India's Jindal Stainless Limited (JSL) will invest an estimated $94 million to ramp up cold rolling capacity to cater to rising demand of the product from sectors like automotive, appliances and food processing, company managing director Abhyuday Jindal said in a statement to shareholders on Monday, August 17.
Mr. Jindal said that the investment will increase the company's cold rolling capacity from 2.05 million mt per year to 2.67 million mt per year and will be completed by the fiscal year 2027-28.
The investment will be made in JSL's mills at Hisar and Kharagpur, along with the new hot rolled annealing, pickling and cold rolling facilities at Jaipur, and will support a higher-value mix for automotive, appliances, food processing and industrial applications, Jindal said.
JSL is also in the process of identifying land in the western state of Maharashtra for its proposed $4.18 billion greenfield stainless steel mill to produce specialized grades of steel for critical applications in emerging sectors such as hydrogen, nuclear energy, defense, mobility, infrastructure, and process industries.
