India’s Jindal Stainless Limited (JSL) has approved a proposal to make PT Glory Metal Indonesia (PT GMI) a step-down subsidiary of itself, a JSL statement said on Thursday, June 26.
PT GMI was set up as a joint venture entity for investing, developing, constructing and operating a stainless steel melt shop facility in Indonesia with an annual production capacity of 1.2 million mt per year.
By increasing its stake beyond 49 percent in PT GMI, JSL will be empowered to appoint the majority of directors in the Indonesian company and better align it with the overall objectives of JSL, India’s largest stainless steel producer said in the statement.