Jindal Stainless Limited (JSL), the largest stainless steel manufacturer in India, said it would acquire a 49% stake in Indonesia-based nickel pig iron company New Yaking, for US$157 million, or Rs 1,289.8 crore.

With the collaborative agreement, JSL and New Yaking will work together on the investment, development, construction, and operation of a nickel pig iron smelter facility located in an industrial park in Halmahera Islands, Indonesia.

The facility was planned to have an annual nameplate production capacity of up to 200,000 tons of nickel pig iron, and it will be commissioned in two years.