Jindal Steel and Power Limited (JSPL) is an Indian steel and energy company based on New Delhi, India. With turnover of approx. US$ 3.3 billion, JSPL is a part of about US$18 billion diversified Jindal Group conglomerate. JSPL is a leading player in steel, power, mining, oil and gas and infrastructure in India. The company produces steel and power through backward integration from its own captive coal and iron-ore mines.
In terms of tonnage, it is the third largest steel producer in India. The company manufactures and sells sponge iron, mild steel slabs, ferro chrome, iron ore, mild steel, structural, hot rolled plates and coils and coal-based sponge iron plant.
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History
In 1969, O. P. Jindal (1930-2005) started Pipe Unit Jindal India Limited at Hisar, India. After Jindal's death in 2005, much of his assets were transferred to his wife, Savitri Jindal. Jindal Group's management was then split among his four sons with Naveen Jindal as the Chairman of Jindal Steel and Power Limited. His elder brother, Sajjan Jindal is the head of JSW Group, part of O.P. Jindal Group.
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Operations
JSPL has 6 major subsidiaries:
- Jindal Power Limited which operates Jindal Tamnar Thermal Power Plant a 1000 MW (4x250 MW) coal-based thermal power plant in Raigarh district in state of Chhattisgarh. This plant is fully functional.
- Jindal Shadeed Iron and Steel, Oman
- Jindal Steel Bolivia
- Jindal Steel and Power Mauritius
- Jindal Africa Investments
- Skyhigh Overseas
The equity shares of JSPL are listed on the Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index, and the National Stock Exchange of India, where it is a constituent of the S&P CNX Nifty.
Shareholding: On 31 March 2014, the promoter group Jindal Group held 60% of its equity shares. 23% of the shares were owned by the Foreign Institutional Investors (FII). Around 100,000 individual public shareholders own approx. 8% of its shares. The remaining 9% shares are owned by others.
Initiatives
Jindal Panther TMT Rebars
JSPL has forayed into construction retail industry with the launch of Jindal Panther TMT Rebars for the housing segment. These rebars are manufactured in 1.0 MTPA capacity TMT Rebar mill at Patratu, Jharkhand, supplied by Siemens of USA.
Jindal Institute of Power Technology (JIPT)
JIPT was established to develop a pool of technically trained power plant professionals for power utilities of India and abroad. The course authorizes the pass outs to operate or undertake maintenance of any part or whole of a generating stations of capacity 100 MW & above together with the associated sub stations. It is recognized by Central Electricity Authority (CEA), Ministry of Power as Category-l Institute. It is promoted by Jindal Education & Welfare Society, which is supported by Jindal Power Limited. The Institute possesses a simulator of 250 MW/600 MW generating units. JIPT is located in the 4X250, 4X600 MW Jindal Tamnar Thermal Power Plant in Tamnar, Raigarh, Chhattisgarh.
Controversies
Involvement in coalgate scam
Congress MP Naveen Jindal's Jindal Steel and Power got a coal field in February 2009 with reserves of 1500 million metric tonnes while the government-run Navratna Coal India Ltd was refused. On 27 February 2009, two private companies got huge coal blocks. Both the blocks were in Orissa, one of 300 metric mega tonnes and one of 1500 metric mega tonnes. Combined worth of these blocks is well over INR 2,000 billions. These blocks were meant for the liquification of coal. One of these blocks was awarded to JSPL. Naveen Jindal's Jindal Steel and Power was allotted the Talcher coal field in Angul, Orissa in 2009, after the cut-off date by the Central Government on allocation of coal blocks. The Opposition parties alleged that the Government violated all norms to grant the coal fields. Naveen Jindal, however, denied any wrongdoing. On 15 September 2012, an Inter Ministerial Group (IMG) headed by Zohra Chatterji (Additional Secretary in Coal Ministry) recommended cancellation of a block allotted to JSW (Jindal Steel Works), a Jindal Group company.
Iron ore reserve mining in Bolivia
On 3 June 2006, Bolivia granted development rights for one of the world's largest iron ore reserves in the El Mutún region to Jindal Steel. With an initial investment of US$1.5 billion, the company plans to invest an additional US$2.1 billion over the next eight years in the South American country. Jindal Steel is likely to terminate the contract of investing $2.1 billion in setting up a steel plant in Bolivia, due to non-fulfilment of contractual obligations by the Bolivian government.
Coal mining in Mozambique
In the coal-rich Tete province of Mozambique, local communities were displaced and resettled due to coal operations owned by Jindal Power and Steel, Vale, and Rio Tinto, and have faced significant and sustained disruptions in their ability to access water and to produce or buy food. In some cases there was violent police repression of displaced people who demanded their rights.
Source of the article : Wikipedia
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