JSW Steel

1994
 
 - The Company was incorporated on March 15, and the Certificate of
 Commencement of Business was received on July 8.  The Company is
 engaged in the business of integrated steel.  It was promoted by the
 assisted sector by Jindal Iron & Steel Co. Ltd. and Karnataka State
 Industrial Investment and Development Corporation Ltd.
 
 - The Company undertook to set up an integrated steel plant with a
 capacity of 1.25 million TPA of hot rolled coils at Village
 Toranagallu, Dist. Bellary, Karnataka rich in iron ore reserves.
 
 - As per the MOU entered into with KSIIDC, it was to be provided
 with
 grid support, approvals for construction of railway siding etc.
 
 - The company entered into a technical arrangement with Voest Alpine
 Industrieanlagenbau (VAI), for technical details with respect to
 productivity, iron ore technical details etc.
 
 - M/s. Metallurgical and Engineering Consultants (India) Ltd. MECON
 were appointed as the principal consultants for the entire project
 M/s.
 MECON were responsible for feasibility study, overall design of
 plant
 etc.
 
 - A Joint Venture company Jindal Tractebel Power Company Ltd. was
 set
 up for supply of power of 2 x 130 MW of power.
 
 - Another Joint Venture Jindal Praxair Oxygen Co. (P) Ltd. was also
 set
 up for supply of Oxygen.  Till the power supply is adequate, two
 standby generators of 2500 KVA were installed for uninterrupted
 power
 supply.
 
 - 2 x 11.5 MW diesel power plant was to be set up for the supply to
 the
 steel plant.
 
 1995
 
 - The Company proposed to make the following changes: To set up a
 pellet plant with a capacity of 3 million TPA; It was also proposed
 to
 add balancing facilities to improve the product quality besides
 additional value added output; In the BOF the Continuous Casting
 shops
 and also in the integrated production chain, corresponding marginal
 investments were proposed, linked to enhancement of capacity by 25%;
 The company proposed to invest in the equity capital of joint
 venture
 viz. M/s. Praxair Inc., USA and with Tractebel of Belgium.
 
 - The Company issued 3175,00,000-14% secured redeemable partly
 convertible debentures of Rs 40 each as follows:
 
 - (A) On firm allotment basis: 450,00,000 debentures to promoters
 and
 their associates.  505,00,000 debentures to financial institutions.
 158,60,000 debentures to Indian Mutual Funds.  87,50,000 debentures
 to
 FIIs.  275,00,000 debentures to NRIs/OCBs.
 
 - (B) On preferential allotment basis: 150,00,000 debentures to
 shareholders of promoter companies (only 81,68,500 debentures taken
 up).  12,50,000 debentures to employees of the Company and promoter
 companies (only 4,28,500 debentures taken up).  211,40,000
 debentures
 to Indian Mutual Funds (158,60,000 debentures taken up). 175,00,000
 debentures to FIIs (only 17,50,000 debentures taken up).  100,00,000
 debentures to NRIs and OCBs (64,25,500 debentures taken up). 
 37,50,000
 debentures to Financial Institutions/banks (only 5,00,000 debentures
 taken up).
 
 - Balance 1012,50,000 debentures along with 463,92,500 debentures
 unsubscribed under preferential quota was issued to the public.
 
 - Part A of Rs 20 was automatically converted into two equity shares
 of
 Rs 10 each at par on date of allotment i.e. 15.4.1995.
 
 - Part B of Rs 20 was to be redeemed at par in four equal annual
 instalments at the end of 6th, 7th, 8th & 9th year respectively from
 the date of allotment.
 
 - 53,35,150 No. of equity shares of Rs 10 each issued, subscribed
 53,46,64,850 No. of equity shares of Rs 10 each were issued in 1995
 of
 which 399,664,850 No. of equity shares were reserved for allotment on
 a
 firm basis to promoters and their associates.  Balance 135,000,000
 shares were issued to the public.  635,000,000 No. of equity shares
 allotted on conversion of PCDs.
 
 - The Company has issued 13.5 Crore Equity Shares of Rs. 10/- per
 share
 at par, aggregating Rs. 135 Crore and 27.25 Crore 14% Secured
 Redeemable Partly Convertible Debentures of Rs.40/- each for cash at
 paraggregating Rs. 1090 Crore.
 
 - Praxair has entered into a Joint venture with Jindal Vijayanagar
 Steel to build and operate world's largest cryogenic air separation
 plants for supply of oxygen, nitrogen and argon to Jindal's
 integrated
 steel facility in Bellary in Karnataka.
 
 1996
 
 - The first Corex unit is slated for commissioning by October '97. 
 The
 Contract for the second unit of Corex has been signed with VAI and
 this
 unit will be commissioned by April-May 1998.
 
 1997 
 
 - The BOF & CCP Units were to be commissioned by September/October
 to
 synchronize with the commissioning of the first unit of Corex.
 
 - The Company has entered into a Joint venture with M/s. Mysore
 Minerals Limited (A Government of Karnataka Undertaking) the
 Lease-holder of Thimmappanagudi deposits, to form Jindal Mysore
 Minerals Mining Company Private Ltd., a new joint venture company a
 Memorandum of Understanding to this effect has been signed with
 Mysore
 Minerals Limited on 17th January.
 
 - The State-owned Mysore Minerals Ltd and Jindal Vijaynagar Steel
 Ltd
 have entered into an MoU under which a joint venture will be formed
 to
 explore, develop and mine iron ore in Bellary district.  
 
 - JVSL had commissioned the first phase of the roughing mill of its
 hot
 strip mill in March 1997
 
 1998
 
 - The contract for the second unit of Corex was signed with VAI.
   
