Jindal Stainless Signs MoU with Government of India Under PLI 1.2 Scheme

[Ahmet Ö.]

## Jindal Stainless Signs MoU with Government of India Under PLI 1.2 Scheme

Jindal Stainless, India's leading stainless steel manufacturer, has signed a significant Memorandum of Understanding (MoU) with the Ministry of Steel, Government of India, under the newly launched Production Linked Incentive (PLI) 1.2 scheme for specialty steel.

This program represents a crucial step taken by India to strengthen its high value-added manufacturing capabilities and reduce import dependency on critical specialty steel and stainless steel varieties essential for strategic sectors. The agreement was signed at Vigyan Bhawan in New Delhi, with the participation of H. D. Kumaraswamy, India's Minister of Steel and Heavy Industries.

### PLI 1.2 Scheme and Jindal Stainless's Role

The PLI 1.2 scheme was designed in response to the need for capacity expansion in specialty steel and stainless steel, which are critical for strategic sectors such as railways, defense, electrical equipment, and aviation. Under the program, 85 MoUs have been signed with 55 companies, with a total investment commitment of 11,887 crore rupees, aiming to add 8.7 million tons of specialty steel capacity by the fiscal year 2031.

Jindal Stainless aims to increase its existing capacity and add new capacity for value-added products such as special alloys and forged products. These developments are aligned with the country's long-term strategy for stainless steel demand.

### Statement from Jindal Stainless Management

Abhyuday Jindal, Managing Director of Jindal Stainless, emphasized the continuous increase in capacity and capabilities, stating, "Jindal Stainless's growth strategy is based on increasing its capacity and capabilities in line with the growing demand for stainless steel in strategic sectors. This policy reinforces industry confidence in investing in advanced manufacturing, ensuring our country builds a strong and future-ready specialty stainless steel foundation that supports national priorities and economic growth.