He added, “The policy will be officially launched by next year and will increase the domestic capacity to 10 million tonnes (MT) initially. That is kind of the world average and stainless steel is generally 3% of steel production.”

India currently produces about 6.6 MT of stainless steel a year. This is in line with the rate at which cheap Chinese imports are being dumped into the domestic market, causing a significant margin erosion for the domestic firms, who are expecting a significant intervention by the ministry.

“The challenge [facing companies now] is this dumping happening from China. It is increasing unchecked every month and is hurting the whole industry,” Jindal added. “More than big players, the MSME players are getting hurt. China is basically selling it for less than the price in India and the price in China.”

In response to a question about bidding for Vedanta mines that the Anil Agarwal-led company is auctioning, Jindal said JSL doesn’t have any interest in this. The stainless steel manufacturer’s Indonesia plant expansion plan is on path and is due to be completed by May 2024, he added.

The company is also in the process of decarbonising, Jindal said, as it continues to focus on transitioning to renewable energy and becoming carbon neutral by 2050. “We’ve already invested in almost 300 megawatts of renewable power and whatever expansion we’re doing, we’re only focused on renewable energy,” he added. “We have a net-zero carbon target of 2050.”

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Updated: 13 Oct 2023, 12:13 PM IST