Jindal Stainless ltd (JSl) and Posco on Wednesday signed a strategic pact that includes cooperation in the South Korean major's USD 12-billion steel mill project in Odisha and joint exploration for a nickel facility in Indonesia.
Besides, JSl will sell certain products to Posco. "JSl, a part of the USD 15-billion OP Jindal group has signed a memorandum of understanding (MoU) with Posco to cooperate with each other for long-term joint business opportunities," the domestic stainless steelmaker said in a statement in New Delhi.
It said the pact would be for three years, with a provision to extend it further. JSl would focus on "long-term-based supply of 200 series stainless steel products of the company to Posco or its subsidiaries". This series is used for domestic as well as industrial applications.