Board of Jindal Stainless approves to make PT GMI a subsidiary

At meeting held on 25 June 2025

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 overall business objectives.

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