India’s Jindal Stainless Limited (JSL) will invest an estimated $12 million in Rathi Super Steel Limited (RSSL) to expand the latter’s product offerings for the infrastructure sector, a JSL statement said on Tuesday, September 19.
The investment will be used to expand RSSL’s annual production capacity to 200,000 mt from 150,000 mt, the statement said.
Earlier this year, JSL acquired RSSL through the bankruptcy resolution process.
Currently, only 2-5 percent of JSL’s product portfolio is suitable for usage in infrastructure projects as it relies mostly on flat stainless steel products whereas infrastructure projects require long products like wire rods, bars, and rebars.
The investment in RSSL will lead to it spearheading an aggressive penetration of the infrastructure sector through an expanded long products portfolio and customization for the sector.