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Jindal Stainless, PT Antam JV plans major investment
May 13, 2008: Jindal Stainless has signed a joint venture agreement with the Indonesia-based PT Antam Tbk to develop a nickel smelting and stainless steel facility in North Konawe, South East Sulawesi at an investment of about Rs.2,900 crore. Antam will hold 55 per cent stake in the project, while Jindal would own the remaining part.
The project will have an initial production capacity of 20,000 tonnes per annum (tpa) for nickel and 250,000 tpa for stainless steel, mainly the high-quality 300 series. The end-product may be stainless steel slabs or long products, depending on a market survey to be commissioned soon.
Source: Business Standard