We want to buy a credible cricket team: Sajjan Jindal

Amid speculations that JSW Group was getting closer to buying the Royal Challengers Bangalore (RCB) team from Vijay Mallya, Sajjan Jindal, CMD, said the group was keen on buying a credible cricketing team, while refusing to comment on RCB.

"As a group, we would like to promote sports. We already have a football team. We are also building an Olympic village. Cricket is the number one sport in the country. So there is an idea to acquire a cricketing team. I can't comment on which team it would be," Jindal said.

"Money is not an issue. The idea is we want to buy a credible team so that we can promote the sport," added Jindal. According to him, the group, through its wing JSW Sports, was looking at other sports such as kabaddi and hockey.

On the industry's demand for an anti-dumping duty on steel, Jindal said the Indian steel industry was passing through a difficult phase amid global over-capacity and competitive exports by China, Japan and Korea to India and other countries.

"There is a large over-capacity in the world primarily driven by China, which contributes over 50 per cent of the global steel capacity. With its GDP slowing down to 6-7 per cent, requirement of steel is dropping in China. Since its domestic market is not absorbing the steel produced there, it is forced to export to countries like India," said Jindal.

According to Jindal, countries like Japan and Korea, which so far used to export to China, have been forced to shift to other countries like India, where they are selling hot-rolled products at $350 per tonne as against $500 per tonne in their own domestic market.