Jindal Stainless to increase investments in Asia

Jindal Stainless to increase investments in Asia

Indian steel producer Jindal Stainless, which acquired an Indonesian plant earlier this year, reportedly plans to continue snapping up mills in Asia. In line with the expansion plans, Jindal is also looking to acquire mines or enter into joint ventures to supply raw material. Apart from the acquisition plans, the company will undertake a Rupees 9.5 billion ($217 million) ferro chrome project in Orissa. Furthermore, the company is expanding the capacity of its plant at Hisar from 90'000 tons to 250'000 tons with an investment of Rupees 4-4.5 billion ($91-103 million). Jindal also plans to increase the capacity of its Indonesian plant from 50'000 tons to 100'000 tons with an investment of $20-25 million.