Jindal Stainless, India’s
largest stainless steel manufacturer, has announced the commissioning of its
Nickel Pig Iron smelter facility located in an industrial park in Halmahera
Islands, Indonesia, eight months ahead of the scheduled timeline. Through this
joint venture (JV) with New Yaking Pte. Ltd., Jindal Stainless has ensured the
long-term availability of nickel for stainless steel production. Jindal
Stainless had announced a collaborative agreement with New Yaking Pte. Ltd. in
March 2023, wherein the company acquired a 49% equity interest for around USD
157 million.
Commenting on the
development, Managing Director, Jindal
Stainless, Mr Abhyuday Jindal, said, “This JV was the first bold step by
any Indian stainless steel manufacturer to secure raw material reserves outside
the country since India has no known sources of nickel. This move will enable
us to fulfil some of our raw material requirement in a volatile market, which
is largely dictated by fluctuating nickel prices. Achieving this milestone
ahead of time showcases the resolve and collaboration we enjoy with our
partners, and we look forward to starting commercial production from the
facility soon.”
This year, Jindal Stainless also announced three-pronged strategic investments on May 1, 2024. Under this strategy, the company entered into a collaborative agreement with a Singapore entity to set up a stainless steel melt shop in Indonesia. The company is also improving and upgrading the infrastructure in Jajpur, Odisha. Additionally, it completed the acquisition of Chromeni Steels Private Limited in Gujarat to increase the capacity of its cold-rolling facility in line with the company’s long-term vision of increasing the proportion of cold-rolled products in its product mix.
