India's Jindal Stainless to invest $647 mln for acquisitions, increasing capacity
May 1 (Reuters) - India's Jindal Stainless (JIST.NS), opens new tab said on Wednesday it is investing nearly 54 billion rupees ($646.6 million) for acquisitions and capacity expansion.
The company will acquire a 54% equity stake in Chromeni Steels, which owns a 0.6 million tonnes per annum (MTPA) cold rolling mill in Gujarat state, for a deal valued at 13.40 billion rupees.
Jindal Stainless also entered into a joint venture for a stainless steel melt shop in Indonesia with an annual production capacity of 1.2 MTPA.
The JV will increase the company's melting capacity by more than 40% to 4.2 MTPA at an investment of over 7 billion rupees.
Jindal Stainless also plans to invest 33.50 billion rupees to expand its downstream lines in Odisha state and upgrade infrastructure.
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Steel Export Market Prices
| Material | Price | Change |
|---|---|---|
| Stainless Seamless Pipe 304 108*4 mm | $ 2196.65 | 11.34 |
| Stainless Scrap 304 Solid | $ 1296.97 | -12.95 |
| Stainless Bar 321 60 mm | $ 2197.04 | -13.10 |
| Stainless Bar 304 60 mm | $ 1956.28 | -13.25 |
| Stainless HR Coil 304/No.1 6.0 mm | $ 1902.08 | -9.39 |