History of Jindal Steel & Power Limited.
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History of JSPL - Jindal Steel & Power Limited


JSPL is a leading Indian producer of steel. Its principal steelmaking facilities in India are the integrated plants at Chhattisgarh and at Angul. In 2018, the company produced ~5 mt of liquid steel.

The timeline below covers the history of the firm.

  • 1979: JSPL incorporated in the year 1979.
  • 1995: Diversifies into power. Establishes Jindal Power Ltd.
  • 1999: Spin off of Raigarh and Raipur Divisions of Jindal Strips.
  • 2000: Rounds caster commissioned in Raigarh.
  • 2001: Commences production of alloy steel rounds.
  • 2001: Invests in 2.5 mt/yr Coal Washery for DRI plant feedstock.
  • 2003: Broadens semi-finished product range into bloom, billet, slab.
  • 2006: Signs jv deal with Bolivia for El Mutun SteelCo development.
  • 2007: Signs cement and power MoU with Gov of Chhattisgarh.
  • 2007: Commissions 1.0 million tonne / year capacity plate mill.
  • 2010: Acquires Shadeed Iron & Steel Co in Oman.
  • 2010: JSPL makes cash offer to buy coal miner Rocklands Richfield.
  • 2011: Commissions 0.6 mt/yr medium & light section mill at Raigarh.
  • 2011: Commissions first unit of 135 MW captive power plant in Orissa.
  • 2012: Completes Orissa power plant; builts new steel mill in Angul.
  • 2012: Builds new captive power plant in Raigarh, Chhattisgarh.
  • 2012: Sets up integrated steel plant in Patratu, Jharkhand.
  • 2012: Acquires large coal reserves from CIC Energy Corp, Canada.
  • 2013: JSPL abandons $2.1-bn Bolivian project.
  • 2013: Buys >30% stake in Gujarat NRE Coking Coal; then majority stake.
  • 2014: Commissions 2 MTPA Integrated Steel Plant in Oman.
  • 2017: Builds 250-ton BOF at Angul steel plant, Orissa.
  • 2019: Wins Chhattisgarh coal block in auction (see notes).
  • 2020: Restarts coal gasification-based DRI plant in Angul.

Notes
  • 2000: Shortly after commissioning of the rounds caster, JSPL entered into an offtake agrrememnt with Maharashtra Seamless Ltd, for supply of 50,000 tonnes large rounds / year.
  • 2007: The Chhattisgarh Memorandum of Understanding related to a 2 million tonne / year cement plant and a 30 MW Power Plant in Raigarh, costing approx Rs720 crore.
  • 2010: Australian coal mining firm Rocklands Richfield Ltd ended talks with Jindal Steel & Power Ltd over the Indian group's proposed takeover in February, after deciding the deal wasn't in the best interests of shareholders.
  • 2010: Shadeed purchase - from the UAE's Gaith Holdings - was for a consideration of $464 million. Shadeed at this point was under construction as a gas-based hot briquetted iron plant with capacity of 1.5 million tonnes per annum, and located at the Sohar Industrial Port area of Oman. Purchase was effected through a JSPL subsidiary, Jindal Steel & Power (Mauritius) Limited.
  • 2011: Orissa power plant was planned for a new steel mill to be built in Angul.
  • 2012: Purchase of CIC Energy Corporation was for a consideration of US $115 million. The thermal coal deposits of CIC Energy Corp, located in south-eastern Botswana, were assessed at this time as being in excess of 6 billion tonnes.
  • Commenting on this purchase shortly after the takeover Jindal Steel said that it did not have any plan to ship coal from Botswana to India where shortages of thermal coal supplies had being affecting their power projects.
  • 2013: Jindal Steel & Power's showcase $2.1-billion Bolivian venture was abandoned by JSPL in January 2013. This project had been the largest proposed investment to date by an Indian company in South America. Jindal Steel Bolivia Ltd, a subsidiary of JSPL, terminated the contract signed with the Bolivian government for an investment of $2.1 billion at El Mutun mines, citing non-fulfilment of contract conditions by the Bolivian government as the explanation. Jindal had in 2007 won the development rights for half of the 40-billion tonne iron ore reserves in El Mutun, which was the world's largest iron ore deposit, for a period of 40 years.
  • 2019: Jindal-led Jindal Steel & Power emerged in November 2019 as the highest bidder for the Gare Palma IV/1 coal block in Chhattisgarh. The coal from Gare Palma IV/1 was intended for use by Jindal Steel for its Raigarh plant as well as for captive power plants near the mines. In December 2019 however unconfirmed press reports emerged of an imminent government decision to reject Jindal Steel & Power's winning bid for the Chhattisgarh coal block, on the basis that the valuation was too low.
  • 2020: The coal gasification-based DRI facility in Angul had been non-operational because of coal shortages in Orissa.


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