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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.

JSPL accepts Rs 7,401-cr revised offer for Jindal Power from Worldone

JSPL on Saturday said its board has accepted the revised offer of Rs 7,401 crore from Worldone Private Limited for divestment of its subsidiary company Jindal Power Ltd. On July 25, JSPL had announced receiving the Rs 7,401-crore revised offer from Worldone Private Limited to acquire 96.42 per cent stake in Jindal Power Ltd (JPL). In a statement, Jindal Steel & Power Limited (JSPL) said its "Board has accepted the revised binding offer from Worldone Private Limited to divest its 96.42 per cent stake in JPL". The company informed that out of Rs 7,401 crore, Rs 3,015 crore will be paid in cash, while the balance Rs 4,386 crore will be settled by "way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL". The divestment is in line with JSPL's strategic objective to continuously reduce its debt and carbon emissions and focus on steel business. The company further said it had also ...

JSPL gets revised Rs 7,401-cr offer from Worldone for group's power unit

In April, JSPL divested 96.42 in JPL to Worldone for Rs 3,015 crore

JSPL receives revised Rs 7,401-cr offer from Worldone Pvt for Jindal Power

JSPL on Sunday announced it has received a revised offer of Rs 7,401 crore from Worldone Private Limited for divestment of its subsidiary company Jindal Power Limiter (JPL).

India can fulfil 50% coking coal requirement from Russia: JSPL MD

India can fulfil its 50 per cent requirement of coking coal from imports from Russia, a top industry executive has said. On Wednesday, the Union Cabinet chaired by Prime Minister Narendra Modi approved a pact between India and Russia regarding cooperation on coking coal. At present, for sourcing of the key steel making raw material, domestic players remain dependent on imports from a select group of countries. V R Sharma, Managing Director of Jindal Steel and Power Ltd (JSPL), said "the government has taken a farsighted decision to encourage Russian miners to supply coking coal to Indian steel mills. India can import at least 50 per cent coking coal from Russia and balance from other countries." "This will make the cost effective blend of coking coal for making metallurgical coke." Around 85 per cent of India's coking coal demand is met through imports. The cooperation with Russia will help India reduce its dependence on far-located countries like Australia, South Africa, Canada a

JSPL announces over Rs 1 trillion investment in Odisha in next 10 years

Jindal Steel and Power Limited will invest over Rs 1 trillion in Odisha to create employment opportunities in the state, its Chairman Naveen Jindal has said

JSPL steel production jumps 31% to 13.7 lakh tonnes during April and May

Jindal Steel and Power Ltd (JSPL) has reported 31 per cent year-on-year jump in its steel production to 13.71 lakh tonnes during April and May

Metals halt losing run; BSE Metal index gains 2%, JSPL, Tata Steel up 5%

The uptick in metal prices augurs well for domestic metal companies as it would have a positive rub-off on their financial performance, going forward

JSPL supplies 1,100 MT of liquid oxygen to Andhra Pradesh, Telangana

Jindal Steel and Power Ltd has supplied more than 1,100 tonnes of liquid medical oxygen to Andhra Pradesh and Telangana as the country battles against second wave of Covid-19, the company said

JSPL PAT jumps manifold to over Rs 1,900 crore in Jan-Mar quarter

Jindal Steel and Power Ltd (JSPL) reported manifold jump in its consolidated profit after tax (PAT) to Rs 1,900.51 crore during the fourth quarter ended March 2021, mainly on account of higher income

Govt may bring in reverse auction system for supplying rails to Railways

The government is likely to launch a 'reverse auction process' to supply rails for railway projects, JSPL Managing Director V R Sharma said

Promoter company Worldone to acquire JSPL's thermal power business

Industry sources said the estimated deal size is close to Rs 12,000 crore, which includes Rs 6,500 crore debt, Rs 7,000 crore redeemable preference shares and Rs 3,015 crore equity infusion

JSPL board okays divestment in Jindal Power to Worldone for Rs 30.15 bn

Jindal Power and Steel (JSPL) on Tuesday said its board has approved divesting its entire equity interest in Jindal Power to Worldone, a promoter group company, for Rs 30.15 billion