Jindal Strips for plant in Jebel Ali; to invest $100m

Jindal Strips Ltd is planning to set up a stainless steel cold-rolled plant at the Jebel Ali Free Zone in Dubai with an investment of $100 m...

Jindal Strips Ltd is planning to set up a stainless steel cold-rolled plant at the Jebel Ali Free Zone in Dubai with an investment of $100 million. Talking to The Indian Express, Harsh V. Mishra, vice-president (corporate planning) of the company said: “We plan to expand operations overseas, especially in the Middle-East and Jebel Ali seems to be the best option. We will lease 25 acres of area for the plant.” The company presently has one small plant in the US.

At a CII meeting on ‘Jebel Ali Free Zone: An Investment Decision’, a MoU was signed between the Jebel Ali Free Zone Authority (JAFZA) and CII.

JAFZA, today, is the largest free trade zone in the UAE and provides a base to over 380 Indian companies tapping local, regional and international markets, covering all key sectors. Citing the benefits at Jebel Ali, Mishra said: “Firstly, there are income-tax benefits at Jafza where there is a 15 years guarantee for relief from all taxes. Secondly, at Indian SEZs while duty-free imports are allowed, customs duty is charged if the goods are to be sent into India but this is not the case if one wishes to send goods from Jebel Ali into UAE market. Thirdly, Dirham is a convertible currency with limited exchange control restrictions. And lastly, Jebel Ali offers 100 per cent repatribility of cost that is currently not being offered by any of the existing SEZs.”

Jafza is currently holding roadshows around the country to attract Indian investment. This was stated by Jafza MD Ahmed Butti Ahmed .

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