8MAY 2024JINDAL STAINLESS INVESTMENT STRATEGY AMOUNTING TO RS. 5,400 CRORESHYUNDAI MOTORS TO INCREASE PRODUCTION QUOTA WITH NEWLY ACQUIRED PLANTJindal Stainless, a leading stainless steel manufac-turing company, has unveiled a comprehensive investment strategy amounting to nearly Rs 5,400 crore to bolster its melting and downstream capacities. The strategy comprises three key initiatives aimed at expanding its footprint and enhancing its capabilities in the stainless steel segment.Joint Venture in Indonesia: Jindal Stainless has forged a joint venture in Indonesia to develop and oper-ate a stainless steel melt shop with an annual produc-tion capacity of 1.2 million tonnes per annum (MTPA). The partner entity involved in this venture is of inter-national repute, bringing extensive experience in man-aging such projects. This collaboration is expected to increase Jindal Stainless' melting capacity by over 40 percent, reaching 4.2 MTPA, with an investment ex-ceeding Rs 700 crore.Expansion of Downstream Lines in Jajpur: With an investment of Rs 1,900 crore, Jindal Stainless plans to expand its downstream lines in Jajpur, Odisha. This expansion aims to enhance value for both domestic and export customers by increasing capacity and im-proving efficiency. Acquisition of Chromeni Steels Jin-dal Stainless intends to acquire a 54 percent stake in Chromeni Steels a Gujarat-based company that oper-ates a 0.6 MTPA cold rolling mill in Mundra. This ac-quisition involves taking over existing debt of Rs 1,295 crore and an equity purchase of Rs 45 crore. The cold rolling mill at Chromeni Steels is expected to bolster Jindal Stainless' presence in the value-added segment and expand its outreach both domestically and inter-nationally. Hyundai Motor Group announced its plans to boost the annual production capacity of the Hyundai and Kia brands in India to 1.5 million units per year as part of its mid-to-long-term strategy in the country. Exec-utive Chair Euisun Chung outlined the company's strat-egy during his visit to India on April 23 to reinforce its position as a leading mobility provider.The expansion involves establishing an annual pro-duction system of 1.5 million vehicle units for Hyundai Motor India and Kia India combined. Hyundai Motor In-dia will commence operations at its Pune plant, acquired from General Motors last year, in the second half of next year. The facility is being upgraded to serve as a produc-tion hub capable of manufacturing over 200,000 units annually. Combined with the Chennai plant's production capacity of 824,000 units, Hyundai Motor will have an annual production capacity exceeding one million units.Additionally, Kia India's yearly production capacity will be expanded to 431,000 units within the first half of this year. Together, Hyundai Motor Group aims to produce approximately 1.5 million units annually in India. The group also intends to broaden its electric vehicle (EV) lineup and establish an EV ecosystem to accelerate cus-tomer adoption and enhance charging infrastructure. TOPSTORIES
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