Jindal Stainless, India’s leading stainless steel manufacturer, has signed a Memorandum of Understanding (MoU) with the Ministry of Steel, Government of India, under the newly launched Production Linked Incentive (PLI) 1.2 scheme for speciality steel. The MoU was signed at Vigyan Bhawan, New Delhi, in the presence of Union Minister for Steel and Heavy Industries, H D Kumaraswamy. Jindal Stainless was represented by Vijay Sharma, Director – Corporate Affairs.

Launched in response to industry demand for sustained capacity expansion in speciality steel and stainless steel grades, the PLI 1.2 scheme aims to strengthen India’s high-value manufacturing capabilities and reduce import dependence in critical grades used across railways, defence, electrical equipment and aerospace.

Under the scheme, 85 MoUs have been signed with 55 companies, with committed investments of Rs 118.87 billion for a planned capacity addition of 8.7 million tonnes of speciality steel by FY 2031.

As part of its MoU, Jindal Stainless will undertake capacity augmentation, aligned with its long-term strategy and growing domestic demand for stainless steel. The company will also add new capacity for value-added products, including specialised alloys and forged products.

Speaking on the occasion, Abhyuday Jindal, Managing Director, Jindal Stainless, said, “Jindal Stainless has been steadily scaling up its capacities and capabilities, which remain a central pillar of our growth strategy, aligned with the nation’s growing demand for stainless steel across key strategic sectors. We welcome this policy, which reinforces industry confidence to invest in advanced manufacturing and helps build a resilient and future-ready speciality stainless steel base to support national priorities and economic growth.”

Vijay Sharma, Director – Corporate Affairs, Jindal Stainless, added, “Through this strategic MoU, we are proud to contribute to a resilient and future-ready stainless steel value chain that meets the evolving requirements of strategic and high-growth sectors. We appreciate the Government’s support through enabling policies that strengthen the domestic industry’s long-term competitiveness.”

For Jindal Stainless, PLI 1.2 aligns with its ongoing and planned investments in stainless steel and allied speciality grades. The company continues to expand its manufacturing capabilities to meet rising domestic demand and emerging global opportunities, with a focus on value-added products and advanced applications.

Stainless steel serves a wide range of end-use sectors, including long-life infrastructure, clean energy systems, railways, urban mobility, automobiles and industrial equipment. As India accelerates investments in infrastructure, renewable energy, transport networks and manufacturing, reliable domestic production of speciality steel and stainless steel grades is increasingly critical.

The PLI 1.2 scheme builds on earlier rounds that have seen committed investments of over Rs 400 billion, leading to significant capacity creation and employment generation across the steel sector. The new phase is expected to further support import substitution and strengthen the integration of Indian manufacturers into global value chains.