The agreement, formalized at a ceremony held in New Delhi, is considered a new step in public private sector cooperation aimed at increasing domestic production capacity in critical steel grades.
The PLI 1.2 program was launched to respond to rising demand in special and stainless steel segments and to support sustainable capacity increase. Under the program, a total of 85 memorandums of understanding were signed with 55 companies, and the creation of an additional 8.7 million tons of special steel capacity by fiscal year 2031 is projected, along with investments amounting to INR 118.87 billion. Within this framework, Jindal Stainless aims to increase its production volume and strengthen its position in value added alloys.
Under the agreement, the company will expand capacity at its existing facilities while developing new production capabilities in special alloys and forged products. These products are planned to be supplied to sectors requiring high performance and reliability, including railways, defense, electrical equipment and aerospace. The move is also aligned with India’s objective of reducing its dependence on imported special steel.
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