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==Controversies==
==Controversies==
'''Involvement in [[Indian coal allocation scam|coalgate scam]]'''<br />Congress MP Naveen Jindal's Jindal Steel and Power got a coal field in February 2009 with reserves of 150 crore (1,500 million) metric tonnes while the [[Government of India|Government]]-run Navratna Coal India Ltd was refused.<ref>{{cite news |url=http://ibnlive.in.com/news/coalgate-norm-violated-by-government-to-favour-naveen-jindal/289062-37-64.html |title=Coalgate: Norm violated by government to favour Naveen Jindal |newspaper=IBN Live |date=6 September 2012 |access-date=1 December 2013}}</ref> On 27 February 2009, two private companies got huge coal blocks. Both the blocks were in [[Odisha, India|Odisha]], one of 300 metric mega tonnes and one of 1,500 metric mega tonnes. Combined worth of these blocks is well over ₹2 [[lakh]] crore.
'''Involvement in [[Indian coal allocation scam|coalgate scam]]'''<br />Jindal Steel and Power was one of the two private companies to get a coal field in February 2009. JSPL got the coal field with reserves of 150 crore (1,500 million) metric tonnes while the [[Government of India|Government]]-run Navratna Coal India Ltd was refused.<ref>{{cite news |url=http://ibnlive.in.com/news/coalgate-norm-violated-by-government-to-favour-naveen-jindal/289062-37-64.html |title=Coalgate: Norm violated by government to favour Naveen Jindal |newspaper=IBN Live |date=6 September 2012 |access-date=1 December 2013}}</ref> Both the blocks were in [[Odisha, India|Odisha]]. The combined worth of these blocks is well over ₹2 [[lakh]] crore.


These blocks were meant for the liquification of coal. One of these blocks Talcher coal field in Angul, Odisha was awarded to JSPL after the cut-off date by the Central Government on allocation of coal blocks.<ref name="Denial">{{cite news |url=http://ibnlive.in.com/news/congress-mp-naveen-jindal-blames-government-for-coalgate/289319-37-64.html |title=Congress MP Naveen Jindal blames government for coalgate |newspaper=IBN Live |date=7 September 2012 |access-date=1 December 2013}}</ref> The Opposition parties alleged that the Government violated all norms to grant the coal fields. Naveen Jindal, however, denied any wrongdoing.<ref name="Denial" />
These blocks were meant for the liquification of coal. One of these blocks Talcher coal field in Angul, Odisha was awarded to JSPL after the cut-off date by the Central Government on allocation of coal blocks.<ref name="Denial">{{cite news |url=http://ibnlive.in.com/news/congress-mp-naveen-jindal-blames-government-for-coalgate/289319-37-64.html |title=Congress MP Naveen Jindal blames government for coalgate |newspaper=IBN Live |date=7 September 2012 |access-date=1 December 2013}}</ref> The Opposition parties alleged that the Government violated all norms to grant the coal fields. Naveen Jindal, however, denied any wrongdoing.<ref name="Denial" />

Revision as of 18:19, 18 April 2021

Jindal Steel and Power Ltd.
Company typePublic
ISININE749A01030
IndustrySteel, Energy
FounderO P Jindal
HeadquartersNew Delhi, India[1]
Area served
Worldwide
Key people
Naveen Jindal (Chairman)[2]
VR Sharma[2] (MD)
ProductsSteel, Iron, Electricity generation and distribution
RevenueDecrease ₹36,943 crore (US$4.3 billion) (2020)[3]
Increase ₹3,903 crore (US$460 million) (2020)[3]
Increase ₹−399 crore (US$−47 million) (2020)[3]
Total assetsIncrease ₹89,741 crore (US$11 billion) (2020)[3]
Total equityIncrease ₹32,035 crore (US$3.7 billion) (2020)[3]
Number of employees
6,153 (2020)[3]
ParentJindal Group
Websitejindalsteelpower.com

Jindal Steel and Power Limited (JSPL) is an Indian steel and energy company based in New Delhi, India.[4] With turnover of approx. ₹40000 crore (US$5.5 billion),[4] JSPL is a part of about ₹130000 crore (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.

Operations

JSPL has 6 major subsidiaries:

Listings and shareholding

The equity shares of JSPL are listed on the Bombay Stock Exchange[5] and the National Stock Exchange of India.[6]

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 1,00,000 individual public shareholders own approx. 8% of its shares. The remaining 9% shares are owned by others.[7][8]

Shareholders (as on 31-March-2014) Shareholding[7][8]
Promoter Group (Jindal Family) 60.41%
Foreign Institutional Investors (FII)/NRI/OCB/Trusts/Foreign national 23.18%
Public 07.81%
Financial Institutions/Banks/Mutual Funds/UTI/Insurance companies/Central Government 04.13%
Bodies Corporate 04.47%
Total 100.0%

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.[9]

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
Jindal Steel and Power was one of the two private companies to get a coal field in February 2009. JSPL got the coal field with reserves of 150 crore (1,500 million) metric tonnes while the Government-run Navratna Coal India Ltd was refused.[10] Both the blocks were in Odisha. The combined worth of these blocks is well over ₹2 lakh crore.

These blocks were meant for the liquification of coal. One of these blocks Talcher coal field in Angul, Odisha was awarded to JSPL after the cut-off date by the Central Government on allocation of coal blocks.[11] The Opposition parties alleged that the Government violated all norms to grant the coal fields. Naveen Jindal, however, denied any wrongdoing.[11]

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.[12]

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.[13]

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.[14]

References

  1. ^ http://www.jindalsteelpower.com/contact/network-address.aspx
  2. ^ a b "Management Details". Jindal Steel and Power. Retrieved 5 June 2020.
  3. ^ a b c d e f "Jindal Steel and Power Ltd. Financial Statements". moneycontrol.com.
  4. ^ a b "Jindal Steel & Power on the Forbes Global 2000 List". Forbes. 31 May 2013. Retrieved 1 December 2013.
  5. ^ "Jindal Steel and Power Limited". BSEindia.com. Retrieved 2 December 2013.
  6. ^ "Jindal Steel and Power Limited". NSE India. Retrieved 2 December 2013.
  7. ^ a b "Annual Report 2013-14". Jindal Steel and Power. Retrieved 6 September 2014.
  8. ^ a b "Shareholding pattern". BSE India. 30 September 2013. Retrieved 2 December 2013.
  9. ^ "JSPL launches 'Jindal Panther' TMT Rebars". 8 August 2013.
  10. ^ "Coalgate: Norm violated by government to favour Naveen Jindal". IBN Live. 6 September 2012. Retrieved 1 December 2013.
  11. ^ a b "Congress MP Naveen Jindal blames government for coalgate". IBN Live. 7 September 2012. Retrieved 1 December 2013.
  12. ^ "India's Bolivian ore". The Australian. 3 December 2007.
  13. ^ "Jindal Steel to exit from $2-b mining contract with Bolivia". 9 June 2012.
  14. ^ Human Rights Watch, https://www.hrw.org/node/115534/section/3
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