Jindal SAW envisioned a road map of things to come way back when it
 started operations more than a quarter of a century ago. Today it has
 set a phenomenal impression in the global market of pipes for
 transportation of oil, gas & water.
 
 Jindal SAWs financial strength, product leadership, and global reach
 uniquely position it as a company not only built to last but to lead.
 Meeting every challenge head on and providing distinguishing service to
 all its clients and allied communities set Jindal SAW apart from
 others. This is in fact reflected through customer satisfaction,
 growing operations worldwide and a consistent financial performance.
 
 Being a reliable and credible provider of products and services while
 improving our execution ability at every level, meeting tight deadlines
 has further reiterated the market leader position with Jindal SAW
 supplying SAW pipes for the worlds longest continuously heated thermal
 insulated line pipe which has been hailed as a technological marvel
 
 The recent global meltdown has seen a weakness in demand for SAW pipes,
 seamless pipes and tubes.  However, with the event of downside in the
 energy sector, companys diverse product portfolio offers flexibility
 in terms of target industry and application.  Together we have been
 able to help our clients in every way we can and show leadership in the
 industry. Committed Management and a dedicated team have been able to
 deliver consistently improving top line year after year.
 
 Manifesting newer ideas and approaches to business with innovation,
 perseverance and attention to the need of the present industry, which
 is constantly evolving, Jindal SAW has been able to redraw the
 financial boundaries lending a positive note to the overall
 performance. It has furthered our endeavor to create differentiators
 that act as benchmarks for others to emulate. Our reach to service
 clients spread across the globe has expanded manifold.
 
 Together, we are proud of creating an organization recognized as a
 benchmark of excellence. I would like to take this opportunity to share
 some of the major initiatives that are under implementation.
 
 The company is setting up Ductile Iron Pipe facilities in India
 (2,00,000 MTPA) and in UAE (3,00,000 MTPA) which are expected to
 commence operations in the next 12-15 months period. The total capital
 outlay is expected to be approximately Rs. 6,500 million.
 
 Besides these initiatives in the pipe business, Jindal ITF Ltd. the
 wholly owned subsidiary of Jindal SAW is focussing on specific sectors
 of infrastructure like urban infrastructure and logistics
 infrastructure.
 
 Focussing on the need for social consciousness, Jindal SAW proudly
 supports Svayam, an initiative of SJ. Charitable Trust and lauds its
 efforts for making public infrastructure accessible for people with
 reduced mobility.
 
 Despite the difficult conditions cast by the downturn of the global
 economy Jindal SAW enters the new financial year with renewed energy to
 beat the odds. Ruled by optimistic anticipation of business
 opportunities thrown open by new challenges and elevated excitement, we
 are prepared to explore newer business avenues while skilfully managing
 the day to day business.
 
 Jai Hind 
 
 P.R.Jindal