JSL keen on ₹40K cr investment in Maharashtra, looking for land parcel: MD

Business Standard

11-05-2025

Jindal Stainless is "serious about Maharashtra" and is engaged in discussions with the state government to acquire a land parcel for its proposed ₹40,000-crore stainless steel manufacturing facility, its MD Abhyuday Jindal said.
At present, Jindal Stainless has a capacity of 3 million tonnes per annum at its two plants in Hisar (Haryana) and Jajpur (Odisha). The company is in the process of ramping up capacity to 4.2 MT by FY27.
In an interview to PTI, Jindal said, "We are very serious about the investment. Currently, we are in discussions with the state government for acquisition of land."
He made the remarks in reply to a question seeking an update on the agreement signed with the Maharashtra government in March this year.
On the capex for FY26, Jindal said it has been fixed at ₹2,700 crore, which includes ₹1,000 crore spillover of FY25.
In FY25, the company's capex guidance was ₹5,500 crore but it translated into ₹4,500 crore. So the remaining has been added to FY26.
On the India-UK FTA, he said it may not have a direct impact but can indirectly impact growth of the company through its customers.
Jindal further said as of now, JSL is not looking for new markets and will continue to focus on the US and Europe for exports.
He said during the March quarter, the export demand began to rise once more, which was fulfilled by ramping up capacity utilisation. This is projected to continue improving in the short and mid-term, especially in quality-conscious markets like the US and the EU, as "the old customers have started to return".
On imports, the MD said, Chinese and Vietnamese imports continued to challenge India's stainless steel industry, accounting for over 70 per cent of total imports in this fiscal year, with low-priced stainless steel often rerouted through ASEAN countries, including Vietnam.
As per company information, JSL's investment proposal has also been approved in a meeting of the state cabinet subcommittee. The project, with an estimated investment of Rs 40,000 crore, is scheduled to be developed over the next 10 years, which is expected to create more than 15,000 jobs.
The proposed stainless steel facility will have a total melting capacity of 4 million tonnes per annum and will be constructed in phases, with the first phase expected to be operational in the next four years.
JSL will also produce specialised grades for critical applications in emerging sectors such as hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries.
The government of Maharashtra will support the proposed investment by expediting the necessary permissions, registrations, approvals, clearances, and fiscal incentives from the relevant state departments, according to information provided by the company.
Jindal Stainless Ltd (JSL) is India's largest stainless-steel manufacturer and posted an annual turnover of Rs 40,182 crore in FY25. It is ramping up facilities to reach 4.2 million tonnes of annual melt capacity by FY27.
The company has 16 stainless steel manufacturing and processing facilities in India and abroad, including in Spain and Indonesia, and a worldwide network in 12 countries, as of March 2025.