Jindal Steel & Power (JSPL), which is currently the country's sixth-largest steel producer, plans to climb to the third slot by 2015. By 2015, the firm reportedly aims to raise its steel capacity to 14 million tonne per annum (mtpa) and pellet (direct reduced iron) capacity to 14.5 mn tpa. The firm plans to set up a 6 mn tpa steel plant in Angu
Tag: Jindal Steel and Power
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RINL chief calls for reducing cost of operation
There is a need to improve the operation process in steel companies in order to reduce cost of production, AP Choudhary, Chairman and Managing Director of Rashtriya Ispat Nigam (RINL) said in an event. He said the cost of production could be largely reduced through improvement in techno-economic parameters, such as specific energy consumption, raw mat
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JSPL to invest in NewCo
According to an agreement with the Australian firm Apollo Minerals, Jindal Steel and Power (JSPL) would invest A$10 million in NewCo, which is a new company to be formed from the demerger of Apollo's business. Apollo Minerals is a diverse iron ore, base and precious metals exploration company. As part of the demerger, all iron ore assets will be transferred to New
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Govt aims to raise India’s ranking in steel output
AP Choudhary, CMD of Rashtriya Ispat Nigam (RINL) informed that government plans to raise India's global ranking in steel production to second from the present fourth position by 2020. India currently produces 71 million tonne (mn t) of steel per annum and is placed at the fourth position, China occupies the first position with over 600 mn t per annu
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JSPL to raise capacity of Angul plant by 4 mn t
Jindal Steel and Power (JSPL) plans to raise the capacity of its steel plant at Angul in coastal Odisha by 4 million tonne (mn t) in the second phase and is working to secure funding for the project. The company is considering 60:40 debt debt-equity ratio for the 4 mn t expansion. But it is not known how much would be the capital expenditure on the second phas
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JSPL not to acquire ore mine of Afferro Mining
In an official statement, Jindal Steel and Power (JSPL) said it does not want to buy Afferro mines iron ore in Canada because of several drawbacks with the mine. According to JSPL, The deal with Afferro Mining did not materialise, because much of the proven iron ore reserve at the Afferro site in Cameroon has low-grade magnetite for which beneficiation reports have not been
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JSPL plans to raise holding in Gujarat NRE’s Aussie unit
Jindal Steel and Power (JSPL), which holds 19.48 per cent stake in Gujarat NRE Coking Coal, the Australian unit of Gujarat NRE Coke, plans to raise its holding in order to comply with the regulation of the Australian stock exchange. According to the regulation, the company has to go to the public to raise its stake to over 20 per cent. Rec
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Govt wants JSPL to sign PPA for extending MoU
Odisha government wants Jindal Steel and Power (JSPL) to sign power purchase agreement (PPA) with Gridco in order to be eligible for extension of its memorandum of understanding (MoU). It may be recalled that JSPL had signed MoU with the government in 2009 for a 1,320 mw coal-fired plant at Boin
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SAIL-led consortium to meet Afghan officials
The Indian consortium, that won the bid to mine iron ore reserves in Hajigak near Kabul in Afghanistan over one year ago, would meet officials of mining ministry in the country in a month's time. Although the consortium bagged the mining asset over a year ago, it has not signed a mining contract with the Afghan government because of contentious
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Coal needs telecom treatment
The Comptroller & Auditor-General’s (CAG) report estimates a deemed loss to the exchequer of Rs 1.86 lakh crore because of non-competitive allotment of 149 coal blocks.
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