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ED raids JSPL offices over suspected violation of forex regulations: Report

NEW DELHI (Reuters) - India's federal financial crime fighting agency raided offices of Jindal Steel & Power Ltd (JSPL) in New Delhi on Thursday over suspected violation of foreign exchange regulations, a source familiar with the matter said.

JSPL plans to set up India's second coal gasification plant at Raigarh

The company is already using the coal gasification technology to produce steel at its plant in Angul, Odisha

Jindal Steel & Power plans largest and greenest steel plant in Odisha

After bagging Utkal B1 and B2 coal block in the Angul-Talcher belt in the state, Jindal Steel & Power Limited (JSPL) on Friday said it would develop its Odisha plant into the largest and greenest facility in the world. This was stated by the company's chairman Naveen Jindal. He said JSPL has secured sufficient reserves of coal to enable the mega steel company to enhance its capacity for green steel making. He claimed that JSPL is the first steelmaker in the world to build Coal Gasification to produce steel using clean coal technologies. Greeting the people of Odisha on the occasion of Utkal Divas, Jindal said, "We won the Utkal B1 & B2 Coal Block on 17th Punya Tithi of Shri OP Jindal Ji who had a vision of using indigenous coal to make steel. This will help us to translate the shared dream of Bauji and legendary leader Biju Patnaik ji to a reality and bring prosperity to Odisha through value addition of natural resources and industrialisation". "Odisha is our karmabhoomi ...

Sensex falls 571 pts, Nifty ends below 17,150; metals shine, FMCG bleed

Stock market live updates: Opening Bell Stock market live updates: The key benchmark indices started Monday's session with mild gains amid ensuing uncertainty of the Russia-Ukraine war. The BSE Sense

Steel major JSPL Mauritius' arm makes $ 357-mn prepayment to lenders

Homegrown steel major JSPL on Sunday said its subsidiary in Mauritius has made a prepayment of USD 357 million to lenders. The prepayment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML), Jindal Steel and Power Limited (JSPL) said in a statement. "Jindal Steel & Power (Mauritius) has prepaid a USD 357 million loan to its lenders. (Entire) overseas debt will get entirely paid in the coming quarters," it said. Over the past three years, JSPL said, it has been able to reduce its overseas debt from USD 1.8 billion to USD 130 million. The bulk of its overseas debt now sits in its Australian subsidiary at USD 113 million, it added. In September 2021, JSPL had announced making a pre-payment of USD 106 million to the lenders of its arm Jindal Steel & Power (Australia) Ltd. As per the company statement, JSPL Group's net debt has come down from a peak of Rs 46,500 crore to Rs 10,981 crore in December 2021. "We are pre-paying our lenders to further ...

Jindal Steel & Power keen on RINL, NMDC's Nagarnar iron and steel plant

The two assets are bigger than the 1.1 mt NINL and would bolster steelmaking capacity for any buyer.

Metals poised for a rally, suggest charts; JSPL, Tata Steel are top picks

A Double Bottom breakout on metal index indicates an upside towards 6,300-level, which is 7% higher from current levels.

JSPL steel production rises 9% to 5.9 mn tonnes in April-Dec 2021

Jindal Steel and Power Limited (JSPL) said its steel production rose to 5.90 million tonnes during April-December 2021

Govt must ensure enough mining blocks for everyone: JSPL's Naveen Jindal

He said there are challenges in mining in India that need to be taken care of through a single window system

We will be net debt free by July 2022, says JSPL's MD V R Sharma

"Our main interest is not inorganic growth, it is brownfield expansion," said Sharma

JSPL plans to start building Botswana mine in 2022, to produce 4.5 MT coal

GABORONE (Reuters) - India's Jindal Steel & Power Limited (JSPL) will start building a coal mine in Botswana's southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant, a company official said.

