Jindal Stainless signs MoU with Steel Ministry, to augment capacity under PLI scheme

New Delhi, Feb 11 (BVI) A Memorandum of Understanding (MoU) has been signed by Jindal Stainless with the Union Ministry of Steel under the newly-launched Production Linked Incentive (PLI) 1.2 scheme for specialty steel, under which the company will undertake capacity augmentation, adding new capacity for value-added products, including specialised alloys and forged products.

The PLI 1.2 scheme has been launched in response to strong industry demand and the need for
sustained capacity expansion in specialty steel and stainless steel grades critical to strategic sectors
such as railways, defence, electrical equipment, and aerospace.

Under the scheme, 85 MoUs have been signed with 55 companies, with committed investments of ₹11,887 crore for a planned capacity addition of 8.7 million tonnes of speciality steel by FY 2031.

Speaking on the occasion, Managing Director of Jindal Stainless Abhyuday Jindal, said, “Jindal
Stainless has been steadily scaling up its capacities and capabilities, which remain a central and
continuous pillar of our growth strategy, aligned with the nation’s growing demand of stainless steel
across key strategic sectors.

“We welcome this policy, which further reinforces industry confidence to invest in advanced manufacturing, while ensuring that India builds a resilient and future-ready speciality stainless steel base to support national priorities and economic growth.”

Speaking during the MoU signing ceremony, Director – Corporate Affairs of Jindal Stainless Vijay
Sharma said, “Through this strategic MoU, we are proud to contribute to a resilient and future-ready
stainless steel value chain that can meet the evolving requirements of strategic and high-growth
sectors. We appreciate the Government’s support through enabling policies that advance this
ambition and strengthen the domestic industry’s long-term competitiveness.” (BVI)