Jindal Stainless Ltd to Invest Rs 40,000 Crore in Maharashtra Steel Plant

Jindal Stainless Ltd is set to invest Rs 40,000 crore in Maharashtra to establish a stainless steel manufacturing facility. The project aims to enhance the company's domestic presence and create over 15,000 jobs. The facility will focus on emerging sectors, supported by Maharashtra's expedited approvals and incentives.

Jindal Stainless Ltd (JSL) is planning a significant Rs 40,000 crore investment in Maharashtra to establish a state-of-the-art stainless steel manufacturing facility. This ambitious project, set to unfold over the next decade, aims to fortify JSL's presence in India.

The investment proposal has received the green light from Maharashtra's government following approval from a state cabinet subcommittee chaired by deputy chief ministers Eknath Shinde and Ajit Pawar. The slated investment is projected to generate over 15,000 jobs as per JSL's plans.

The phased development will see the facility's first operational phase within four years, boasting an annual melting capacity of 4 million tonnes. The project is poised to transform India's stainless steel sector, with a focus on emerging industries such as hydrogen and nuclear energy.

(With inputs from agencies.)