Jindal Stainless Limited (JSL), a leading stainless steel manufacturer in India, has started the operation of its nickel pig iron smelter facility in Halmahera Islands, Indonesia, eight months ahead of schedule.
Jindal Stainless has ensured the long-term supply of nickel required for stainless steel production with this joint venture with New Yaking Pte. Ltd., an Indonesia-based nickel pig iron company. Jindal Stainless acquired a 49% equity interest in New Yaking for a value of US$157 million in March 2023.
The Managing Director of Jindal Stainless said that this strategic move marked the first step for a stainless steel producer to ensure raw material reserves abroad as there are no nickel sources in India.