Mumbai, June 25 -- 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

overal...