Page 2 - Jindal Group

Highlights of the day: Two planes collide at Heathrow Airport while aircraft being towed

From Congress' meeting to plan for Delhi's Lok Sabha seats to the tremors felt in J&K, catch all the updates from around the world here

JSW Energy raises Rs 5K cr by selling shares to investors, including ADIA

JSW Energy Limited has raised Rs 5,000 crore by selling shares to institutional investors, including Abu Dhabi Investment Authority (ADIA), to accelerate its growth plans. In a late regulatory filing on Friday, the company informed that it has successfully completed its Rs 5,000-crore Qualified Institutions Placement (QIP). JSW Energy said the proceeds from the QIP will further bolster its capital structure, enhance financial flexibility and enable the company to accelerate its ambitious growth plans. "The issue garnered a very strong interest from marquee global long-only investors, domestic mutual funds and insurance companies...," it added. The QIP witnessed more than 3.2 times subscription. Some of the largest global asset managers, such as GQG, Blackrock, Nomura, Wellington, UBS and ADIA, participated in the QIP issue. "This marks the first-ever equity raise by the company since its listing in 2010," JSW Energy said. This is the largest primary equity raise in the Indian po

Meet Savitri Jindal: BJP leader, richest Indian woman with $33 bn net worth

Savitri Jindal, the chairperson of the Jindal Group, has served as a former Haryana minister in the Bhupinder Singh Hooda-led Congress government

Jindal Stainless to divest entire 26 pc stake in Jindal Coke by September

Jindal Stainless on Wednesday said it aims to complete divestment of its entire 26 per cent stake in Jindal Coke by September this year. In the first tranche, the company has offloaded 4.87 per cent shares in Jindal Coke for over Rs 36.49 crore. These shares were picked up by JSL Overseas at the same price, according to a regulatory filing. At the same time, Jindal Stainless has acquired a majority stake in Spanish entity lberjindal. In January, the board of the company gave in-principle approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based in Spain, and divest 26 per cent equity stake held in its associate company Jindal Coke Ltd (JCL). Jindal Stainless Ltd (JSL) executed a share purchase agreement with JSL Overseas Ltd (JOL) on March 26, 2024, for the sale of a 4.87 per cent equity stake in JCL, the company said in the filing. "The company has transferred 15,80,000...equity shares of the face value of Rs 10 each at a price of Rs

JSW Steel, Italy govt sign agreement to relaunch Piombino steel hub

Apart from doubling the current rail-making capacity from 300,000 tonnes to 600,000 tonnes per annum, the investments at Piombino are aimed at making the rail mill more efficient

JSW Steel forms JV with Japanese firm to produce steel variety in India

New company will be set up with a planned investment of Rs 5500 cr

Jindal Steel cuts export forecast on Red Sea crisis, weaker EU, US demand

The company is exploring "new options" and a "variable freight model", Jindal said, as part of efforts to deal with the challenges posed by attacks launched by the Iran-allied Houthi militia on ships

Jindal Stainless elevates Whole Time Director Tarun Khulbe as CEO

Jindal Stainless Ltd on Monday said it has elevated Whole Time Director Tarun Khulbe as Chief Executive Officer (CEO). A decision in this regard was taken at the company's board meeting last week, Jindal Stainless Ltd (JSL) said in a regulatory filing. "The board has approved the elevation of Tarun Khulbe as the Chief Executive Officer & Whole Time Director," it said. He has been serving as the Whole Time Director of the company since May 2018. He will continue to hold the post besides that of the CEO, the company said. Khulbe has around 35 years of industry experience in business development, supply chain management, people practices and IT enablement. "His experience in crafting long-term business strategies and strengthening all facets of operations and sales has been commendable. At a time when the company is expanding and maturing its upstream and downstream linkages, having Khulbe at the helm of affairs is critical to our growth plans," JSL Managing Director Abhyuday Jindal

Jindal Stainless Q3 results: Net profit rises 39% to Rs 692.33 crore

Revenue from operations at Rs 9,127.45 in Q3FY24 crore was higher from Rs 9,062.50 crore in the same period last year

