Jindal Stainless Signs MoU Under PLI 1.2 Scheme to Boost Speciality Steel Capacity

Jindal Stainless has signed a Memorandum of Understanding (MoU) with the Ministry of Steel under the Government of India’s newly launched Production Linked Incentive (PLI) 1.2 scheme for speciality steel. The agreement was formalised at Vigyan Bhawan, New Delhi, in the presence of Union Minister for Steel and Heavy Industries, H. D. Kumaraswamy. The company was represented by Vijay Sharma, Director – Corporate Affairs.

The PLI 1.2 scheme has been introduced to accelerate domestic manufacturing of high-value speciality steel and stainless steel grades, reduce import dependence, and strengthen India’s position in critical sectors such as railways, defence, aerospace, and electrical equipment. A total of 85 MoUs have been signed with 55 companies under the scheme, representing committed investments of ₹11,887 crore and a planned capacity addition of 8.7 million tonnes by FY2031.

As part of the agreement, Jindal Stainless will undertake capacity expansion in speciality and stainless steel grades, including value-added products such as specialised alloys and forged components. The move aligns with the company’s long-term growth strategy and rising domestic demand across strategic sectors.

Managing Director Abhyuday Jindal said the initiative reinforces industry confidence to invest in advanced manufacturing and helps build a resilient, future-ready speciality stainless steel base to support national priorities.

Vijay Sharma, Director – Corporate Affairs, added that the MoU reflects the company’s commitment to strengthening India’s stainless steel value chain and enhancing long-term global competitiveness through policy support.

The PLI 1.2 scheme builds on earlier rounds that have attracted over ₹40,000 crore in investments, driving capacity creation and employment generation across the steel ecosystem. With growing investments in infrastructure, clean energy, mobility and industrial manufacturing, demand for high-quality stainless steel is expected to rise, positioning domestic producers to play a pivotal role in India’s industrial expansion and global integration.