New Delhi, July 8 (IANS) Public sector giant Steel Authority of India Limited (SAIL) has signed a Memorandum of Understanding (MoU) with Indonesia’s PT Krakatau Steel (Persero) Tbk to explore the possibility of setting up a joint venture for manufacturing stainless steel slabs in Indonesia during the high-level engagements between the Indian and Indonesian governments, as part of Prime Minister Narendra Modi’s visit to Jakarta, a SAIL statement said on Wednesday.

The proposed collaboration brings together the complementary strengths of the two companies. Indonesia offers access to one of the world’s richest reserves of nickel – an essential raw material for stainless steel and SAIL brings over five decades of experience in steelmaking, project execution and operating large integrated steel plants.

This MoU marks an important step in the growing industrial partnership between India and Indonesia, reflecting the shared vision of both countries to build stronger and more resilient manufacturing value chains, the statement said.

The proposed joint venture is expected to support the increasing demand for stainless steel in India and the ASEAN region while promoting value addition to Indonesia’s mineral resources. It also opens new avenues for technology exchange, industrial collaboration, skill development and sustainable economic growth for both countries.

Further details regarding the proposed joint venture, including project capacity, investment structure, implementation schedule and technology configuration, will be finalised following completion of the feasibility studies and receipt of the necessary approvals from both organisations and the respective governments.

This collaboration is another milestone in SAIL’s journey towards becoming a globally competitive steel company with a diversified product portfolio and a stronger international presence, the statement said.

SAIL Chairman & Managing Director Ashok Kumar Panda said: “This partnership reflects SAIL’s commitment to looking beyond conventional boundaries and building capabilities for the future. As demand for stainless steel continues to grow across sectors such as infrastructure, mobility, renewable energy and manufacturing, 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,” he added.

–IANS

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