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Coimbatore, March 13 Jindal Stainless Ltd (JSL), in an effort to capitalise on the growing investment in the infrastructure sector and to promote the use of stainless steel, has decided to float a subsidiary in India and invest up to Rs 500 crore in the next few years.

In a communication to the Bombay Stock Exchange, JSL said that its board of directors, at a meeting held on Thursday, decided to launch a wholly owned subsidiary to benefit from the growing infrastructure and utility services sector and to promote the usage of stainless steel in this sector.

The board also decided to invest up to Rs 500 crore in the proposed subsidiary in next 2-3 years.

The JSL board, with a view to have a focused approach on acquisition of mineral resources in countries such as Turkey, Indonesia, Vietnam and India, also decided to form a wholly owned subsidiary company in Singapore, which will be a mining and metal company and will act as a hub for acquisition of all mineral resources available globally as well as in India.

The board decided to invest up to $100 million in the subsidiary in next 2-3 years.

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