The Hindu Business Line : Jindal Stainless in tech pact with Nisshin of Japan

JINDAL Stainless Ltd has entered into a technical collaboration with the Japanese stainless steel major, Nisshin Steel, for improving the production process. The collaboration is for two years, which may be extended, and involves an outflow of about Rs 18 crore, according to the company's Finance Director, Mr Arvind Parakh.

Jindal Stainless is the largest stainless steel maker in the country with more than 40 per cent of the market share and the technical collaboration move will help the company in bringing down costs as well as increase its offer range, Mr Parakh said.

He, however, said that there is no possibility of Nisshin picking up a stake in the company.

Mr N.C. Mathur, Director, Jindal Stainless, said that the domestic stainless steel market is growing at a much faster rate than the global industry and it is expected to go up further over the next few years with the major thrust coming from sectors such as transport, infrastructure and metro rail.

Speaking about Jindal's proposed green-field stainless steel plant in Orissa, Mr Parakh said that the company is in the process of revising the investment targets from the earlier level of Rs 1,500 crore-Rs 1,600 crore following changes in the technical and financial parameters.

In the first phase, a captive 120-MW thermal power plant, he said, would be set up which is an addition to the earlier plan.

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