Sajjan Jindal-led JSW Steel today said it may have to shut down its 10 million tonnes per annum (MTPA) Vijayanagar plant in Karnataka due to a continuous shortage of iron ore.
10 mn-tonne plant in Mamata's crosshairs; company says work in progress.
Lines up investments in steel, power sectors to profit from booming demand.
Nirma's tryst with the pharmaceutical space started in 2006 when it acquired the ailing Core Healthcare in a deal reported to be worth Rs 300 crore. The Ahmedabad-based manufacturer of intravenous fluids was subsequently renamed Nirlife. Pharma industry insiders say Nirma, which broke open the detergent market in the 1990s with low prices and massive advertising, tried an encore of the low-price strategy in pharma, but with mixed results.
India's largest private port operator Adani Ports and SEZ (APSEZ) Ltd has emerged as the highest bidder for the West Bengal government's greenfield deep-sea port project at Tajpur in a neck-to-neck fight with JSW Group, a source said on Friday. APSEZ and Sajjan Jindal-led JSW Group were the only two entities that took part in the financial bid round, though there were more port and logistics majors who had expressed initial interest in the estimated Rs 7,000-crore project in Purba Medinipur district. "APSEZ is the highest bidder, offering a share of 0.25 per cent of gross revenue. "It was marginally higher than the second bidder who offered 0.23 per cent," a senior government official said, without wanting to be named.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
It plans to ship in 10 million tonnes of iron ore this fiscal year ending March 31.
JSW Steel chairman Sajjan Jindal confirmed that his group is acquiring an IPL side.
India's largest cement firm, Ultratech Cement, has joined the race to acquire the Holcim stake in Ambuja Cements and its subsidiary, ACC. UltraTech - part of the Aditya Birla Group - submitted a non-binding bid on Wednesday. Swiss multinational Holcim, which manufactures building material, is exiting India by selling its 63.19% stake in Ambuja Cements. According to banking sources, UltraTech has submitted a plan to Holcim, outlining divestiture details that would meet the norms set by anti-trust body Competition Commission of India.
Venkataraman Krishnamurthy, who is considered as the turnaround man of several Indian corporate houses like BHEL, Maruti Udyog, SAIL and Gail (India), passed away on Sunday at the age of 97. Krishnamurthy is considered as "the father of public sector undertakings in India" by many in India Inc. Born in the temple town of Tamil Nadu's Karuveli, he started his career as an airfield technician during the Second World War.
Mukesh Ambani has got company of at least 29 fellow corporate executives, including four from his own group Reliance Industries, in terms of annual salaries running into crores of rupees for the latest fiscal.
A home in Mumbai or Delhi or one in New York? Or perhaps one in London or Dubai? Take your pick because they all now cost nearly the same.
Two O P Jindal group companies, JSW Steel and JSL Stainless, have entered into an agreement. JSL Stainless will produce coke for JSW Steel and the raw material to produce coke will be supplied by JSW.JSW Steel is promoted by Sajjan Jindal. His brother, Ratan Jindal, is managing director of JSL Stainless.
Earlier this month, the high court asked Sesa Goa and JSW Steel to re-bid.
Harvard-educated Piramal is also in the boards of several companies, including Piramal Life Sciences, SBI Capital Markets Ltd and Prudential ICICI Management.
The O P Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal.
India has attracted investment worth $1.6 billion for projects in the fields of power, steel, construction and engineering special economic zones from Japanese companies.
CII president K V Kamath, Federation of Indian Chambers of Commerce and Industry president Rajeev handrasekhar and Assocham President Sajjan Jindal held discussions with Chidambaram immediately after Prime Minister Manmohan Singh had interacted with a larger industry group. The government as also the Reserve Bank of India have taken a number of steps since beginning of October to ward off the Indian banking system from the global financial contagion.
A directional landmine blast took place at Baroa, 17 km from Salboni, from where the West Bengal CM, Paswan, state industry minister Nirupam Sen and industrialist Sajjan Jindal were returning after laying the foundation stone of Jindal Steel Works plant, police said.
JSW Steel plans to abandon its coal mining project in Mozambique because of higher than expected ash content in the coking coal.
Experts say that until the market bounces back to a respectable level and creates confidence among investors, who could look forward to some price appreciation, IPOs will not be successful.
