India’s Jindal Stainless Limited (JSL) is exploring an investment to the tune of $4.65 billion to set up a greenfield stainless steel production facility in the western state of Maharashtra, a company official said on Friday, March 28.
The official said that the company has submitted an investment proposal to the government of Maharashtra, which has also been approved at a meeting of the state cabinet subcommittee.
The project is to be developed over the next 10 years and is expected to create 15,000 jobs, he added.
The proposed stainless steel facility will have a total melting capacity of 4 million mt per annum and will be constructed in phases, with the first phase expected to be operational in the next four years.
The facility will manufacture a comprehensive range of stainless steel flat products with varying grades, finishes, and thicknesses for diverse established sectors, according to the official.
It will also produce specialised grades for critical applications in emerging sectors such as hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries.
The government of Maharashtra will support the proposed investment by expediting the necessary permissions, registrations, approvals, clearances, and fiscal incentives from the relevant state departments.
