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Jindal Stainless To Invest $157 Mn For 49% Stake Acquisition In Indonesia-based Co
This is the first-ever strategic partnership entered into by an Indian company for securing stake in nickel reserves globally as India is deficient in nickel ore
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Jindal Stainless (JSL) on Tuesday said it has entered into a collaboration agreement (Collaboration Agreement) with New Yaking Pte. Ltd. for the investment in, development, construction and operation of a Nickel Pig Iron (NPI) smelter facility (Facility) located in an industrial park in Halmahera Islands, Indonesia.
The move will see JSL pursue a Collaboration Agreement under which it will acquire a 49 per cent equity interest for a consideration of around USD 157 million.
The strategic collaboration offers benefits of backward integration as JSL would have stake in the business of NPI. The Facility is planned to be commissioned within two years, with an annual nameplate production capacity of up to 2,00,000 metric tonnes of NPI with average 14 per cent Ni Content.
This is the first-ever strategic partnership entered into by an Indian company for securing stake in nickel reserves globally as India is deficient in nickel ore.
In a statement, Jindal Stainless MD Abhyuday Jindal said, “This path breaking collaboration will enhance value for stakeholders with JSL acquiring a stake in nickel supply to create raw material security for its SS operations. This acquisition will usher a sharper competitive advantage to JSL in Indian and international markets.”