New Delhi, February 12 Jindal Stainless announced on Thursday that the company has signed an agreement with the Ministry of Steel under the newly launched Production Linked Incentive (PLI) 1.2 scheme for specialty steel.
On Monday, Union Steel Minister HD Kumaraswamy launched the third round of the PLI Scheme for Specialty Steel, aiming to add 8.7 million tonnes of capacity for upgraded alloy steel.
In a statement, Jindal Stainless Ltd (JSL) said it has signed an agreement with the Ministry of Steel to expand its capacity, along with adding new capacities for value-added products, including specialized alloys and forged products.
The company's Managing Director, Abhyuday Jindal, said that the policy not only aims to increase the capacity for specialty steel in India but also to make the country self-sufficient in these grades. He stated that the demand for high-quality stainless steel continues to rise in sectors such as infrastructure, clean energy systems, railways, urban mobility, automobiles, and industrial equipment.
Jindal Stainless is the largest stainless steel manufacturing company in India.