Thursday, Mar 28 2024 | Time 23:06 Hrs(IST)
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Business Economy


JSL to acquire 49 pc stake in Indonesia nickel pig iron project

New Delhi, March 28 (UNI) Jindal Stainless Ltd (JSL) on Tuesday said it has finalised the deal to acquire 49 percent stake in nickel pig iron project along with the New Yaking Pte Ltd in Indonesia for US$ 157 million.
JSL termed the deal as a major strategic move to ensure long term availability of nickel.
As per an official statement, Jindal Stainless has entered into a collaboration agreement with New Yaking Pte. Ltd for investment, development, construction and operation of a Nickel Pig Iron (NPI) smelter facility located in an industrial park in Halmahera Islands, Indonesia.
"Pursuant to the collaboration agreement, JSL will acquire a 49% equity interest for a consideration of around USD 157 million. The strategic collaboration offers benefits of backward integration as JSL would have stake in the business of NPI," the company said.
The smelter facility is planned to be commissioned within two years, with an annual nameplate production capacity of up to 200,000 metric tonnes of NPI with average 14% Ni Content.
JSL said that this is the first-ever strategic partnership entered into by an Indian company for securing stake in nickel reserves globally as India is deficient in nickel ore.
Commenting on the move, Jindal Stainless MD Abhyuday Jindal said, “This path breaking collaboration will enhance value for stakeholders with JSL acquiring a stake in nickel supply to create raw material security for its stainless steel operations. This acquisition will usher a sharper competitive advantage to JSL in Indian and international markets. UNI NK SSP
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