Jindal Stainless Limited — JV/Acquisition, 25-06-2025: Acquisition

Jindal Stainless has announced a board meeting. The company is making PT Glory Metal Indonesia (PT GMI), a JV set up to build and operate a 1.2 million tonne per annum stainless steel melt shop in Indonesia, a step-down subsidiary by gaining control rights through its wholly owned subsidiary. This move strengthens Jindal’s global manufacturing footprint and supply chain in an important growth market, supporting its strategic expansion in stainless steel production capacity. PT GMI is in the early stage with no revenue yet, and the shareholding remains unchanged.