Jindal Stainless Ltd (JSL), the largest domestic producer of stainless steel in India and part of Ratan Jindal Group, is expecting 12-13 percent growth in volumes in the current fiscal year driven by rising demand for stainless steel in the automobile, railway, transport, architecture and consumer durables industries. The growth in value terms is expected to be higher due to the improved product mix.
A company official recently stated that JSL will tap the growing business opportunities in the domestic automotive industry. The Indian passenger vehicle manufacturing industry is now the fourth largest in the world, with unit sales increasing to 4.02 million units in 2017. The Indian automobile sector is pegged to grow at a rate of 15 percent annually providing opportunity to domestic producers of stainless steel. “The company plans to triple its supplies towards this segment in the next five years," Vijay Sharma, Head Sales for Jindal Stainless, said in a statement.
JSL is expecting a significant increase in revenues from Indian Railways decision to increase intake of stainless steel wagons and coaches by 2020. According to Sharma, railways are likely to procure some 10,000 -11,000 wagons this year and JSL hopes to supply 80 percent of the steel for their wagons.
JSL is planning to ramp up the cold-rolling capacity at is Jajpur, Odisha facility from 450,000 mt to 650,000 mt. The company, which has an installed capacity of 1.6 million mt of flat products a year, is planning an entry into the long product segment. Plans are afoot to set up a unit for manufacturing long stainless steel products at its existing facility at Hisar in Haryana.