India's Jindal Stainless to invest $647 mln for acquisitions, increasing capacity (updated)

Jindal Stainless

01/05/2024 13:19

(Adds details on deal, JV and capacity expansion throughout)
       May 1 (Reuters) - India's Jindal Stainless  JIST.NS 
said on Wednesday it is investing nearly 54 billion rupees
($646.6 million) for acquisitions and capacity expansion.
    The company will acquire a 54% equity stake in Chromeni
Steels, which owns a 0.6 million tonnes per annum (MTPA) cold
rolling mill in Gujarat state, for a deal valued at 13.40
billion rupees.
    Jindal Stainless also entered into a joint venture for a
stainless steel melt shop in Indonesia with an annual production
capacity of 1.2 MTPA.
    The JV will increase the company's melting capacity by more
than 40% to 4.2 MTPA at an investment of over 7 billion rupees.
    Jindal Stainless also plans to invest 33.50 billion rupees
to expand its downstream lines in Odisha state and upgrade
infrastructure.
   
 ($1 = 83.4684 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru; Editing by Shounak
Dasgupta)
 ((Dimpal.Gulwani@thomsonreuters.com))