JSPL Declared Details of Investments Under PLI Scheme for Steel

SEATTLE (Scrap Monster): Jindal Steel and Power Limited (JSPL) announced details of investments to be made by the company under the government’s production linked incentive (PLI) scheme. The INR 6,322 crore PLI scheme, announced by the Union Government in July last year, is aimed at boosting the domestic output of value-added steel products.

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Bimlendra Jha, Managing Director, JSPL noted that the company plans to spend approximately INR 7,930 crore under the scheme towards manufacturing high-end steel products. It must be noted that its subsidiary, Jindal Steel Odisha, had emerged as the frontrunner in terms of its participation in the scheme, submitting a total of eight applications altogether.

JSPL will make hot rolled coil, sheets and plates API GR, which are widely used in oil and gas sector. It will also manufacture high tensile sheets used in structural grade fabrication and automobile industry. The other grades includes auto-GR steel AHSS and cold rolled and coated products for auto industry and tin mill products for use in tin and food processing industry.

The other steelmakers to submit applications include Tata Steel, JSW Steel, ArcelorMittal Nippon Steel India and the state-owned Steel Authority of India Limited (SAIL).