The company’s exports would include both ferro-chrome and specialised stainless steel products through service centres catering to such demand.
NEW DELHI: Ratan Jindal-controlled Jindal Stainless will focus on exports even as it grows on the strength of domestic demand for stainless steel. The company’s exports would include both ferro-chrome and specialised stainless steel products through service centres catering to such demand.
Jindal Stainless, which plans to invest Rs 6,000 crore over three years starting 2007-08, has seen a 93% growth in its export earnings at Rs 2,300 crore out of a gross turnover of Rs 5,267.8 crore during 2006-07. Export earnings contributed 45% of the turnover last year compared with 35% the previous year.
Ratan Jindal, vice-chairman and managing director, Jindal Stainless, told reporters, “We have exported to 40 countries from our Indian and Indonesian plants.”
The company acquired a running 50,000-tonne stainless steel cold rolling mill from PT Maspion Stainless Steel Indonesia in 2004 through its subsidiary PT Jindal Stainless Indonesia and now plans to enhance its capacity to 150,000 tonne from the current 65,000 tonne.
One of the focus areas for the company is service centre. After successful operations at Manesar, it will be start operations at a centre near Mumbai in July 2007 followed by one in Chennai and Gujarat. It will set up two such service centres in Europe and one in Mexico. The cost of setting up one centre is about $10 million, said Jindal.
The company’s profit after tax last year rose 121% to Rs 353 crore from Rs 159.7 crore during 2005-06 despite increase in the key ingredient nickel.
“The results are outcome of our improved product mix, cost savings achieved through optimised operations, efficient procurement and stabilising of ferro alloy operations at our Orissa plant …Our consistent focus on value addition has also helped in bottom line improvement,” said Jindal.
The company’s 200 and 400 series of product with high chrome and manganese and low nickel gave the company a competitive edge.
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