Jindal Stainless to Invest Rs. 40,000 Cr. in Maharashtra for Third Plant in India
Jindal Stainless Ltd. (JSL), a prominent Indian Steel manufacturer and part of the OP Jindal Group, will be investing about Rs. 40,000 crore in Maharashtra. This investment will be directed towards setting up the company’s 3rd Steel plant in India so far. Currently, JSL has two Steel plants, one in Haryana’s Hisar and the other in Jajpur, Odisha.
As of now, the plan to set up this plant has been approved by Maharashtra government’s cabinet sub-committee headed by Maharashtra’s Deputy Chief Ministers Mr. Ajit Pawar and Mr. Eknath Shinde.
1st Phase of Jindal Stainless’ Plant First Phase to be Live in 4 Years
JSL’s planned plant in Maharashtra will be developed over the next 10 years, and the first phase of this new plant is expected to be commissioned in a period of 4 years. Details about the individual phases or their respective timelines have not been shared by JSL yet. However, once fully commissioned, this plant will have a total melting capacity of 4 Million Metric Tonne Per Annum (MMTPA).
Moreover, JSL’s new plant in Maharashtra is expected to create a total of 15,000 employment opportunities.
New Plant to Expand JSL’s Presence, Cater to Emerging Industries – JSL Chairman
In Jindal Stainless’ LinkedIn post pertaining to the aforementioned plant, Mr. Ratan Jindal, Chairman of Jindal Stainless, said, “The new facility will expand our presence in India and the world, set new benchmarks in technology, sustainability, and product excellence, and cater to emerging industries that are critical to India’s future development”.
Adding to this, in a separate LinkedIn post, Mr. Abhyuday Jindal, JSL’s Managing Director, said that once the aforementioned plant is operational, it will produce Stainless Steel products in a range of grades, finishes, and thicknesses. These products will address needs of industries such as “…Hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries”.
Apart from Maharashtra Plant, JSL Targets 4.2 MMTPA Melt Capacity
Jindal Stainless has set a target to achieve total melt capacity of 4.2 MMTPA by FY-27. It must be noted that this expansion target does not include the company’s aforementioned plan to establish a plant in Maharashtra.
Currently, the company has a total Stainless Steel manufacturing capacity of about 3 MMTPA, out of which 2.2 MMTPA is housed in its Odisha facility, whereas the remaining 0.8 MMTPA is in JSL’s Hisar complex. In order to add the remaining 1.2 MMTPA melt capacity, JSL has invested about Rs. 710 crore to form a joint venture with an Indonesian partner. JSL owns 49% of this JV, and its 1.2 MMTPA Steel Melt Shop (SMS) is set to become operational in FY-27.
About Jindal Stainless Ltd.: Jindal Stainless was founded in 1970 by Mr. O.P. Jindal. JSL has manufacturing capacities in Odisha’s Jajpur and Hisar in Haryana. For the financial year ended 31st March 2024, the company reported a consolidated revenue of Rs. 38,562 crore.
