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JSL to invest Rs 5,400 cr in capacity expansion over next 2 yrs
Photo courtesy: JSL

JSL to invest Rs 5,400 cr in capacity expansion over next 2 yrs

| @indiablooms | 01 May 2024, 11:18 pm

New Delhi: Jindal Stainless Ltd (JSL) on Wednesday revealed plans to invest Rs 5,400 crore in expanding its capacity to 4.2 million tonnes per annum, media reported.

Company's Managing Director Abhyuday Jindal said that these investments will be executed over the next two years, with approximately 90 percent of the funding sourced from internal accruals, a report in the media said.

Breaking down the investment plan, Jindal explained that this will add to the company's melting capacity by over 40 percent to 4.2 MTPA, said the report.

This will entail an investment of more than Rs 700 crore, he said, according to the report.

Further, the company has allocated around Rs 1,900 crore for enhancing its downstream lines at its facility in Jajpur, Odisha, it added.

The company has set aside nearly Rs 1,450 crore for the enhancement of associated infrastructural facilities, including investments in railway siding, sustainability initiatives, and the development of renewable energy generation capabilities, the report said.

Furthermore, as part of its strategic expansion plans, the company intends to acquire a 54 percent equity stake in Chromeni Steels Pvt Ltd (CSPL).

CSPL operates a 0.6 million tonnes per annum (MTPA) cold rolling mill situated in Mundra, Gujarat.

This acquisition will be executed through a structured indirect deal and involves a total expenditure of approximately Rs 1,340 crore. This includes the assumption of existing debt amounting to Rs 1,295 crore and an additional Rs 45 crore designated for equity purchase.

Abhyuday Jindal emphasized that these three strategic investments, reaching nearly Rs 5,400 crore, are aimed at positioning the company as a global leader in the stainless steel industry, the report added.

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