Sajjan Jindal's JSW Energy moved a step closer to securing its coal requirements, signing a definitive agreement with the management of CIC Energy on Wednesday, to buy them out and take control of the Toronto-listed company. CIC Energy has an 'A-grade' mining-cum-power complex called the Mmamabula Energy Complex in Botswana, Africa. The field there is estimated to have 2.6 billion tonnes of high-thermal coal, mostly above 6,000 Kcal/kg of calorific value.
Steel trader Kunal Gandhi has stopped going to metal yards -- he now buys 80 per cent of his monthly steel requirement of 2,500 tonne from JSW Shoppe at Mumbai's Vile Parle, which opened three months back.
This is expected to help the promoters to retain their current holding of about 42 per cent, post the stake sale to JFE. The company declined to comment.
JSW Energy, the group company of Jindal South West headed by Sajjan Jindal, will launch its initial public offer within two months to raise Rs 3,000 crore (Rs 30 billion) to fund 3,000 Mw of power projects under construction. It aims to become a major power producer with about 11,400 Mw of generation by 2015, besides venturing into power transmission and distribution business and investments in renewables like solar energy.
Steel firms are aiming to clear their piled up inventory as they fear a further fall in prices, which have already nosedived globally; buyers have withheld their bulk orders anticipating a further correction in the rates. JSW Steel said it would reduce total production by around 20 per cent from November. Essar Steel and Ispat Industries are already operating below optimum capacity. Jindal Steel and Power Ltd said it is looking to bring down cost of production.
The project at Salboni was welcomed by people and political parties alike, manifested by festoons welcoming Sajjan Jindal from all parties along the road leading to the site. Jindal complemented the mood at the ceremony with his farmer-friendly speech. "Industry and agriculture go hand-in-hand. My father, O P Jindal, was a farmer and he told all his sons that no wrong must be done to farmers," he said.
Elaborating this, Swati Piramal, vice president, Assocham and director of drug major Nicholas Piramal said though big multinational pharmaceutical companies have adequate cash reserves to face the global crisis, small and medium scale research-driven pharmaceutical and biotech companies which are heavily dependent on external funds for survival, may find the going tough and this will open up acquisition opportunities for Indian companies.
"There is a slight deferral for some time (on the commencement of construction work) till the economic situation improves," JSW Steel Vice-Chairman and MD Sajjan Jindal said. Faced with a liquidity crunch, JSW Steel had earlier said it was cutting its proposed investment by nearly one-third to about Rs 4,000 crore for the first phase of the Rs 35,000 crore mega steel project in West Bengal.
Though the ruling Left Front in West Bengal recorded its worst performance in the recent Lok Sabha polls, industrialists appear to be unperturbed by the changing political wind in the state and believe industrialisation will continue.
May opt for PE funds or debt to finance capital expenditure.
The Indian Steel Alliance, the high-profile lobby group for big producers representing approximetly half of India's steel production, is being dissolved, seven years after it was set up to promote steel usage in the country. On Sunday, state-owned Steel Authority of India Ltd had pulled out of ISA in a bid to distance itself from the recent price-rise controversy and had said the alliance had outlived its utility.
JSW Energy aims to generate 11,390 Mw in the country by 2015. The company has tied up with two consortiums of lenders, led by IDBI Bank and State Bank of India, respectively, for the loans. It had recently filed a draft red-herring prospectus for a Rs 3,000 crore (Rs 30 billion) public offering with market regulator Securities and Exchange Board of India.
Jindal Steel has acquired mining rights in Chile for $52 million.
At least three steel companies-JSW Steel, Jindal Stainless and Bhushan Steel-have decided to wait for the financial storm to pass before they take up their expansion plans. Ministry may not achieve target to cross 100 MT output by 2012.
Sajjan Jindal, vice-chairman and managing director of JSW Steel and one of West Bengal's most valued investors, said that he would have compensated unwilling farmers with double the land 800 acres next door in return for land for the Tata Motors factory at Singur.
Large steel producers had reduced prices up to Rs 4,000 per tonne on request of Prime Minister Manmohan Singh on May 7. They had also agreed to hold the price line for the next three months. The three-month price moratorium expires in August.
Sajjan Jindal-led JSW Group is not planning to cancel the Rs 100 crore (Rs 1 billion) order given to Maytas Infrastructure, run by promoters of fraud-hit Satyam Computers, as it is "happy" with the progress made by the firm on construction of two township projects.
Sajjan Jindal's model of making land-losers stakeholders in his Bengal project appears to be attracting others.
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