Jindal Stainless has completed the ₹2,150-crore project to increase its capacity at Jajpur in Odisha to 2.1 million tones per annum (mtpa) from 1.1 mtpa. The company recently completed the process of merging 0.8 mtpa Jindal Stainless (Hisar) with itself.
Tarun Khulbe, COO & Director, Jindal Stainless told businessline that overall capacity of the company after the expansion and merger of Hisar unit stands at 3 mtpa, further establishing the leadership position in India.
Jindal Stainless is world fifth largest stainless-steel producer and produces 120 diversified high-end products, he said on the sideline of an industry event.
Joint investment
The company recently signed an agreement with New Yaking Pte Ltd to jointly invest, construct and operate a Nickel Pig Iron smelter facility at an industrial park in Halmahera Islands, Indonesia.
Jindal Stainless will acquire a 49 per cent equity interest in the facility with an investment of about $157 million (about ₹1,200 crore).
Jindal Stainless has partnered with ReNew Power to provide clean energy at its Jajpur plant via a 300 MW wind-solar hybrid renewable energy project. It reduced carbon emissions by 1.4 lakh tonne in FY22.
The applications of stainless steel are expanding manifold in various industries, including architecture, building, construction, automobiles, railways, transport, processing, defence, agriculture, aerospace and blue and green economy.
Stainless steel demand
Stainless steel demand is expected to reach 20 million tonnes by 2047, as per the Stainless Steel Vision document by the International Stainless Steel Development Association.
Recently, Jindal Stainless received a positive outlook upgrade from Crisil Ratings on the long-term bank facilities and debt program due to its improved business risk profile, expected scale growth and strategic acquisitions.