India’s Jindal Stainless Limited (JSL) has lined up capital expenditure of $292 million for the current fiscal year 2023-24, a company official said on Thursday, June 8.
The official said that most of the capex will be for the completion of ongoing projects and some of it to fund the two recent overseas acquisitions of Jindal United Steel and New Yaking.
In March this year, JSL announced the acquisition of a 49 percent equity stake in nickel producer New Yaking, Indonesia, and that it was increasing its equity stake to 74 percent in Jindal United Steel.
“The goal is definitely to be among the top two or three stainless steel manufacturers in the world. It might happen in the next couple of years or maybe in the next four to five years, that depends on the market conditions. We are very close. We have to add another 1-1.5 million mt per year to reach there,” JSL managing director Abhyuday Jindal said.
Currently, the company produces 2.9 million mt per year of various stainless steel products.