Viraj Profiles Pvt Ltd has entered into a Memorandum of Understanding with the Ministry of Steel under the Government of India’s Production Linked Incentive (PLI) scheme, committing Rs 280 crore to boost speciality stainless steel manufacturing.

With stainless steel demand steadily rising across industries, could this investment help strengthen India’s position in advanced steel production and global markets?

Boost for speciality stainless steel

The agreement marks a notable development for India’s stainless steel sector, particularly the speciality segment, which plays a crucial role in high-performance applications. Viraj Profiles’ planned investment is expected to support improvements in technology, enhance production capabilities, and expand value-added stainless steel offerings.

Speciality stainless steel is increasingly sought after for its durability, corrosion resistance, and reliability, making it essential for industries such as infrastructure, engineering, automotive, and energy. Strengthening domestic manufacturing capacity in this space is widely seen as a strategic priority, as global markets continue to demand higher-grade steel products.

PLI scheme drives modernisation

The Production Linked Incentive framework aims to encourage manufacturers to invest in advanced processes and scale operations within India. By participating in the scheme, Viraj Profiles aligns itself with national efforts to modernise steel production and reduce dependence on imports.

Industry watchers believe investments of this nature can accelerate technology adoption and foster a more competitive manufacturing environment. Stainless steel producers, in particular, stand to benefit from initiatives that promote efficiency, innovation, and quality upgrades, all of which are key to meeting evolving global standards.

Industry viewpoint

Company leadership described the PLI scheme as an important enabler for growth and competitiveness in India’s manufacturing landscape. Management indicated that the initiative provides a pathway for companies to enhance capabilities while contributing to the broader development of the steel sector.

They also noted that collaboration between policymakers and manufacturers is vital for building a resilient industrial ecosystem. Investments focused on speciality stainless steel, they added, are not only about expanding capacity but also about advancing innovation and strengthening India’s global standing.

As stainless steel consumption continues to grow worldwide, Viraj Profiles’ commitment is viewed as a timely step towards strengthening India’s ambitions to become a significant hub for advanced and value-added steel manufacturing.