Jindal Stainless signs agreement under PLI 1.2 scheme for speciality scheme

Jindal Stainless on Thursday said the company has signed an agreement with the Ministry of Steel under the newly launched Production Linked Incentive (PLI) 1.2 scheme for speciality steel. On Monday, Union Steel Minister HD Kumaraswamy launched the third round of the PLI Scheme for Speciality Steel, aiming to add 8.7 million tonnes of capacity of the upgraded alloy steel. In a statement, Jindal Stainless Ltd (JSL) said it has signed an agreement with the Ministry of Steel to undertake capacity augmentation along with adding new capacities for value-added products, including specialised alloys and forged products. The company's Managing Director Abhyuday Jindal said the policy not only aims to add special steel capacity in India but also make the country self sufficient in special grades. The demand for high-quality stainless steel continues to rise in sectors such as infrastructure, clean energy systems, railways, urban mobility, automobiles, and industrial equipment, he stated. Jindal Stainless is India's largest stainless steel manufacturing player.