Jindal Saw to go for restructuring of firm, subsidiaries

Steel pipe maker Jindal Saw today said its will restructure the company as well as its subsidiaries in a bid to achieve utilisation of capacities. In a BSE filing, the firm said its Board in a meeting today approved the constitution of a Reorganisation Committee to "explore and evaluate various options for restructuring of the company and its direct and indirect wholly owned subsidiaries". The subsidiaries are JITF Infralogistics, JITF Waterways and JITF Shipyards, it added.

The firm said it is undertaking the exercise "...so as to achieve optimum utilisation of capabilities and bring about dedicated management focus and business strategies," the filing said. The company, part of the USD 18 billion OP Jindal Group, makes large diameter submerged arc pipes and spiral pipes for the energy transportation sector; carbon, alloy and stainless steel seamless pipes and tubes for industrial applications and ductile iron pipes for water and wastewater transportation. Shares of the company today rose by 0.62 per cent to settle at Rs 64.95 apiece on BSE.