Jindal Stainless Ltd (JSL) has unveiled plans to invest ?40,000 crore in establishing a stainless steel manufacturing facility in Maharashtra. The proposal, recently approved by the state's cabinet subcommittee, outlines a decade-long development strategy aimed at bolstering India's self-reliance in stainless steel production. ?

The proposed plant will feature a total melting capacity of 4 million tonnes per annum (MTPA) and is set to be constructed in phases. The initial phase is expected to become operational within the next four years. Once fully functional, the facility is projected to generate employment for over 15,000 individuals, contributing significantly to the local economy. ?

Ratan Jindal, Chairman of JSL, emphasized the strategic importance of this investment, stating, "Our proposal to invest in Maharashtra reflects our commitment towards making India Atmanirbhar in stainless steel production and reducing our dependence on imports." The new facility aims to set benchmarks in technology, sustainability, and product excellence, catering to both established and emerging industries critical to India's future development. ? Business News India

The Maharashtra government has pledged support for the project by facilitating necessary permissions, registrations, approvals, and clearances, as well as offering fiscal incentives from relevant state departments. This collaboration underscores a shared commitment to advancing industrial growth and economic development in the region. ? Business News India

This ambitious initiative aligns with JSL's broader expansion strategy. In May 2024, the company announced a ?5,400 crore investment plan to increase its melting and downstream capacities. This included a joint venture in Indonesia for a 1.2 MTPA stainless steel melt shop, expansion of downstream lines in Jajpur, Odisha, and the acquisition of a 54% equity stake in Chromeni Steels in Mundra, Gujarat. ? Jindal Stainless

Through these strategic investments, Jindal Stainless is poised to strengthen its position as a global leader in stainless steel production, driving innovation, sustainability, and economic growth in India and beyond.