New Delhi: Steel Authority of India Limited (SAIL) and Indonesian state-owned steelmaker PT Krakatau Steel have signed a Memorandum of Understanding (MoU) to explore the possibility of establishing a joint venture for stainless steel slab manufacturing in Indonesia. The agreement was announced during Prime Minister Narendra Modi’s official visit to Indonesia, marking a new step in industrial cooperation between the two countries.
The proposed collaboration aims to combine the complementary strengths of both steel producers while supporting the growing demand for stainless steel across India and the ASEAN region. If taken forward, the venture is expected to create new opportunities for technology collaboration, industrial development and long-term value creation for both countries.
According to SAIL, Indonesia offers access to significant nickel reserves, a key raw material used in stainless steel production. SAIL, meanwhile, brings decades of expertise in steel manufacturing, project execution and integrated steel plant operations. The company believes this combination could strengthen regional manufacturing capabilities while supporting the development of resilient supply chains.
The project remains at an exploratory stage. Key aspects, including production capacity, investment structure, implementation timelines and technology configuration, will be finalised after completing a feasibility study and obtaining the necessary approvals from both governments and the participating organisations.
Commenting on the development, SAIL Chairman and Managing Director Dr. Ashok Kumar Panda said the proposed partnership reflects the company’s strategy of expanding beyond conventional business boundaries while strengthening its global presence. He noted that the collaboration has the potential to generate long-term value, deepen industrial ties between India and Indonesia, and support the creation of a more resilient stainless steel value chain.
SAIL also stated that the initiative aligns with its broader vision of becoming a globally competitive steel producer with a diversified product portfolio and stronger international footprint. The company believes the proposed venture could contribute to technology exchange, skill development and sustainable industrial growth while reinforcing India’s manufacturing ambitions under the Atmanirbhar Bharat initiative.
Source: This article is based on an official press release issued by SAIL
SAIL and Indonesian steelmaker PT Krakatau Steel announce signing of MoU to explore Joint Venture for Stainless Steel Slab Manufacturing in Indonesia during Hon’ble PM’s visit to Indonesia | SAIL
