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Jindal Stainless Ltd (JSL), India's largest stainless-steel manufacturer, is in discussions with the Maharashtra government to acquire land for a proposed INR 40,000 crore stainless steel manufacturing facility. The company, which currently operates plants in Hisar and Jajpur, aims to increase its capacity to 4.2 million tonnes per annum by FY27. The proposed project, scheduled to be completed over the next decade, is expected to generate over 15,000 jobs. Maharashtra's government has pledged to facilitate the required approvals and fiscal incentives to support the project.
Jindal Stainless Ltd (JSL) is reportedly in active discussions with the Maharashtra government regarding the acquisition of a land parcel for its proposed INR 40,000 crore stainless steel manufacturing facility. Managing Director Abhyuday Jindal indicated the company's serious interest in the state, emphasising that the talks are centred around land acquisition for the significant investment. Advertisement
JSL currently operates two manufacturing plants in Hisar, Haryana, and Jajpur, Odisha, with a combined capacity of 3 million tonnes per annum. The company has outlined plans to elevate its capacity to 4.2 million tonnes per annum by FY27.
Responding to a query regarding the agreement signed with the Maharashtra government in March, Jindal conveyed that the investment plan is progressing, with the company prioritising the land acquisition process. For FY26, JSL has set its capital expenditure at INR 2,700 crore, incorporating INR 1,000 crore carried over from FY25, when the actual capex of INR 4,500 crore fell short of the INR 5,500 crore guidance.
Regarding the India-UK Free Trade Agreement (FTA), Jindal suggested that while it may not directly impact JSL, it could indirectly influence the company's growth trajectory through its customer base. He further stated that the company is not currently seeking new markets, opting instead to maintain its focus on the US and European export markets.
Export demand, which began to rise during the March quarter, is anticipated to sustain in the short to medium term, particularly in quality-centric regions such as the US and Europe. Jindal noted that existing customers in these markets have begun to return, enabling the company to increase capacity utilisation.
On the topic of imports, the JSL MD pointed out that Chinese and Vietnamese imports continue to challenge India's stainless steel industry, comprising over 70% of total imports in the ongoing fiscal year. He highlighted that low-priced stainless steel products are frequently rerouted through ASEAN nations, including Vietnam.
According to JSL, the investment proposal was approved during a recent meeting of Maharashtra's state cabinet subcommittee. The INR 40,000 crore project will be executed in phases, with the first phase expected to become operational within the next four years. The plant will have a total melting capacity of 4 million tonnes annually and will also produce specialised grades for emerging sectors, including hydrogen, nuclear energy, defence, mobility, and infrastructure.
Maharashtra's government has committed to supporting JSL's investment by expediting the requisite permissions, registrations, and fiscal incentives. The company, which posted an annual turnover of INR 40,182 crore in FY25, operates 16 stainless steel manufacturing and processing facilities across India, Spain, and Indonesia, with a global network spanning 12 countries.
The project, which is poised to create over 15,000 jobs, underscores JSL's commitment to expanding its footprint while maintaining a focus on quality-driven markets in the US and Europe. With Maharashtra's government pledging full support in facilitating the necessary approvals and incentives, the investment is likely to contribute significantly to the region's economic growth in the coming decade.
Source - PTI
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