Project to Create Over 15,000 Jobs, Capacity Expansion in Focus
New Delhi, May 11 — Jindal Stainless Ltd (JSL), India’s largest stainless steel manufacturer, is advancing discussions with the Maharashtra government to secure land for a proposed Rs 40,000-crore stainless steel facility, Managing Director Abhyuday Jindal confirmed.“We are very serious about the investment,” said Jindal in an interview, adding that talks with the state government are underway for land acquisition related to the mega project announced in March this year.
Capacity Expansion and Investment Plans
Currently, JSL operates at a capacity of 3 million tonnes per annum (MTPA) across its Hisar (Haryana) and Jajpur (Odisha) plants. The company plans to increase this capacity to 4.2 MTPA by FY27.For FY26, the company has earmarked a capital expenditure (capex) of Rs 2,700 crore, which includes Rs 1,000 crore carried forward from FY25. While the FY25 capex guidance was set at Rs 5,500 crore, actual investments reached Rs 4,500 crore, with the balance rolling over to the current fiscal.
Maharashtra Project Highlights
The Maharashtra cabinet subcommittee has approved JSL's investment proposal. The project will span 10 years and aims to generate more than 15,000 jobs. The upcoming facility will have a total melting capacity of 4 MTPA and will be built in phases, with the first phase expected to be operational in four years.The plant will focus on producing specialised stainless steel grades for sectors like hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries. The state government will facilitate the project by fast-tracking approvals, clearances, and fiscal incentives.
Market Strategy and Trade Challenges
Jindal noted that the India-UK FTA may not directly influence the company’s performance but could positively impact customers, indirectly benefiting JSL. The company will continue to target key export markets in the US and Europe, where demand has been rising again, especially in quality-driven segments.“In the March quarter, export demand picked up, and we ramped up capacity utilisation to meet it. Old customers from the US and EU are coming back,” Jindal said.
However, the company remains concerned about increasing imports from China and Vietnam, which together accounted for over 70% of India’s stainless steel imports in the current fiscal year. Much of this is routed through ASEAN countries at low prices, posing a significant threat to domestic manufacturers.
Global Presence and Turnover
As of March 2025, JSL operates 16 stainless steel manufacturing and processing facilities across India and globally, including plants in Spain and Indonesia. The company has a commercial presence in 12 countries and recorded a turnover of Rs 40,182 crore in FY25.With its latest expansion plan in Maharashtra, Jindal Stainless is poised to solidify its position not only as a domestic leader but as a global contender in the stainless steel industry.