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Jindal Stainless Signs MoU with Govt of India under PLI 1.2 to Boost Specialty Steel Manufacturing

New Delhi, February 11, 2026: 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. Aligned with the vision of Hon’ble Prime Minister Shri Narendra Modi ji, the scheme marks a significant step towards strengthening India’s high-value manufacturing capabilities and reducing import dependence in critical speciality steel and stainless steel grades.

The MoU was signed at Vigyan Bhawan, New Delhi, in the presence of Union Minister for Steel and Heavy Industries, Shri H. D. Kumaraswamy. Jindal Stainless was represented by Mr Vijay Sharma, Director - Corporate Affairs.

The PLI 1.2 scheme has been launched in response to strong industry demand and the need for sustained capacity expansion in specialty steel and stainless steel grades critical to strategic sectors such as railways, defence, electrical equipment, and aerospace. Under the scheme, 85 MoUs have been signed with 55 companies, with committed investments of ₹11,887 crore for a planned capacity addition of 8.7 million tonnes of speciality steel by FY 2031. As part of the MoU, Jindal Stainless will undertake capacity augmentation, along with adding new capacity for value-added products, including specialised alloys and forged products.

At the MoU signing ceremony (from left to right): Union Minister for Steel and Heavy Industries, Shri H. D. Kumaraswamy ji; Secretary, Ministry of Steel, Shri Sandeep Poundrik ji; Joint Secretary, Ministry of Steel, Shri Abhijit Narendra ji; and Jindal Stainless, Director - Corporate Affairs, Mr Vijay Sharma.

Speaking on the occasion, Jindal Stainless, Managing Director, Mr Abhyuday Jindal, 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 of stainless steel across key strategic sectors. We welcome this policy, which further reinforces industry confidence to invest in advanced manufacturing, while ensuring that India builds a resilient and future-ready speciality stainless steel base to support national priorities and economic growth.”

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

For Jindal Stainless, the launch of PLI 1.2 aligns closely with the company’s ongoing and planned investments in stainless steel and allied speciality grades. The company has been steadily expanding its manufacturing capabilities to cater to growing domestic demand as well as emerging global opportunities, with a focus on value-added products and advanced applications.

Stainless steel plays a critical role across a wide spectrum of end-use sectors. From long-life infrastructure and clean energy systems to railways, urban mobility, automobiles, and industrial equipment, demand for high-quality stainless steel continues to rise. As India accelerates investments in infrastructure, renewable energy, transport networks, and manufacturing, the need for reliable domestic production of speciality steel and stainless steel grades becomes increasingly important.

The launch of PLI 1.2 builds on the momentum of earlier rounds of the scheme, which have seen committed investments of over ₹40,000 crore, translating into significant capacity creation and employment generation across the steel sector ecosystem. PLI 1.2 is expected to act as an important enabler for import substitution and deeper integration of Indian manufacturers into global value chains.

About Jindal Stainless
India’s leading stainless steel manufacturer, Jindal Stainless, had an annual turnover of INR 40,182 crore (USD 4.75 billion) in FY25 and is ramping up its facilities to reach 4.2 million tonnes of annual melt capacity in FY27. It has 16 stainless steel manufacturing and processing facilities in India and abroad, including in Spain and Indonesia, and a worldwide network in 12 countries, as of March 2025.

Jindal Stainless manufactures a wide range of stainless steel products, including slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel, and coin blanks. Using integrated operations and electric arc furnace technology, the company ensures operational efficiency, cost competitiveness, and sustainability.

Founded in 1970, Jindal Stainless remains committed to innovation, social responsibility, and a greener future, enabling recyclability of stainless steel scrap without compromising on quality.

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Media Contacts:
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