Jindal Steel and Power

Jindal Steel And Power

Jindal Steel and Power Limited (JSPL) (BSE: 532286, NSE: JINDALSTEL) is an Indian steel and energy company based in New Delhi, India and a division of Jindal Group conglomerate. With annual turnover of over US$4 billion, Jindal Steel & Power Limited (JSPL) is a part of about US$12 billion diversified O. P. Jindal Group. JSPL is a leading player in steel, power, mining, oil and gas and infrastructure. Naveen Jindal, the youngest son of the late O P Jindal, drives JSPL and its group companies Jindal Power Ltd, Jindal Petroleum Ltd., Jindal Cement Ltd. and Jindal Steel Bolivia. The company professes a belief in the concept of self-sufficiency. The company produces steel and power through backward integration from its own captive coal and iron-ore mines.

However, in terms of tonnage, it is the third largest steel producer in India. The company manufactures and sells sponge iron, mild steel slabs, ferro chrome, iron ore, mild steel, structural, hot rolled plates and coils and coal based sponge iron plant. The company is also involved in power generation.

Jindal Steel and Power is a part of the Jindal Group, founded by O. P. Jindal (1930–2005). In 1969, he started Pipe Unit Jindal India Limited at Hisar, India, one of the earlier incarnations of his business empire. After Jindal's death in 2005, much of his assets were transferred to his wife, Savitri Jindal. Jindal Group's management was then split among his four sons with Naveen Jindal as the Managing Director of Jindal Steel and Power Limited. His elder brother, Sajjan Jindal, is currently the head of ASSOCHAM, an influential body of the chambers of commerce, and the head of JSW Group, part of O.P. Jindal Group.

On June 3, 2006, Bolivia granted development rights for one of the world's largest iron ore reserves in the El Mutún region to Jindal Steel. With an initial investment of US$1.5 billion, the company plans to invest an additional US$ 2.1 billion over the next eight years in the South American country. Jindal Steel is most likely to terminate the contract of investing $2.1 billion in setting up a steel plant in Bolivia, due to non-fulfillment of contractual obligations by the Bolivian government. Savitri Jindal, the widow of O. P. Jindal, is ranked as the 19th richest Indian person according to Forbes.

The Jindal family established Vidya Devi Jindal School, a residential school for girls in Hisar, India, in 1984. Although not marketed as such, it is widely known to cater to the wealthy through its private location and array of activities. The school's student body comprises girls from affluent business and political families of India.