Jindal Stainless Ltd (JSL) is planning to invest ₹40,000 crore to set up a stainless steel plant in Maharashtra. The project has been cleared by the state’s cabinet sub-committee and will take a decade to complete. It will increase India’s stainless steel production capacity.

The plant will have a total melting capacity of 4 million tonnes per annum (MTPA) and will be built in phases. The first phase will start in next 4 years. Once operational, the plant will give employment to over 15,000 people and will be a big contributor to the local economy.

Ratan Jindal, Chairman of JSL said, “This is our commitment to make India self reliant in stainless steel production and reduce our dependence on imports.” The new plant will set new benchmarks in technology, sustainability and product quality and will serve both existing and emerging industries which are critical to India’s growth.

Maharashtra government has given full support to the project and will provide all necessary approvals, permissions and fiscal incentives to develop the project. This is a joint effort to promote industrial and economic growth in the region.

This is part of JSL’s larger expansion plan. In May 2024, the company had announced ₹5,400 crore investment plan to increase its melting and downstream capacities, including a joint venture in Indonesia for 1.2 MTPA stainless steel melt shop, expansion in Jajpur, Odisha and acquiring 54% stake in Chromeni Steels in Mundra, Gujarat.

With these investments Jindal Stainless will become a global leader in stainless steel production, driving innovation, sustainability and economic growth in India and globally.