 - Jindal Vijayanagar Steel is setting up a mega integrated steel
 plant
 in Toranagallu.
 
 - JVSL has formed a joint venture company, Vijayanagar Minerals Ltd,
 with Mysore Minerals, to explore and prospect for mines in the
 region.
 
 - JVSL is setting up a steel plant to produce 1.6 million tonnes per
 annum (mtpa) of Hot Rolled (HR) coils using the COREX technology for
 making liquid metal and a Basic Oxygen Furnace (BOF) to make steel,
 at
 Vijayanagar, in Karnataka.
  
 - The first corex module of the Jindal Vijayanagar Steel Plant with
 a
 capacity of 8,00,000 tonne would be commissioned by next month.
 Promoted by the Jindal group, the plant set up at Tornagallu in the
 iron rich Bellary-Hospet in Karnataka.
 
 - The Jindal group was also setting up a joint venture with the
 British
 Steel to manufacture organic coated steel products.
 
 - JVSL is the first integrated steel plant to be set up after
 liberalisation.
 
 - The First unit of the oxygen plant is scheduled to be commissioned
 in
 third quarter and the second unit by First quarter of 1999 so as to
 synchronize with the commissioning date of the steel plant, in
 stages.
 
 - The Corex Plant was commissioned on Oct 5, making JVSL the first
 company in the world to use the technology.
 
 - The Government has given the company a mine belt in Sironi in AP,
 which is expected to take there to five years to develop.
       
 - JVSL has also entered into joint ventures with Tractebel and
 Praxair
 for setting up power and oxygen plants, respectively, as forward and
 backward integration thrusts.
 
 1999
 
 - The company has entered into an agreement with the Steel Authority
 of
 India for procuring slab.
 
 - According to JVSL managing director JK Tandon, the company is in
 advanced stage of negotiations with L&T over the proposal to set up
 the
 grinding unit in the complex.
 
 - Jindal is talking to various cement manufacturers to get them to
 set
 up factories in the vicinity to make use of this by-product.
 
 - The company acquired 60 per cent stake in a city-based joint
 venture
 company, Chemicon.
 
 - It recently entered into an agreement with Saint-Gobain Glass
 India
 to install an air separation plant for the supply of nitrogen and
 hydrogen to Saint-Gobain's float glass unit at Chennai.
 
 - The company has entered into an agreement with the Steel Authority
 of
 India for procuring slab.
 
 - Jindal Praxair has also entered into a take-or-pay agreement with
 JVSL for its gas supply.
 
 2000
 
 - Jindal Vijaynagar Steel Ltd. which has its plant located at
 Bellary
 in Karnataka, has become the first steel company in India to
 implement
 a total integrated resource planning solution for its business
 process.
 
 - Jindal Vijaynagar Steel Ltd. (JVSL) has signed a memorandum of
 understanding (MoU) with the Thyssen promoted-Indo German
 International
 Pvt. Ltd. for securitising of hot-rolled (HR) coil steel.
 
 - The Company has signed a tripartite agreement with CDSL and Karvy
 Consultants Ltd.
 
 - The Company has signed a Memorandum of Understanding (MoU) with
 miners in and around the company's captive mines located in the
 Bellary
 Hospet region in Karnataka.  The MoU has been signed for supplying
 iron
 ore fines for the company's pelletisation plant.
 
 - The Company has deferred its plans to float a 5-million global
 depository receipt issue to retire highcost debt.
 
 - The Company has appointed Andersen Consulting with a view to
 undertaking a financial restructuring in its corex steel plan in
 Karnataka.
 
 - The Company has entered the highly-lucrative liquefied petroleum
 gas
 sheets segment after extending its focus in hot-rolled coils (HRC)
 from
 south to western India.
 
 2002
 
 -Krishna Deshika appointed as Company Secretary of Jindal Vijayanagar
 Steel.
 
 -Jindal Vijaynagar Steel Ltd has informed the following changes in
 Company's Directorate:
 Mr B S Patil IAS has resigned as Director and Mr KK Misra IAS has
 been appointed as Additional Director on the Board of the Company w e
 f August 23, 2002.
 
 2003
 
 --Jindal Vijayanagar Steel Ltd has informed the Exchange that Mr S
 David Chandrasekaran has been nominated on the Board of the Company
 w.e.f. June 5, 2003 by LIC of India in place of Mr. B R Sethi.
 
 -1. Approved the appointment of consultants and valuers to evaluate
 and advise on the Proposal for consolidation of its steel business
 with that of Jindal Iron & Steel Company 

 Ltd.
 
 2. Approved the appointment of ICICI Securities Ltd and M/s RSM & Co
 as Consultants and the appointment of Deloitte Haskins & Sells &
 ICICI Securities as valuers in this regard. 
 
 3. Approved Prepayment and settlement of outstanding dues of Rs
 3834.40 million to some of the unsecured foreign lenders subject to
 compliance of certain terms and conditions.
 
 -1) Dr. B N Singh was appointed as Additional Director & as Jt.
 Managing Director & CEO    
   2) Mr. U Mahesh Rao resigned as Director from the Board of the
 Company .
 
 -Jindal Vijayanagar Steel Ltd has delisted equity shares from the
 Cochin Stock Exchange Ltd & Mangalore Stock Exchange
 
 2005
 
 -Jindal Vijaynagar Steel Ltd (JVSL) approves merger of Euro Ikon Iron
 & Steel Pvt Ltd, Euro Coke & Energy Pvt Ltd, and JSW Power Ltd
 
 2006
 
 -JSW gets new CEO