Jindal to set up subsidiary in India, Singapore

New Delhi, Mar 16: Country's largest stainless steel producer, Jindal Stainless Ltd said it will invest up to Rs 500 crore to set up a subsidiary in the country in next two-three years.

''In order to reap the benefit of rising infrastructure and utility services sector and to promote the usage of stainless steel in this sector, the Board of directors of the company has resolved to promote a wholly-owned subsidiary in India,'' a company statement said. In a meeting, the Board of directors of the company also decided to form a wholly-owned subsidiary Company in Singapore which will be a mining and metal company and will act as hub for acquisition of all mineral resources available globally as well as in India.

''In order to have a focussed approach for the acquisition of the mineral resources globally in countries like, Turkey, Indonesia, Vietnam and including India, the Board of directors has also resolved to form a wholly-owned subsidiary company in Singapore,'' the statement added. The Board has also resolved to invest up to an amount of 100 million dollars in the this proposed subsidiary in next two-three years.

UNI