India’s Jindal Steel and Power Limited (JSPL) will invest an estimated $967 million to create capacity for eight grades of specialty alloy steel products soon after the successful enlistment in the government’s Production Linked Incentive (PLI) scheme, a company official said on Monday, December 19.
Earlier this month, JSPL’s application seeking eligibility under the PLI Scheme was approved by the ministry of steel, under which the steel producer will be entitled to receive fiscal incentives for a period of five years linked to creating additional specialty steelmaking capacities.
The official said that JSPL under its application submitted to the government had committed to creating new capacities for production of high-grade hot rolled coil, high tensile steel sheets for application in automobile and structural fabrications, and API grade sheets used in oil and gas industries.
Capacities will also be created for production of coated/plated products of metallic/non-metallic alloys, colour coated sheets and AL-Zn grade steel products used by industries like white goods, automobile and roofing.