On Wednesday, Jindal had suggested that dubious promoters should not be allowed to submit rehabilitation plan under the insolvency law
Business tycoon Sajjan Jindal, promoter of JSW Group, which is among the domestic suitors to buy stressed steel assets, has called for disallowing dubious promoters to bid to prevent misuse of the Insolvency and Bankruptcy Code (IBC).
According to the Memorandum of Understanding (MoU) signed, "JSW Group has committed to the reconstruction and restoration of the Adi Shankaracharya Kutir along with a museum, Ghats on river Saraswati and part reconstruction of the Teerth Purohit (Priests) houses and other infrastructural facilities related to the houses in Kedarpuri", the company said in a statement.
The growth has come despite a relatively modest industry and GDP performance, JSW Steel said in its Annual Report 2016 -17. The output is "its highest-ever crude steel production at 15.80 million tonnes during 2016-17, surpassing the guidance of 15.75 mt".
The company is also planning to bid for iron ore and coking coal mines in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said.
At the side-lines of CNBC-TV18 Global Natural Resources Conclave in Delhi, Varinder Bansal caught up with Sajjan Jindal of JSW Steel and began by asking him whether the rally in commodity prices is sustainable.
"We should use as much swadeshi as possible for normal consumption," Agarwal said, adding that the company's entire production is consumed within India.
Asian Paints is gaining market share every year in the paints segment and the family, which already runs JSW Steel and JSW Cement, looks at this as a lucrative business because of the complementarity, he said.
Currently, the port handles 35 mtpa of cargo but aiming for 100 mtpa over two and half years, said Sajjan Jindal, CMD, JSW Group.
Sajjan Jindal hinted that the worst is behind the steel makers with a recent surge in demand and prices, which is reflected in the numbers showing a jump in exports.
The company is also looking at diluting up to 15 per cent stake in the ports operating company, JSW Infrastructure, to a private equity player soon, and take it public by 2019.
Stating that the company was not averse to acquisitions, Rao said, "We always look for inorganic opportunities if they are available in India. So we continue to look at those options." He further said that JSW Steel needs to maintain its market share of 15 percent if the Indian steel capacity and demand continue to grow.
India's JSW Infrastructure Ltd, owned by billionaire Sajjan Jindal, plans to list its shares on local bourses in 2018/19 as it draws an expansion plan to increase operating profit and cargo-handling capacity, a company official said.
It's crude steel production was 9.27 lakh tonnes in the year-ago period, JSW Steel said in a BSE filing.
Steel prices in India have recovered from the lows observed during 2015-2016, following various measures by the government to curb imports, and the positive momentum across global steel markets since April 2016.
Sajjan Jindal-led JSW Steel today reported a consolidated net profit of Rs 730 crore for the September-December quarter on the back of higher income from operations.
Sajjan Jindal-led JSW Steel today said it is evaluating various opportunities for acquisitions to achieve the company's target of becoming 40 million tonnes steel player.
Among the rolled products, the flat products registered a jump of 71 percent at 8.87 lakh tonnes. However, long products registered a decline of 2 percent at 2.21 lakh tonnes in November 2016.
Sajjan Jindal's flagship company JSW Steel is likely in advanced talks to acquire Stemcor‘s pellet assets in Odisha, sources tell CNBC-TV18.
Exuding hope that the interest rates will come down soon, Jindal said, "At present, inflation is low and banks are plush with funds, making a case for lowering interest rates.
The steel firm owned by billionaire Sajjan Jindal has signed an agreement with Italian state lender CDP, businessman Leonardo del Vecchio's holding company and steelmaker Arvedi to make the bid, the source said.
Electric vehicles that use expensive batteries have failed to take off in cost-conscious and power-deficient India, despite enjoying incentives like low taxes from the government that has set a goal of raising the number of such vehicles to up to 7 million units by 2020, from just around 20,000 now.
"The company has not made payment of Rs 15.43 crore towards the interests due on NCDs, the due date for payment of which was October 31, 2016," JSPL said in a regulatory filing.
Sajjan Jindal-led JSW Steel on Thursday reported a multi-fold jump in consolidated net profit at Rs 726.46 crore for the quarter ended on September 30, 2016.
JSW Group will invest Rs 3,400 crore in various new and existing projects in West Bengal over the next two-three years, Chief Minister Mamata Banerjee said today.