New Delhi, Mar 24 (PTI) Jindal Stainless on Tuesday announced commissioning of a 1.2 million tonnes stainless steel melt shop (SMS) in Indonesia, set up as part of its ongoing Rs 5,700 crore expansion plan.
With this development, the company said its annual melting capacity has scaled up to 4.2 million tonnes per annum (MTPA).
Jindal Stainless has a combined melt capacity of 3 MTPA at its plants in Hisar (Haryana) and Jajpur (Odisha). The company has commissioned the 1.2 MTPA stainless steel melt shop (SMS) in Indonesia under a joint venture.
"With this enhancement in melting and downstream capacities, the company is targeting to achieve a sales volume of 3.5 MTPA by FY29, delivering double-digit CAGR over the next three years," Jindal Stainless said.
A stainless steel melting shop (SMS) is a specialized industrial facility where key raw materials, such as nickel pig iron or ferronickel, chromium, stainless steel scrap, and ferro alloys, are melted and refined to produce high-quality liquid stainless steel.
Jindal Stainless Managing Director Abhyuday Jindal said, "The commissioning of the Indonesia facility ahead of schedule, alongside a significant push in downstream capabilities, reflects the commitment to raw material security and integrated approach to growth.
With an annual turnover of over Rs 40,000 crore, Jindal Stainless is India's largest stainless steel player, and among the fifth largest at the global level.