Jindal Stainless to expand coin blank capacity by 20% to meet demand

Jindal Stainless is boosting its annual production of coin blanks by 20%, raising the output to 12,000 tonnes, according to a senior official. The company expects demand for non-paper based currency to increase in various countries, driving growth in this segment, Vijay Bindlish, the Unit Head of Jindal Stainless Hisar facility, stated during a management interaction with PTI.

Coin blanks are manufactured at the company's Special Products Division (SPD) in Hisar, a facility known as India's largest stainless steel producer. Alongside coin blanks, the SPD also creates high-end products like razor blades and precision strips. According to Bindlish, Jindal Stainless supplies unstamped coins to major mints worldwide, including those in India, France, Finland, Poland, the Netherlands, the UK, Malaysia, and Slovakia.

The production is tailored to precise specifications provided by the mints, including size, diameter, thickness, shape, and alloy composition.

The company aims to secure more international orders and expand into new markets as the demand for stainless steel, which has a lower carbon footprint, continues to rise. Bindlish added that Jindal Stainless is targeting orders beyond its current capabilities and intends to enter new markets. The company, a leading player in this field, plans to increase its coin blank production capacity from 10,000 tonnes to 12,000 tonnes.

Saurabh Kumar, head of the SPD, noted that the division currently holds a 60-70% global market share, producing 19,500 tonnes of razor blades annually. They intend to maintain their leadership position in this industry.