JSPL reports consolidated net profit of Rs 2,584 crore for Sept quarter

Net sales of the company in the period under review stood at Rs 13,611 crore, up 67 per cent

Industry must begin using coal through gasification technology: JSPL MD

The gasification technology will also help India overcome the shortage of oil, gas, methanol, ammonia, urea and other products, making the country Aatmanirbhar

Coal shortage may lead to rise in steel prices in coming months: JSPL MD

Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry executive on Wednesday. A tonne of coal, which was in the range of Rs 4,000-6,000 a tonne, is now costing Rs 8,000-Rs 12,000 a tonne, Jindal Steel and Power Ltd (JSPL) Managing Director V R Sharma told PTI in a telephonic interaction. He made the remarks while responding to a question related to the supply of coal in India. "Steel in India at present is in the range of Rs 50,000-Rs 55,000 a tonne. Shortage of coal has led to an increase in its prices that will have an impact on steel which may also go up due to this unprecedented rise," he said. Sharma did not elaborate as to what extent the steel prices may go up in the future. Sharma, who has over 35 years of industry experience, said India consumes 1,200 million tonnes of thermal coal or steam coal per year. However, state-owned Coal India Ltd (CIL) produces 800 MT annually, a shortf

JSPL to start mining at Kasia mine within a month: MD V R Sharma

Jindal Steel and Power Limited (JSPL) aims to start mining at Kasia iron ore block within a month, its Managing Director V R Sharma said. The integrated steelmaker on Thursday announced bagging of the block, which has total reserves of 278 million tonnes (MT). Speaking with PTI, Sharma elaborated on the company's plans with respect to starting operations at the Kasia iron ore mine, located about 17 km from JSPL's pellet plant in Barbil. "It is already an operational mine, we can start mining within a month once all statuary approvals are there," the MD said. He said JSPL will also put up a slurry pipeline from the pithead to its steel plant in Angul. This will help the company with 5-6 million tonnes of iron ore per year. The e-auction for the Kasia iron and dolomite mineral block was held on September 18, 2021. It was earlier owned and operated by Essel Mining and Industries. JSPL has been declared as the preferred bidder for the mine at a premium of 118.10 per cent. The mine h

JSPL declared as preferred bidder for Kasia iron ore mine by Odisha govt

Jindal Steel and Power Ltd (JSPL) said on Thursday it has received official communication from the Odisha state government for grant of mining lease of the Kasia iron and dolomite mine

Jindal Steel and Power prepays $106 million debt for Australian arm

JSPL has made a pre-payment of USD 106 million (about Rs 777.4 crore) to the lenders of its arm Jindal Steel & Power (Australia) Ltd. Without sharing further details, the steelmaker said the prepayment has helped the company reduce the "Australian debt" by approximately 50 per cent. In a statement on Wednesday, Jindal Steel and Power Limited (JSPL) said through its step down subsidiary, Jindal Steel & Power (Australia) Ltd it has made a pre-payment of 105.66 million USD (approximately Rs 777.4 crore). The company is now aiming to clear all its overseas debt in the coming quarters, the statement said. JSPL Managing Director V R Sharma said, "We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging". Part of O P Jindal Group, JSPL has a presence in steel, power and mining sectors. The company has made investments ...

JSPL shareholders approve 96.42% stake sale in Jindal Power for Rs 7,401 cr

JSPL said over 97 per cent shareholders have approved the proposal to sell 96.42 per cent stake the company holds in its arm Jindal Power for Rs 7,401 crore to its promoters owned firm Worldone.

Low base effect: JSPL reports 10-fold rise in profit to Rs 2.5K crore

Jindal Steel and Power Ltd (JSPL) on Tuesday said its consolidated net profit jumped over 10 times to Rs 2,516 crore during June 2021 quarter. The company's "net profit after tax from continuing operation" during the April-June 2020 quarter had stood at Rs 236 crore, JSPL said in a regulatory filing. Its total income in April-June 2021 also jumped to Rs 10,643.17 crore, from Rs 6,519.27 crore in the year-ago period. Total expenses stood at Rs 7,233.55 crore, compared with Rs 6,147.90 crore a year ago. Part of the O.P. Jindal Group, JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

JSPL accepts revised offer from Worldone to divest 96.42% in Jindal Power

JSPL Board accepted the revised binding offer from Worldone Private Limited to divest its 96.42 per cent stake in Jindal Power Limited (JPL), a material subsidiary of JSPL, the company informed.