Jindal Stainless Limited (JSL) is moving forward with a new steel plant project worth up to Rs 40,000 crore. The company has started searching for a suitable site in Maharashtra, a state in western India. CEO Tarun Khulbe said that discussions and preparations related to land acquisition are progressing well, and clearer updates are expected within the next one or two quarters.

The new stainless steel plant is expected to have an annual production capacity of 4 million tons. The project will be developed in several phases, with the first phase scheduled to begin operations within four years.

In addition to serving existing markets, the plant will focus on producing special-grade steel for growing industries such as hydrogen energy, nuclear power, defense, mobility, infrastructure, and process manufacturing.