Jindal Steel sharpens ₹300 cr expansion plans

In a bid to cater to the rising demand for both flat and long product segments, Jindal Steel has decided to invest ₹300 crore in expanding the capacity stainless steel at its factories in Haryana and Odisha, Senior Vice President, Vijay Sharma said, adding that the company’s melting capacity across the two States is about 1.6 million tons a year and that the cold-rolled mills’ capacity is 0.9 mt. In fact, the company is increasing cold-rolled capacity by 200,000 tons, at the Odisha factory complex to take the total capacity to 1.1 mt where investment will be about ₹250 crore. This will go on stream during the last quarter of this fiscal. The market size of Indian stainless steel flat products is estimated at 2.5 mt per annum, growing 9-10 per cent year-on-year basis. To start with, the Hisar factory will have a capacity of 50,000 tons a year for long products entailing an investment of ₹40-50 crore, he claimed.