India's Jindal Stainless Limited (JSL) is ramping up its coin blank making capacity by 20 percent to 12,000 mt, anticipating rising demand for non-paper based currencies across countries, a company executive said in a statement on Monday, August 31.
“Many do not know that JSL makes coin blanks for Indian coin manufacturing unit and mints of various other countries,” Vijay Bindlish, head of JSL Hisar, said.
Coin blanks are produced under high-security arrangements at the Special Products Division (SPD) of JSL, the country's largest stainless steelmaker, in Hisar, along with other high-end finished products such as razor blades and precision strips, he said.
The company supplies unstamped coins to mints in India, France, Finland, Poland, the Netherlands, Malaysia and Slovakia, as well as the UK's Royal Mint.
Production is customized according to exact specifications provided by the mints, including size, diameter, thickness, shape, and alloy composition.
"We are aiming for more such orders from across the world as we see demand rising due to the lower carbon footprint aspect of stainless steel manufacturing. We are expecting work orders of the denominations which we are not manufacturing for them currently. Being a major player in this field, we are also looking to enter new markets,” Bindlish said.
