Jindal Stainless has announced its intention to acquire a 49 percent equity interest in New Yaking Pte Ltd for a deal value of $157 million.
According to the company's statement, the deal is a strategic move to ensure the long-term availability of nickel.
As part of the collaboration agreement, Jindal Stainless will invest in the development, construction, and operation of a Nickel Pig Iron (NPI) smelter facility located in an industrial park in Halmahera Islands, Indonesia.
The planned smelter facility is expected to have an annual nameplate production capacity of up to 200,000 metric tonnes of NPI and is anticipated to be commissioned in two years.
"This acquisition will give JSL a sharper competitive advantage in Indian and international markets," said Abhyuday Jindal, Managing Director of the company.