Jindal Stainless to Invest Rs 40,000 Cr in Maharashtra Plant

New Delhi, Mar 27 (PTI) Jindal Stainless Ltd (JSL) is looking at investing Rs 40,000 crore in Maharashtra to set up a stainless steel manufacturing facility, a move which will increase its presence in the country.

Responding to a query, JSL said the company has submitted an investment proposal to the government of Maharashtra, which has also been approved at a meeting of the state cabinet subcommittee. The meeting was chaired by deputy chief ministers Eknath Shinde and Ajit Pawar and other senior leaders.

The proposal, with an estimated investment of Rs 40,000 crore, is scheduled to be developed over the next 10 years, which is expected to create more than 15,000 jobs.

The proposed 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 expected to be operational in the next 4 years.

JSL Chairman Ratan Jindal said, "Our proposal to invest in Maharashtra reflects our commitment towards making India Atmanirbhar in stainless steel production and reducing our dependence on imports. The new facility will expand our presence in India and the world, set new benchmarks in technology, sustainability, and product excellence, and cater to emerging industries that are critical to India's future development."

This facility will manufacture a comprehensive range of stainless steel flat products with varying grades, finishes, and thicknesses for diverse established sectors.

It will also produce specialised grades for critical applications in emerging sectors such as hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries.

The government of Maharashtra will support the proposed investment by expediting the necessary permissions, registrations, approvals, clearances, and fiscal incentives from the relevant state departments.