The board of directors of India’s Jindal Stainless Limited (JSL) has approved an expansion project to double capacity of its stainless steel making mill at Odisha to 2.10 million mt, a company statement said on Tuesday, July 27.
The project estimated to cost around $290 million and the approval comes in wake of JSL returning to black, posting a profit during the first quarter (April-June) of fiscal, 2021-22, the statement said.
JSL reported a profit of $36 million during the first quarter of current fiscal, against a loss of $12 million during the corresponding quarter of previous fiscal, the company reported.