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At meeting held on 25 June 2025

Board of Jindal Stainless approves to make PT GMI a subsidiary

25-Jun-2025, 06:35
The Board of Jindal Stainless at its meeting held on 25 June 2025 has approved to make PT Glory Metal Indonesia (PT GMI) as subsidiary (step-down) of the Company.

PT GMI was set up as a joint venture entity for investing, developing, constructing and operating a stainless steel melt shop facility in Indonesia with an annual production capacity of 1.2 million tonnes per annum. The Company holds 49% stake in PT GMI through its wholly owned subsidiary.

Given PT GMI's strategic importance in the Company's global manufacturing and supply chain operations, making PT GMI a subsidiary (by having right to appoint majority of directors) will be strategically beneficial to the Company and will align with the Company's overall business objectives.