Jindal Stainless Ltd (JSL) is looking at investing Rs 40,000 crore in Maharashtra to set up a stainless steel manufacturing facility.     

Responding to a query, JSL said the company has submitted an investment proposal to the government of Maharashtra, which has also been approved at a meeting of the state cabinet subcommittee. 

The meeting was chaired by deputy chief ministers Eknath Shinde and Ajit Pawar and other senior leaders.     

The proposal, with an estimated investment of Rs 40,000 crore, is scheduled to be developed over the next 10 years, which is expected to create more than 15,000 jobs.     

The proposed stainless steel facility will have a total melting capacity of 4 million tonnes per annum and will be constructed in phases, with the first phase expected to be operational in the next 4 years.     

JSL Chairman Ratan Jindal said, "Our proposal to invest in Maharashtra reflects our commitment towards making India Atmanirbhar in stainless steel production and reducing our dependence on imports. The new facility will expand our presence in India and the world, set new benchmarks in technology, sustainability, and product excellence, and cater to emerging industries that are critical to India's future development."