Jindal Stainless plans to set up Europe centre

Leading domestic stainless steel producer Jindal Stainless (JSL) is considering setting up a service centre in Europe for clients across the continent at a cost of around $12-14 million.

"We are considering the option of setting up a service centre in eastern Europe so that bulk coils can be serviced for European clients. In the domestic scenario, we have already signed an agreement to set up a service centre in Mumbai and may be a year down the line, we will have one in Chennai as well," said Ratan Jindal, managing director, JSL.

With the steel industry looking up in the past few years, the firm is looking at mergers and acquisitions.

"Jindal Stainless is also pursuing the merger and acquisition route and we are looking at various options in South East Asia, which seems like the most attractive market now with a growth of 18-20 per cent," he said.

The company had acquired a 50,000-tonne stainless steel cold-rolling mill from PT Maspion Stainless Steel in Indonesia in July 2004, at a cost of $32 million.