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Jindal Stainless Limited shares had advanced 10 per cent at Rs 135.40 on the BSE in the intra-day trade on Thursday after the company signed a Memorandum of Understanding (MoU) with Tata Steel Mining (TSML).
“The MoU is signed to jointly unearth the chrome ore locked up in the boundary between our mines located in Sukinda of Jajpur district, Odisha,” JSL said in a statement. It added: This would help the conservation of chromite ore which otherwise would have been left unmined forever.
This is a win-win-win partnership for the State of Odisha, TSML and JSL. Both the companies would now initiate steps to get necessary statutory approvals from concerned authorities before jointly starting mining operations.
JSL is the largest manufacturer of stainless steel in India, with a capacity of 1.1 MTPA. The plant comprises ferro-alloy facilities with world-class technology and equipment. The manufacturing complex, equipped with a captive power generation facility, is eventually scalable to 3.2 MTPA of stainless steel production.
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