India’s largest stainless steel company will invest 1,200 – 1,300 crore in Nickel pig iron JV in Indonesia.

JSL and new yaking pte which is eternal Tsingshan Singapore have signed an agreement to set up a Nickel pig iron (NIP) smelter in Indonesia. JSL invest rupees1, 200 to 1,300 crore with new yaking.

JSL it is the first strategic partnership by Indian company for securing a stake in Nickel reserve abroad.

Nickel being a critical raw material for our industry abhyuday Jindal managing director of Jindal stainless steel adding that the company short to secure and Ore scarce in India.

The smelter would be located in and industrial park in HAL Mahera Iceland Indonesia.

JSL’s cash outflow for the investment would be over 2 years Rs 700 to 750 crore in FY 24 and around 500 to 550 crore in FY 25 the project which would have a production capacity of 200,000 tones would secure JSL’s NPI requirements.

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