Mumbai: India’s largest stainless steel maker, Jindal Stainless Ltd. plans to set up a greenfield facility in Russia and may invest up to $60 million (Rs240 crore).
The plant will have a capacity to make 400,000 tonnes of stainless steel annually according to a report released to the media.
“The company is looking at attractive investment opportunities in the overseas markets including Russia that gives us control over inputs like manganese ore and ferro chrome” said V.S. Jain, managing director.
In India, the company plans to set up a 1.6-million-tonne integrated stainless steel plant in Orissa state in phases. It is also increasing its capacity of its Hisar plant to 0.9 million tonnes from 0.6 million tonnes.