Jindal Stainless Signs PLI MoU to Boost Specialty Steel

• Jindal Stainless signs MoU under PLI 1.2 to expand speciality and stainless steel production, reducing import dependence
• ₹11,887 crore committed for 8.7 million tonnes of steel by FY 2031, including value-added products and capacity expansion
• The scheme supports key sectors like railways, defence, and renewable energy, boosting domestic production and global integration

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

Jindal Stainless PLI under the PLI 1.2 scheme marks a major step for Specialty steel India, with a Government MoU steel supporting Steel manufacturing India through the Production Linked Incentive steel, aligning with Industrial policy India, driving Stainless steel investment, promoting Make in India steel, and boosting manufacturing growth India.

The initiative, which Indian Prime Minister Narendra Modi established, will develop India's ability to produce high-value steel while decreasing the need to import essential specialty steel and stainless steel products. Union Minister H. D. Kumaraswamy and Jindal Stainless Corporate Affairs Director Vijay Sharma signed the MoU at Vigyan Bhawan New Delhi.

Abhyuday Jindal, Managing Director, Jindal Stainless stated, “Jindal Stainless has been steadily scaling up its capacities and capabilities, which remain a central and continuous pillar of our growth strategy, aligned with the nation’s growing demand of stainless steel across key strategic sectors. We welcome this policy, which further reinforces industry confidence to invest in advanced manufacturing, while ensuring that India builds a resilient and future-ready speciality stainless steel base to support national priorities and economic growth”.

Vijay Sharma, Director - Corporate Affairs, Jindal Stainless added, “Through this strategic MoU, we are proud to contribute to a resilient and future-ready stainless steel value chain that can meet the evolving requirements of strategic and high-growth sectors. We appreciate the Government’s support through enabling policies that advance this ambition and strengthen the domestic industry’s long-term competitiveness”.

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The introduction of PLI 1.2 happened because the industry needed more capacity to produce specialty steel grades, which support railways, defence, aerospace and electrical equipment strategic sectors.

The scheme has established 85 MoUs, of which 55 companies have signed to invest ₹11,887 crore for constructing 8.7 million tonnes of speciality steel production capacity by FY 2031.

The agreement requires Jindal Stainless to develop production capacity while establishing new manufacturing facilities to produce value-added products, which include specialized alloys and forged components to support its long-term strategy of meeting both domestic and international market requirements.

The scheme supports Jindal Stainless because it works together with the company's existing investments in stainless and specialty steel production. The demand for stainless steel has been increasing in multiple sectors, including infrastructure construction, renewable energy development, transport systems, urban mobility solutions and industrial equipment manufacturing.

PLI 1.2 builds upon earlier PLI rounds, which generated more than ₹40,000 crore in investments by enabling import substitution and promoting greater participation in worldwide value chains. The program has created significant new manufacturing capacity and job opportunities while strengthening India's high-value steel manufacturing sector.