Jindal Stainless Fully Acquires Sulawesi Nickel Processing Industries

Jindal Stainless Ltd. said on Friday that it has finalised the acquisition of Singapore-based Sulawesi Nickel Processing Industries Holdings Pte. This will facilitate the establishment of a joint venture in Indonesia aimed at investing in, developing, constructing, and operating a stainless steel melt shop.

"In this regard, we wish to further inform you that the company has, on June 28, 2024, completed the 100% stake acquisition of SNPIHPL, thereby making it a wholly owned subsidiary of the company," the company announced in an exchange filing.

Earlier in May 1, Abhyuday Jindal, managing director at Jindal Stainless, had said in an exchange filing that, "The Indonesian JV will get us the best of speed and raw material security, and the augmentation of the Jajpur lines will offer enhanced value for domestic and export customers."