SAIL Signs MoU with Indonesian Firm to Explore Stainless Steel Manufacturing JV.

Steel Authority of India Limited (SAIL) and Indonesia-based PT Krakatau Steel have agreed to explore the possibility of setting up a joint venture for manufacturing stainless steel slabs to meet rising demand in India.

The two companies announced a memorandum of understanding (MoU) during high-level engagements between India and Indonesia held as part of Prime Minister Narendra Modi’s visit to Indonesia from July 6-8, SAIL said in a statement on Wednesday.

The proposed partnership aims to leverage Indonesia’s access to abundant nickel reserves, a key raw material for stainless steel production, along with SAIL’s more than five decades of experience in steel manufacturing, project execution and operation of large integrated steel plants.

SAIL said the MoU represents a significant step in strengthening industrial cooperation between India and Indonesia and reflects the shared objective of developing resilient manufacturing value chains.

Further details of the proposed venture, including production capacity, investment structure, project timeline and technology configuration, will be decided after completion of feasibility studies and securing necessary approvals from both companies and respective governments.

SAIL Chairman and Managing Director Ashok Kumar Panda said the partnership could help address the growing need for reliable raw material access and strategic collaborations as stainless steel demand rises across sectors such as infrastructure, mobility, renewable energy and manufacturing.

“As demand for stainless steel continues to grow across sectors, access to reliable raw materials and strategic partnerships becomes increasingly important. We believe this collaboration with PT Krakatau Steel has the potential to create long-term value for both companies while strengthening the economic partnership between India and Indonesia,” Panda said.

The initiative is expected to support SAIL’s efforts to expand its presence in the stainless steel value chain, strengthen supply chain resilience and improve resource security in line with India’s vision of building globally competitive manufacturing capabilities under the Atmanirbhar Bharat initiative.