Reliance, Jindal among six firms to get incentives for making electrolysers

Reliance Electrolyser Manufacturing, Jindal India and John Cockerill Greenko Hydrogen Solutions are among the six firms who have emerged as successful bidders for getting incentives to set up facilities to manufacture electrolysers, a critical component required for green hydrogen production. The bids came in response to a tender by Solar Energy Corporation of India (SECI) inviting players for setting up 1.5GW manufacturing capacity for electrolysers, as per a SECI statement. Bids for electrolysers manufacturing were invited on July 7 last year. A SECI statement issued on January 12, 2024, showed that Reliance Electrolyser Manufacturing Ltd has bagged incentives of Rs 444 crore for setting up of 300MW of manufacturing capacities for electrolysers. Similarly, John Cockerill Greenko Hydrogen Solutions Private Ltd and Jindal India Ltd have also bagged incentives of Rs 444 crore each for setting up 300 MW manufacturing capacity of electrolysers each. Ohmium Operations Pvt Ltd has bagg

Jindal Power proposes to top Adani's bid for coal-power plant: Report

The tussle for the 1,980-megawatt plant in central India, ensnared in insolvency proceedings, comes after the power minister called last November for more private investment

Jindal Advanced Materials commits Rs 1,000 cr investment in Tamil Nadu

Composite materials manufacturer Jindal Advanced Materials has pledged an investment of about Rs 1,000 crore to set up a plant in Tamil Nadu, its first in south India. As part of the Memorandum of Understanding (MoU) with the state government, it will set up a manufacturing plant over an area of 250 acres, the company said in a statement on Tuesday. Jindal Advanced Materials has signed an MoU with the Tamil Nadu government to set up a new manufacturing plant at a strategic investment of nearly Rs 1,000 crore, the statement said, adding that the investment will be spread across seven years. The project, which will come up in Trichy, is the company's first manufacturing facility in south India and is expected to generate up to 3,000 job opportunities, it said. "This MoU is instrumental in elevating our customer service experience in the South. Tamil Nadu's robust infrastructure, Trichy's proximity to the port for enhanced trade opportunities, and the existing ecosystem in infrastruct

Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. "As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent. According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and

Jindal Stainless to generate 1.9 bn units of clean energy via green drive

Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum. "Jindal Stainless... will generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating and roof-top solar plants, according to its newly released Sustainability Report," the company said in a statement. The company has already entered into partnership with ReNew Power to deliver 100 megawatt round-the-clock renewable energy. "The remarkable achievements in renewable energy initiatives are pivotal to our vision of a greener future. "Our strides in R&D foster innovation that elevates industry standards and ensures our operations contribute positively to the planet and its people," Jindal Stainless Managing Director Abhyuday Jindal said.

JSW chief Sajjan Jindal denies allegations of rape, calls them 'baseless'

Media reports said Jindal was accused of rape in a report filed at Mumbai's Bandra Kurla Complex Police Station

Delhi University, OP Jindal Global University join hands to host 74th AICC

The main theme of the 74th AICC is 'One Earth-One Family-One Future', and it will see discussions on the New Education Policy 2020, business transformation and digital economy

Jindal Saw, others settle matter; dispute resolution platform from April

The Securities and Exchange Board of India (Sebi) has exte­nded the timeline for implem­enting online dispute resolution (ODR) platform to April 2024

Jindal Stainless Q2 results: Net profit more than doubles to Rs 764 cr

Jindal Stainless Ltd (JSL) on Thursday said its consolidated net profit has more than doubled to Rs 764.03 crore in the September quarter, on the back of higher income. It had clocked Rs 347.02 crore net profit in the year-ago period, JSL said in a regulatory filing on Thursday. The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago. JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago. In a separate statement, JSL Managing Director Abhyuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors." "As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years," he said. Chinese imports have increased by nearly 55 per cent year-on-year, which ..

After Jindal, Jettwings submits expression of interest for Go First

On Wednesday, Naveen Jindal-led Jindal Power Limited (JPL) also submitted an EoI for Go First

Jindal family-backed Shalimar Paints scripts new coming after stagnation

Jindal family-backed paint company taken up goal of modernising plants, enhancing capacity