Jindal Stainless, a company specializing in stainless steel production, has declared its plan to acquire 49% of the equity interest in New Yaking Pte Ltd for $157 million.
The purchase is a strategic move that aims to ensure the availability of nickel in the long run. As part of the deal, Jindal Stainless will invest in the development, construction, and operation of a Nickel Pig Iron (NPI) smelter facility located in Halmahera Islands, Indonesia, under a collaboration agreement.
The smelter facility’s planned capacity is expected to be up to 200,000 metric tonnes of NPI per year and is projected to be operational within two years.
The acquisition of New Yaking Pte Ltd will provide Jindal Stainless with a stronger competitive advantage in both Indian and international markets, according to Abhyuday Jindal, the company’s Managing Director.
Jindal Stainless’ decision to purchase an equity interest in New Yaking Pte Ltd highlights the company’s strategic vision of securing long-term availability of nickel, a critical component in the production of stainless steel.
By investing in the construction and operation of a Nickel Pig Iron smelter facility, Jindal Stainless can ensure a steady supply of nickel, an essential component for stainless steel production, and maintain its competitive edge in the global market.
The collaboration agreement between Jindal Stainless and New Yaking Pte Ltd also demonstrates the company’s commitment to responsible and sustainable business practices. The proposed smelter facility will be located in an industrial park, minimizing its impact on the environment and local communities.
Jindal Stainless Expands Global Footprint
Jindal Stainless is confident that the acquisition of New Yaking Pte Ltd and the establishment of a Nickel Pig Iron smelter facility will strengthen its position in the Indian and international markets.
The company’s strategic vision, coupled with its commitment to sustainability, will enable it to maintain its competitive edge while contributing to the responsible development of the stainless steel industry.
Jindal Stainless is a leading Indian company that specializes in the production of stainless steel. The company was established in 1970 and is headquartered in New Delhi, India. Jindal Stainless is a part of the OP Jindal Group, which is one of the largest conglomerates in India.
Jindal Stainles’s product portfolio includes a wide range of stainless steel products such as hot rolled and cold rolled coils, sheets, and plates. Jindal Stainless also produces stainless steel pipes, tubes, and fittings.
In addition to its domestic operations, Jindal Stainless has a significant presence in the international market, exporting its products to over 90 countries worldwide. The company is committed to sustainability and responsible business practices, and has received several awards and recognitions for its efforts in these areas.