Jindal Stainless inks JV with Indonesian firm for nickel smelting

New Delhi, May 12 (UNI) Jindal Stainless Ltd today said it has entered into a joint venture (JV) agreement with Indonesian firm PT Antam Tbk for nickel smelting and stainless steel in South East Sulawesi, Indonesia with an investment of 700 million dollars.

Jindal will hold 45 per cent stake and Antam 55 per cent in the proposed firm, PT Antam Jindal Stainless Indonesia, the companies said in a joint-statement.

The said investment will be funded through debt and equity.

The project is expected to be commissioned by mid-2011, it added.

Initially, the project will have a capacity of around 20,000 tonnes per annum (TPA) of a variety of nickel and around 250,000 TPA of stainless steel.

The integrated project shall process Nickel ore from Antam's Mondido concession, which has an average nickel grade of about 1.5 per cent.

The facility will also include its own coal based captive power plant, water treatment plant, seaport and another necessary infrastructure including residential facilities for its employees.

UNI AK PDT HS1747