India’s top Stainless steel maker, Jindal Stainless Limited (JSL) has announced that the company’s board of directors has decided to invest up to Rs 500 crore in a wholly owned subsidiary within the next 2-3 years.

This development was in view of enabling the company to gather the benefit of rising infrastructure and utility services sector and to promote the usage of stainless steel in this sector.

The board also decided to invest up to USD 100 million in a wholly owned subsidiary company in Singapore within the next 2-3 years. This proposed subsidiary is expected to act as a hub for acquisition of all mineral resources available globally in countries like, Turkey, Indonesia, Vietnam and India.

JSL is planning to invest Rs 9600 crore in its Orissa project in the next 3-4 years. The company has already set up a greenfield integrated stainless steel plant in Orissa with an investment of Rs 2250 crore. The plant has a capacity of 1.6 million tonnes per annum.

The company is eyeing a 20% rise in topline backed by increase in demand for stainless steel from Indian Railways and overseas.

The company has reported 57% decrease in net profit at Rs 41.81 crore for the quarter ended September 2007. Sales decreased by 1% to Rs 1127.49 crore.