SAIL, PT Krakatau Steel Sign MoU to Explore Stainless Steel Slab JV in Indonesia

Steel Authority of India (SAIL) has signed a Memorandum of Understanding (MoU) with PT Krakatau Steel (Persero) Tbk, Indonesia, to explore the possibility of setting up a Joint Venture for manufacturing stainless steel slabs in Indonesia. The MoU was announced during the high-level engagements between the Governments of India and Indonesia, as part of Prime Minister Shri Narendra Modi’s visit to Indonesia from July 6–8, 2026.

The proposed collaboration brings together the complementary strengths of the two companies. Indonesia offers access to one of the world’s richest reserves of nickel – an essential raw material for stainless steel – while SAIL brings over five decades of experience in steelmaking, project execution and operating large integrated steel plants. This MoU marks an important step in the growing industrial partnership between India and Indonesia, reflecting the shared vision of both countries to build stronger and more resilient manufacturing value chains.

The proposed Joint Venture is expected to support the increasing demand for stainless steel in India and the ASEAN region while promoting value addition to Indonesia’s mineral resources. It also opens new avenues for technology exchange, industrial collaboration, skill development and sustainable economic growth for both countries.

This collaboration is another milestone in SAIL’s journey towards becoming a globally competitive steel company with a diversified product portfolio and a stronger international presence.

Commenting on the development, SAIL Chairman & Managing Director Dr. Ashok Kumar Panda said, “This partnership reflects SAIL’s commitment to looking beyond conventional boundaries and building capabilities for the future. As demand for stainless steel continues to grow across sectors such as infrastructure, mobility, renewable energy and manufacturing, access to reliable raw materials and strategic partnerships becomes increasingly important. We believe this collaboration with PT Krakatau Steel has the potential to create long-term value for both companies while strengthening the economic partnership between India and Indonesia.” He further added, “For SAIL, this initiative is not only about expanding into the stainless steel value chain. It is about building resilient supply chains, enhancing resource security and supporting India’s vision of becoming a globally competitive steel producer under the Atmanirbhar Bharat initiative.”