The aspirations of a growing India have not been impacted by economic
roadblocks. In a participatory democracy, each and every person across
the social pyramid can aspire for a better quality of life, and the I
nation is committed to i make those aspirations a palpable reality.
As more than a billion people move ahead in unison, JSPL believes in
the strength of their aspirations and focuses its efforts to help
accelerate sustainable socio-economic growth. We are aware ofthe
challenges ahead, but our conviction in the nation''s long-term
potential continues to be strong.
The global economic landscape during FY 2013 did not demonstrate any
uniform pattern. According to the IMF, the world witnessed a
three-speed economic recovery in FY 2013. While Europe languished
under the burden of escalating debt and fiscal imbalances, the US
economy continued to show signs of encouraging growth on all vital
The developing economies represent another side ofthe spectrum. They
were resilient to global headwinds and continued to grow during the
year, even though moderately. China is still ahead ofthe race, followed
by India and other BRICS nations. India''s economic growth rate is
still more than most parts ofthe world, and it has been achieved in an
environment of persistent global economic volatilities. This is a
commendable effort, although there is no room for complacency and
efforts must be initiated to accelerate momentum in the core sectors
ofthe economy, which will pave the way for tertiary sector growth.
The steel sector has an important correlation with national prosperity.
The demand for steel will continue to grow as economic growth touches
the lives of millions of people across India. Our country''s total
capacity is now 90 million tonnes and the production offinished steel
is about 78 million tonnes. Steel demand is expected to increase by
8-9% annually in the years to come. I believe, by 2020, India''s
cumulative steel demand will be in excess of 130 million tonnes.
The above factors justify our reasons for capacity expansion and the
introduction ofvalue-added products in our portfolio. Our proactive
backward integration into coal and iron ore, and forward integration
into value-added products like beams, rails, plates, rebars and wire
rods, among others have propelled our business growth. The result is
that from being a Rs. 450-plus crore enterprise in 2001, we have now
emerged as a Rs. 20,000-crore Company.
At JSPL, we have ambitious plans for the future. We plan to enhance
steel production to 15 MTPA (from 3 MTPA) and power generation
capacityto 10,000 MW (from around 2,500 MW) by 2020. This would be
backed by our own coal and iron ore mines nationally and
internationally. We are vigorously implementing our ''Vision 2020'' and
foresee five times growth in terms of revenue and capacity. Operational
efficiency will also continue to be high on the list of priorities.
Moreover, we entered the retail market with TMT Rebars with the brand
name Jindal Panther, envisioning huge opportunity in this segment.
JSPL''s achievement is the triumph of our dedicated professionals, who
remain our most valuable assets. We are initiating various programmes
to enhance their skills and expertise. We have also created a culture
of strong ethics and transparency in the organisation. This is a part
of our heritage as an 0. P. Jindal Group Company.
At JSPL, business initiatives and community efforts move ahead in
perfect harmony. We drive multiple community initiatives, focusing on
education, agriculture, animal husbandry, water resource management,
infrastructure development, on-farm and off-farm livelihood
enhancement, health and familywelfare, and women empowerment.
We are a young Company and we are partnering the dynamism ofa young
India, where more than half ofthe population is below the age of30. At
JSPL, we will continue to focus on efforts to leverage the tremendous
potential of our country''s youth brigade and help create adequate
Our green strategy will also play a key role in every aspect of value
On behalfofthe Board ofDirectors and the entire leadership team at
JSPL, I want to thank our shareholders, customers, business associates
and the wide fraternity of stakeholders for keeping faith in our
ability to create value even in challenging times.