel.

Jindal Stainless Managing Director Abhyuday Jindal said, "The commissioning of the Indonesia facility ahead of schedule, alongside a significant push in downstream capabilities, reflects the commitment to raw material security and an integrated approach to growth.

With an annual turnover of over ₹40,000 crore, Jindal Stainless is India's largest stainless steel player and among the fifth largest at the global level.

About Jindal Stainless

Jindal Stainless Limited (JSL) is India’s largest stainless steel producer. The company is also a leading player in the stainless steel sector globally.

The company, founded by OP Jindal in 1970, deals in all kinds of stainless steel products, like stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, coin blanks, and ferro alloys.

The company, founded as Jindal Strips Limited, started its operations with a mini steel plant in Hisar, Haryana. This steel plant laid the foundation for Jindal Stainless Limited and the diversified conglomerate OP Jindal Group.

In 1978, OP Jindal and PR Jindal introduced the argon-oxygen decarburisation technique in India. This led to the manufacturing of India’s first indigenously produced stainless steel. The company has been deploying innovative and cost-effective methods to meet all the global standards in stainless steel manufacturing.

In 1986, the company launched its initial public offering (IPO). The same year, JSL also acquired a steel manufacturing unit from Piramal Steels Limited, which later became a part of JSW Steel Limited.