Jindal Stainless Commissions Nickel Pig Iron Facility in Indonesia Ahead of Schedule

Jindal Stainless, India's largest stainless steel manufacturer, has announced the commissioning of its Nickel Pig Iron smelter facility in Halmahera Islands, Indonesia, eight months ahead of schedule. This joint venture with New Yaking Pte. Ltd. ensures the long-term availability of nickel for stainless steel production. The company had acquired a 49% equity interest in the JV for around USD 157 million in March 2023. This move will enable Jindal Stainless to fulfill some of its raw material requirement in a volatile market, which is largely dictated by fluctuating nickel prices. The company also announced strategic investments on May 1, 2024, including setting up a stainless steel melt shop in Indonesia, improving and upgrading the infrastructure in Jajpur, Odisha, and acquiring Chromeni Steels Private Limited in Gujarat to increase the capacity of its cold-rolling facility.