JSL to go slow on foreign projects delay India plans by a year

Tuesday, Jan 06, 2009

Jindal Stainless, Indias largest stainless steel producer, has decided to go slow on its Rs 2,887-crore (USD 600 million) overseas projects, while delaying the Rs 10,000-crore expansion plan in India following a slump in demand for the alloy amid global economic slowdown.

""With demand for stainless steel going down, we would now go slow on the overseas projects and delay commencement of the proposed integrated plant in Orissa by a year,"" Jindal Stainless Director (Corporate Affairs) N C Mathur told PTI.

The company has proposed setting up a 2.6-lakh-tonne ferro-nickel plant in Indonesia and a 60,000-tonne ferro- chrome unit in Vietnam. It is also in the process of setting up a 1.6-million-tonne integrated stainless steel plant in Orissa.

Jindal Stainless Ltd (JSL) has already invested about Rs 3,000 crore for putting up a 4.5-lakh-tonne coke oven, 2.5 lakh tonnes ferro-manganese and ferro-chrome units besides a 250-MW power plant as part of the first phase of the proposed project in Orissa.

Source: Hindu