In a bid to strengthen India's defence and aerospace manufacturing, Jindal Stainless, India's largest stainless steel manufacturer, today inked a deal with the Micro, Small and Medium Enterprises (MSME) Technology Centre, Visakhapatnam for manufacturing value-added products for the missile and satellite launch vehicle segments.
The aim of the MoU is to capitalise on Jindal Stainless' expertise in strategic material supply and the manufacturing capabilities of the MSME Technology Centre. It is also aimed at encouraging and supporting the local MSMEs by partnering with them for the production orders. The products resulting from this MoU will find application in various components, such as motor casings, missile wings, missile launcher structures and rocket motor boosters. The collaboration will significantly enhance the manufacturing of essential components and sub-assemblies crucial for the development of equipment across defence, aerospace, and other industries.
Commenting on the development, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, "Through this MoU, our aim is to deliver high-quality products to the defence and aerospace sectors with increased efficiency. Aligned with the government's Atmanirbhar Bharat initiative, it will contribute towards reducing reliance on imports. It also accords well with the government's emphasis on fostering public-private partnerships to better serve the needs of the Indian armed forces."
Expressing his optimism, Head, MSME Technology Centre, Visakhapatnam, Mr Prasada Reddy G, said, "We take immense pride in collaborating with the pioneers of stainless steel industry in India. Leveraging our skill development training and innovative in-house research capabilities combined with Jindal Stainless' world-class material, we are confident that this strategic collaboration will yield unparalleled products for the defence and aerospace sectors."
The Memorandum of Understanding (MoU) was signed on the premises of the centre in the presence of Head, MSME Technology Centre, Visakhapatnam, Mr Prasada Reddy G, Jindal Stainless' Head of Business Development for its strategic vertical, Jindal Defence and Aerospace, Col (Retd) Piyush Verma, Head of Sales and Marketing for the vertical, Mr Amit Goyal.
Jindal Stainless is among the select few companies in the world to attain an AS9100 accreditation, a quality management system for aviation, space and defence organisations and largest stainless steel and special steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
MSME Technology Centre, Visakhapatnam is the premium skill development centre established through the Ministry of Micro, Small and Medium Enterprises, Govt. of India under the auspices of World Bank. The primary objective of the TC is to provide the world-class education, skill development training and conduct innovation research at the interface of multiple disciplines to create high quality human resources in disciplinary and interdisciplinary areas of Engineering Technologies. MSME TC also provides design, development, and manufacturing support to MSMEs, Defence Public Sector Undertakings (DPSUs), and Central Public Sector Undertaking (CPSUs) in the field of mechanical, electrical, and electronics disciplines.
Previously, Jindal Stainless has supplied material for key projects under the Defence Research and Development Organisation (DRDO) and the Indian Space and Research Organisation (ISRO), such as satellite launcher PSLV, GSLV Mk-3, Chandrayaan, Gaganyaan, to name a few. The company has also indigenously developed world-class armour solutions, including bullet-proof morchas and podiums for the Indian defence forces comprising the Indian Army, Indian Navy, Central Reserve Police Force (CRPF), Border Security Force (BSF), Service Selection Board (SSB), police forces, etc.
Shares of Jindal Stainless Limited was last trading in BSE at Rs. 607.40 as compared to the previous close of Rs. 628.00. The total number of shares traded during the day was 122700 in over 4308 trades.
The stock hit an intraday high of Rs. 634.45 and intraday low of 596.40. The net turnover during the day was Rs. 74628974.00. |
