Jindal plans huge investment for expansion

New Delhi: Jindal Stainless said that it is rebranding itself as JSL and will invest Rs 10,000 crores over next 4-5 years to expand aggressively.

JSL vice-chairman and managing director, Mr Ratan Jindal said that the company is diversifying into infrastructure, power, lifestyle, mining, architecture among others and therefore a need was felt for the rebranding.

Mr Jindal said that as part of the massive expansion plans, JSL is setting up one of world’s largest single location fully integrated stainless steel plant at Orissa.

The 1.6 million tonnes per annum green project envisages complete integration from mining to cold rolling, along with 500 MW captive power plant. Mr Jindal said that the company has signed a memorandum of understanding (MoU) with the Orissa government to set up a separate power plant with 1000 MW capacity in the state.

He said that current cold rolling capacity of 2,75,000 tons at company’s Hisar plant is being upgraded to 3,75,000 tons within a year to cater to the domestic market. The new facility will process ferritic grades of stainless steel, which promises to fill in a large share of stainless market, he added.

Mr Jindal also said that the company is expanding its Indonesia plant to a capacity of 1,50,000 metric tonnes per annum.