Skip to content

History of JSPL | 1979–2026 Jindal Steel & Power Timeline

Jindal Steel & Power Profile

JSPL is a leading Indian producer of steel. Its principal steelmaking facilities in India are the integrated plants at Chhattisgarh and at Angul. In the financial year 2022–2023, the company produced ~8.3 Mt of liquid steel.

JSPL Timeline

  • Foundation Era (1979–1995): JSPL incorporated in 1979, focuses on establishing core steel operations and diversifies into power sector by establishing Jindal Power Ltd
  • Product Expansion (1996–2006): Spins off Raigarh divisions, commissions rounds caster, commences alloy steel production, invests in coal washery, broadens product range to bloom/billet/slab, signs Bolivia El Mutun JV deal
  • International Ventures (2007–2012): Commissions 1.0 Mt plate mill, acquires Shadeed Iron & Steel in Oman for US$464m, builds Angul steel mill and multiple power plants, sets up Patratu plant, acquires CIC Energy coal reserves for US$115m
  • Strategic Pivots (2013–2017): Abandons US$2.1bn Bolivia project, takes majority stake in Gujarat NRE Coking Coal, commissions 2 Mt/yr Oman plant, builds 250-tonne BOF at Angul
  • Divestments & Restructuring (2018–2021): Wins coal block auction, restarts DRI plant, sells 49% then remaining 51% of JSIS Oman to Vulcan Steel for ~US$1bn, divests 96% of Jindal Power for ₹3,015 crore, acquires Kasia mine
  • Domestic Focus & Raw Material Security (2022–2024): Acquires Monnet Power for ₹410 crore, plans 1.2 Mt rail mill at Angul, announces Melmoth mine in South Africa for 20 Mt/yr, halves Australian coking coal purchases through supply diversification
Timeline shows evolution from 1979 startup to major integrated steelmaker producing ~8.3 Mt liquid steel by 2023, with strategic shift from international ventures to domestic operations and raw material security.

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 Odisha.
  • 2012: Builds new captive power plant in Raigarh, Chhattisgarh.
  • 2012: Sets up integrated iron and steel plant in Patratu, Jharkhand.
  • 2012: Acquires large coal reserves from CIC Energy Corp, Canada.
  • 2013: JSPL abandons US$2.1bn Bolivian project.
  • 2013: Buys >30% stake in Gujarat NRE Coking Coal; then majority stake.
  • 2014: Commissions 2 Mt/yr Integrated Steel Plant in Oman.
  • 2017: Builds 250-tonne BOF at Angul steel plant, Odisha.
  • 2019: Wins Chhattisgarh coal block in auction (see notes).
  • 2020: Restarts coal gasification-based DRI plant in Angul.
  • 2020: Explores possibility to build new 2–2.5 Mt/yr plant in Jharkhand.
  • 2020: Sells 49% stake in Jindal Shadeed I&S to strengthen balance sheet.
  • 2021: Completes sale of remaining 51% equity in JSIS Oman to Vulcan Steel.
  • 2021: Divests 96% stake in Jindal Power Limited (JPL) to Worldone Private Limited.
  • 2021: Acquires Kasia mine in Keonjhar district of Odisha at 118% premium.
  • 2022: Acquires Monnet Power for ₹410 crore at auction.
  • 2023: Plans commissioning of 1.2 Mt/yr rail and heavy section mill at Angul.
  • 2023: Announces 2027 start-up of iron ore mine in Melmoth, South Africa.
  • 2024: Halves coking coal purchases from Australia to boost raw materials security.
  • 2025: Signals year 2025 steel production capacity increase to 16 million tonnes.
  • 2025: Changes name from Jindal Steel and Power to Jindal Steel Ltd.
  • 2026: Holds talks with thyssenkrupp on acquisition of TKSE.
  • 2026: Suspends steel unit acquisition talks with thyssenkrupp in May 2026.

Notes
  • 2000: Shortly after commissioning of the rounds caster, JSPL entered into an offtake agreement 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 ₹720 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 US$464m. 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.
  • 2012: Purchase of CIC Energy Corp was for a consideration of US$115m. 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.
  • 2013: Jindal Steel & Power's showcase US$2.1bn 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 US$2.1bn 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: Naveen 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: Subsidiary Jindal Power wins the Gare Palma IV/1 coal block at the November 2020 re-auction.
  • 2020: The coal gasification-based DRI facility in Angul had been non-operational because of coal shortages in Odisha.
  • 2020: The proposed new steel mill would be located in Patratu, in the Ramgarh district of Jharkhand. JSPL currently has a wire rod mill of 0.6 Mt/yr and a bar mill of 1 Mt/yr capacity as well as a rebar service centre at Patratu.
  • 2020: Sale of JSPL's stake in Jindal Shadeed Iron and Steel (JSIS Oman) was to Mauritius-based promoter company Templar Investments. The purpose of this transaction was to bring JSPL debt down to below ₹25,000 crore by March 2021.
  • 2021: Vulcan Steel is a subsidiary of Mauritius-based Templar Investments Limited. Total purchase price for JSIS Oman was considered to be close to US$1bn.
  • 2021: Divestment of JPL coal-fired power business was in line with the firm's strategic plan to pare debt, reduce emissions and focus on domestic steel business. JPL transaction comprised an all-cash offer of ₹3,015 crore for the 96% stake sold. This included several 3400-megawatt coal-fired power plants in Chhattisgarh and other non-core assets owned by Jindal Power.
  • 2021: Site of Kasia mine in Odisha has a total mining area of about 194 hectares. Purchase of this mine will allow JSPL to be 50% self-sufficient in iron ore.
  • 2022: JSPL acquired bankrupt Monnet Power for ₹410 crore at an auction held in November 2022.
  • 2023: JSPL already has a 1 Mt/yr rail mill in Raigarh, Chhattisgarh. Future expansion of the railway network in India will offer the company a major growth opportunity.
  • 2023: Melmoth iron ore capacity will be close to 20 million tonnes per year. Other iron ore mine investments also planned by JSPL in Cameroon and in Namibia.
  • 2024: This reduction in coking coal purchases was attained in under 2 years by substituting Australian supplies with those from Indonesia, Mozambique, the USA and Canada.
  • 2025: Naveen Jindal in February 2025 was cited as telling ET Now that JSPL production of ~9.5 Mt today would increase to 16 Mt later in 2025; and attain 24 million tonnes by 2028.
  • 2025: JSPL name change to Jindal Steel took effect on 23 July.
  • 2026: Initial discussions with thyssenkrupp reportedly centre on Jindal Steel purchase of 60% majority stake in TKSE.
  • 2026: Acquisition talks with thyssenkrupp reportedly stopped due to recent changes in the business and the regulatory environment. The decision is the latest instance of thyssenkrupp pausing on its attempts to exit steelmaking.