India's Jindal Stainless Ltd. plans to invest US$60 million to build a steel mill in Russia. The new plant is scheduled to produce about 400,000 tons of stainless steel per annum when its first stage of construction completes during 2008-2009.

The project is located in Russia's Leningrad region, where Ford, Toyota and other auto manufactures have or are building car plants, and it fits into the local government's investment policy, said the deputy governor of the region.