Jindal Stainless Limited (JSL), India’s largest stainless steel manufacturer, has commissioned its nickel pig iron smelter facility located in an industrial park in Halmahera Islands, Indonesia, eight months ahead of the scheduled timeline, a company statement said on Tuesday, August 20.
Through this joint venture with New YakingPte. Ltd., JSL has ensured the long-term availability of nickel for stainless steel production, it said.
The company had announced a collaborative agreement with New YakingPte. Ltd. in March 2023, whereby the company acquired a 49 percent equity interest for around $157 million.
“This joint venture is a first by any Indian stainless steel manufacturer to secure raw material reserves outside the country since India has no known sources of nickel. This move will enable us to fulfil some of our raw material requirements in a volatile market, which is largely dictated by fluctuating nickel prices. Achieving this milestone ahead of time showcases the resolve and collaboration we enjoy with our partners, and we look forward to starting commercial production from the facility soon,” JSL managing director Abhyuday Jindal said in the statement.
This year, JSL also announced three-pronged strategic investments. Under this strategy, the company entered into a collaborative agreement with a Singapore entity to set up a stainless steel melt shop in Indonesia.
The company is also improving and upgrading the infrastructure in Jajpur, Odisha. Additionally, it has completed the acquisition of Chromeni Steels Private Limited in Gujarat to increase the capacity of its cold rolling facility in line with the company’s long-term vision of increasing the proportion of cold rolled products in its product mix.