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Indian markets recorded a broad-based selloff on Tuesday as the focus shifted toward the upcoming RBI policy. Smallcap stocks continue to see a downward slope, while auto and IT stocks extended their losses. Also, bears held the grip of the market amidst a drop in investors' risk appetite and FY23 tax harvesting
Nickel is a key ingredient used for producing stainless steel. Currently, Jindal Stainless meets bulk of its nickel requirement through stainless steel scrap and Nickel Pig Iron (NPI)/ferro nickel and this collaboration will secure an ample supply of NPI for the company.
Jindal Stainless operates several manufacturing plants in India, including its flagship facility in Hisar, Haryana.
The strategic collaboration offers benefits of backward integration as JSL would have a stake in the business of NPI.
Jindal Stainless will invest in the development, construction, and operation of a Nickel Pig Iron (NPI) smelter facility located in an industrial park in Halmahera Islands, Indonesia.