Jindal Stainless scouting Maharashtra site for Rs 40,000 crore plant

New Delhi: Jindal Stainless is in the process of identifying a site for its proposed Rs 40,000-crore stainless steel manufacturing facility in Maharashtra, the company's CEO Tarun Khulbe said.

"It is taking a bit of time, but...we are progressing in that direction," he said, replying to a question related to land acquisition for the said project.

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There will be clarity, maybe in another one or two quarters, and then the company comes out with its plans, Khulbe said.

The company is scouting for several land options in the state, he added.

According to the company, the proposed stainless steel facility will have a total capacity of 4 million tonnes per annum and will be constructed in phases, with the first phase expected to be operational in the next four years.

Jindal Stainless Ltd (JSL) will also produce specialised grades of steel for critical applications in emerging sectors such as hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries.

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The government of Maharashtra will support the proposed investment by expediting the necessary permissions, registrations, approvals, clearances, and fiscal incentives from the relevant state departments, the company has said.

Jindal Stainless is India's largest stainless steel manufacturing player, having a combined capacity of 3 million tonnes per annum (MTPA) at its two plants in Hisar (Haryana) and Jajpur (Odisha).

Once operational, the Maharashtra facility will take the company's overall manufacturing capacity to 7 MTPA in India.