Jindal Stainless (Hisar) debuts on bourses; to invest Rs. 150 cr on expansion

Steelmaker Jindal Stainless (Hisar) Ltd, which lists on the BSE and NSE today, said it plans to invest Rs. 150 crore in expansion of its cold-rolled coil capacity.

 

The company Vice-Chairman, Abhyuday Jindal, rang the bell to mark the listing and trading of shares.

 

“Since its inception, Jindal Stainless (H) is sustaining an impeccable financial and operational performance,” Jindal told reporters here.

 

“Although domestic industry is plagued with undercapacity utilisation of around 50 per cent... JSHL is operating at over 90 per cent of its capacity,” he said.

 

According to Jindal, over the next 2-3 years, the company would be enhancing the cold-rolling capacity by around 45 per cent from the existing 2,75,000 mt to around 4,00,000 mt.

 

“The company plans to invest Rs. 150 crore in expansion and modernisation, which will be met through a mix of debt and equity. The company is hopeful of 15 per cent compounded annual growth rate (CAGR) and increasing its exports from 10 per cent to a significant level mainly to European markets,” JSHL Director A K Gupta said.

 

Jindal said that as part innovation, JSHL has come up with high-quality stainless steel for the growing nuclear sector and is currently running trials to develop special grade stainless steel for various defence applications.

 

Jindal Stainless (Hisar) is the largest producer of stainless steel in the country.