To ensure long-term availability of nickel, India’s largest steel manufacturing company Jindal Stainless has tied up with New Yeking Pte. The company is part of Singapore’s Eternal Shingsun. The agreement has been signed for setting up a nickel pig iron smelter plant in Indonesia.
Under the agreement, Jindal Stainless and New Yeking Pte will form a joint venture for the development, construction and operation of the nickel pig iron smelter plant. In this, Jindal will invest Rs 1,200-1,300 crore, through which it will get 49 per cent stake in the joint venture, while the rest will be with New Yeking.
This is the first strategic partnership by an Indian company to access nickel reserves globally as there is a shortage of nickel ore in India. The company gave this information. The project will be located in the Industrial Park of Halmahera Island, Indonesia.
Giving detailed information on this, Abhyuday Jindal, Managing Director (MD) of Jindal Stainless said, this step has been taken to protect the raw material. Nickel is an important raw material for our industry and we felt it made sense to invest in it and are now a 3 million tonne company.
Jindal said that it will take about two years for its construction. We expect it to be operational by FY25.
The investment will be made by Jindal Stainless over two years. Rs 700-750 crore in FY24 and Rs 500-550 crore in FY25. The plant will have a production capacity of 2 lakh tonnes and will meet the NPI requirements of Jindal Stainless.
Jindal Stainless
