Jindal Stainless Plans ₹40,000 Cr Maharashtra Unit, Discussing Land.

Jindal Stainless Ltd (JSL) is actively pursuing plans for a significant expansion in Maharashtra, with Managing Director Abhyuday Jindal confirming the company is in discussions with the state government for land acquisition for a proposed ₹40,000-crore stainless steel manufacturing facility.

In an interview with PTI, Jindal affirmed the company's commitment, stating, "We are very serious about the investment. Currently, we are in discussions with the state government for acquisition of land." His remarks provided an update on an agreement signed with the Maharashtra government in March this year.

The proposed facility represents a major investment by India's largest stainless-steel manufacturer, which currently has a combined capacity of 3 million tonnes per annum at its plants in Hisar, Haryana, and Jajpur, Odisha. JSL is already undertaking a capacity ramp-up to reach 4.2 MT by FY27.

The ₹40,000-crore Maharashtra project is slated for development over the next decade and is expected to generate over 15,000 jobs. The planned stainless steel facility will have a total melting capacity of 4 million tonnes per annum and will be constructed in phases, with the first phase targeted to become operational within the next four years. The investment proposal for this project has reportedly already received approval from a state cabinet subcommittee.

JSL plans to produce specialized grades of stainless steel at the new unit, catering to critical applications in emerging sectors such as hydrogen, nuclear energy, defence, mobility, infrastructure, and various process industries. The Maharashtra government has committed to supporting the investment by fast-tracking necessary permissions, registrations, approvals, clearances, and providing fiscal incentives from relevant state departments.

Regarding the company's capital expenditure, Jindal stated that the capex for FY26 has been fixed at ₹2,700 crore, which includes a ₹1,000 crore spillover from FY25. The company's capex in FY25 translated to ₹4,500 crore against an initial guidance of ₹5,500 crore.

On broader industry matters, Jindal commented that while the India-UK Free Trade Agreement might not have a direct impact on JSL, it could indirectly influence the company's growth through its customers. He added that JSL is currently not seeking new export markets and will maintain its focus on the US and Europe. Export demand, particularly in quality-conscious markets like the US and EU, saw an uptick in the March quarter, which the company met by increasing capacity utilization. This positive trend is expected to continue in the short and medium term as "the old customers have started to return."

Addressing challenges, the MD highlighted that imports from China and Vietnam continue to pose a significant challenge to the domestic stainless steel industry. These imports accounted for over 70 percent of the total imports in the current fiscal year, with low-priced stainless steel often being rerouted through ASEAN countries, including Vietnam.

Jindal Stainless Ltd posted an annual turnover of ₹40,182 crore in FY25. As of March 2025, the company operates 16 stainless steel manufacturing and processing facilities globally, including sites in Spain and Indonesia, and maintains a worldwide network spanning 12 countries.