IDCO okays transfer of JSL land in Odisha to JUSL, JCL

Jindal Stainless Ltd (JSL) today said Odisha Industrial Infrastructure Development Corporation (IDCO) has cleared the transfer of its land to Jindal United Steel Ltd (JUSL) and Jindal Coke Ltd (JCL).
"Company has received approval from IDCO... Letter dated September 24, 2016 conveying its no objection for effecting the transfer/right to use of the land on which the Hot Strip Mill and the Coke Plant of the company are located to JUSL and JCL, respectively," it said in a BSE filing.
Last year, JSL demerged its operations into three separate entities -- listed Jindal Stainless (Hisar) Ltd (JSHL) as well as private companies JUSL and JCL.

JSL reported a narrowing of its net loss to Rs 65 crore for the quarter ended June 30, as against a net loss of Rs 138 crore in the year-ago period.
Its total income rose 29 per cent to Rs 2,126 crore in the April-June quarter this financial year, from Rs 1,652 crore during the corresponding quarter last year.
The company reported a 11 per cent growth in stainless steel production at 1.73 lakh tonnes (LT) in the June quarter this financial year from 1.56 LT a year-ago.