Jindal Stainless in JV with Indonesian co
Ratan Jindal-led Jindal Stainless has entered into an agreement with Indonesian mining and metals firm PT Antam to form a $700-million joint venture to develop a nickel smelting and stainless steel facility in North Konawe.
By TNN |
NEW DELHI: Ratan Jindal-led Jindal Stainless has entered into an agreement with Indonesian mining and metals firm PT Antam to form a $700-million joint venture to develop a nickel smelting and stainless steel facility in North Konawe, Southeast Sulawesi (Indonesia). While PT Antam will have a 55% stake in the JV, Jindal Stainless will hold the balance 45%.
���The new venture would entail an investment of $700 million, of which 30% would be raised through equity and the balance would be in the form of debt,��� said Jindal Stainless director NC Mathur. The new plant will have a capacity of close to 20,000 tonne per annum (tpa) of contained nickel in the form of ferro-nickel and 2.5 lakh tpa of stainless steel.
The facility will also have its own coal-based captive power plant and water-treatment plant, besides residential facilities for its employees. While the construction work would begin from early next year, the plant would be commissioned by mid-2011.
Under the terms of the agreement, while PT Antam will share its expertise in mining and nickel processing, Jindal Stainless will provide expertise in stainless steel processing and marketing. ���We already have a stainless steel plant in Indonesia. The new venture will strengthen our presence in the global stainless steel industry,��� Mr Mathur said.
���The new venture would entail an investment of $700 million, of which 30% would be raised through equity and the balance would be in the form of debt,��� said Jindal Stainless director NC Mathur. The new plant will have a capacity of close to 20,000 tonne per annum (tpa) of contained nickel in the form of ferro-nickel and 2.5 lakh tpa of stainless steel.
The facility will also have its own coal-based captive power plant and water-treatment plant, besides residential facilities for its employees. While the construction work would begin from early next year, the plant would be commissioned by mid-2011.
Under the terms of the agreement, while PT Antam will share its expertise in mining and nickel processing, Jindal Stainless will provide expertise in stainless steel processing and marketing. ���We already have a stainless steel plant in Indonesia. The new venture will strengthen our presence in the global stainless steel industry,��� Mr Mathur said.
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