KfW IPEX-Bank is providing USD 82M in financing to support Austrian companies Primetals Technologies Austria GmbH and Andritz AG in supplying products and services to the Indian market leader in stainless steel production, Jindal Stainless (JSL).
JSL is procuring capital equipment from Europe as part of its plan for an expansion of its production facilities in Jajpur in the Indian state of Odisha. The expanded facility is expected to increase stainless steel production capacity from 1.1 million tonnes per annum (mtpa) to 2.1mtpa. Part of this capacity expansion is a new facility for producing and casting stainless steel. Additionally, a new combo line – or direct rolling, annealing, and pickling line – will be installed to increase the cold rolling mill capacity.
Promoting sustainable environmental and social aspects is an integral part of the financing. The financing is insured against economic and political risks by OeKB, the Austrian export credit agency. KfW IPEX-Bank’s financing supports European exports, which in turn secure jobs in Austria, Germany, and Europe.