Jindal Stainless in JV with Indonesian firm

MUMBAI (Reuters) - Jindal Stainless Ltd on Monday entered into a joint venture agreement with Indonesian firm PT Antam Tbk for nickel smelting and stainless steel in Indonesia.

Jindal will hold 45 percent stake and Antam 55 percent in the proposed firm, PT Antam Jindal Stainless Indonesia, the companies said in a joint-statement.

The total investment in the project is estimated around $700 million and it would be funded through debt and equity. The project is expected to be commissioned by mid-2011.

Initially the project is to have a capacity of around 20,000 tonnes per annum (TPA) of a variety of nickel and around 250,000 TPA of stainless steel.

Shares in Jindal Stainless ended 1.1 percent higher at 142.15 rupees.