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Relationship between India, US 'multiplicative': US envoy Eric Garcetti

The India-US relationship has never been better, US envoy to India Eric Garcetti has said, asserting that ties between the two strategic partners are not just "addictive" but also "multiplicative". Garcetti made the remarks on Monday at an event on the sidelines of the SelectUSA Investment Summit, to which the largest delegation is from India. This (India-US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India, Garcetti said at the meeting held in the suburbs of Washington. Garcetti underlined that the relationship between India and the US has never been better. We've never had a closer relationship with India. Americans of Indian descent are now about 1.5 per cent of our population. And pay six per cent of the taxes in America. It is the most successful immigrant community in America, he said. Garcetti spoke at the event in which India's JSW Steel announced its plans to invest USD 140 million in Bayt

Indya raises Rs 50 crore funds from Sangita Jindal, JSW, others

Three fourths of the funding is equity infusion for a minority stake, while the rest is debt, Indya's co-founder Shivani Poddar said

JSW Paint turns profitable; aims for Rs 5,000 crore sales in two years

JSW Paints crossed Rs 2,000 crore in revenue from operation in FY24 and logged its first operating profit in five years of inception, a top company official said on Thursday. The JSW Group firm, which aims for Rs 5,000 crore revenue in the next two years, is expanding its retail presence in the home decorative business and adding more products in the industrial coating business, company's Joint Managing Director & CEO Sundaresan AS said. "We have been able to achieve operating breakeven this year (FY24)," Sundaresan told PTI. JSW Paints, which is among the new entrants in the fast-growing Indian paints industry, is aiming "to grow much faster than the market". "We aim to keep growing anywhere from 5 to 10 times the market growth. In the current year (FY24), We have grown 10 times the rest of the industry," he said adding that JSW Paints is bringing new products into the market, expanding its reach and network and continuing to invest in building the brands. Asked about JSW Paints'

JSW Cement to invest Rs 3K cr to set up manufacturing unit in Rajasthan

JSW Cement on Tuesday said it plans to invest around Rs 3,000 crore to set up a cement manufacturing facility in Nagaur district of Rajasthan. The greenfield, integrated facility will be funded by a mix of debt and equity, the company said. The investment in the new facility includes a clinkerization unit of up to 3.30 MTPA (million tonnes per annum) and a grinding unit of up to 2.50 MTPA, said a statement from JSW Cement, a part of USD 24.25-billion JSW Group. The new plant will also have an 18 MW waste heat recovery-based power generation system, it added. "The proposed investment will be funded through a mix of equity and long-term debt," it said. This new plant is also expected to create more than 1,000 direct and indirect job opportunities, JSW Cement said. The investment also includes around 7-km overland belt conveyor to transport limestone from mines to the manufacturing plant and arrangements to use alternative fuel in the kiln. JSW Cement Managing Director Parth Jindal

JSW Infra Q4FY24 results: Net profit rises 9.8% to Rs 330 crore

The company's revenue from operations rose by 19.8 per cent to Rs 1,096 crore on a year-on-year basis. Sequentially, the core revenue was up by 16.6 per cent

RIL, JSW Neo, Amara Raja among 7 bidders for gigawatt battery production

The seven companies have collectively applied for a cumulative capacity of 70 GWh, the Ministry of Heavy Electricals informed

JSW One Platforms appoints Ranjan Pai as independent director on its board

JSW One Platforms on Monday announced the appointment of Ranjan Pai as independent director on its board. The company is the e-commerce venture of the USD 23 billion JSW Group. It operates B2B tech-enabled marketplace JSW One MSME, to service the building material needs of Industrial & Construction MSMEs in India. As part of his role, Pai will provide strategic guidance to shape the company's future and creating long-term value for stakeholders, JSW One Platforms said in a statement. Pai has experience in education and healthcare sectors and in investing and guiding tech startups in India. Parth Jindal, Director of JSW One Platforms said, "I look forward to his invaluable insights as we build and scale JSW One into the largest tech platform in India's USD 400 billion addressable B2B market. His deep knowledge of the e-commerce ecosystem and guidance will be critical in enhancing our growth and governance structures as we work towards an IPO over the next 18 to 24 months." The ...

JSW Holdings surges 10% on bulk deal of 59k shares worth Rs 6,253 cr

The share price of JSW Holdings, the investment arm of JSW Group saw a sharp jump of 10.2 per cent at Rs 6,876 in Friday's intraday trade after the company sold its shares through a bulk deal on Thurs

JSW Group interested in acquiring critical mineral blocks: Chairman Jindal

Steel to Infrastructure JSW Group is interested in participating in auction of critical minerals, its Chairman Sajjan Jindal said on Wednesday. Jindal, who made the remarks at an event in Mumbai, said the move will help in backward integration of the group's plans for new energy vehicles. "We will certainly participate when the mining auction comes up," he said while replying to a question. The comments come a month after the JSW Group announced signing an agreement with the Odisha government to set up an integrated electric vehicle (EV) manufacturing facility in the state, entailing an investment of Rs 40,000 crore. Once completed, the project will mark JSW Group's foray into the automobile space. Union Mines Minister Pralhad Joshi has launched the second tranche of the auction of critical and strategic mineral blocks. The government also plans to launch the first tranche of offshore minerals auctions by June-July this year.

Expect accelerated growth post investment by JSW Group: MG Motor India CEO

MG Motor India expects an accelerated growth path with more aggressive expansion plans after getting the JSW Group as an investor, according to company CEO Emeritus Rajeev Chaba. With the company already establishing a well laid foundation based on technology, customer experience, gender diversity and community service in the first phase of its journey in the country, he said MG Motor India is now looking ahead to the next phase of growth. "Now with the investor coming in, definitely I would expect an accelerated growth path, and more aggressive expansion plans.That's what we look forward to and take advantage of the solid foundation," Chaba told PTI. He was responding to a query on how MG Motor India was looking ahead with the new investor coming in but declined to share details on the future roadmap citing an impending announcement by the joint venture between China's SAIC Motor and JSW Group next week. Last year in November, China's largest automaker SAIC Motor had inked a joint

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 in talks with Australia's Whitehaven for coal mine stake

The miner acquired the Blackwater and Daunia mines from BHP Group in a $4.1 billion deal last October, and expects the acquisition to complete in early April

JSW, Odisha govt tie up for Rs 40K cr integrated EV manufacturing facility

The JSW group on Saturday signed a Memorandum of Understanding with the Odisha government for establishment of an Integrated Electric Vehicle (EV) and EV Battery manufacturing project at an investment of Rs 40,000 crore in the state. At Naraj in Cuttack district the JSW group will set up an EV vehicle, and component manufacturing plant, while at Paradip in Jagatsinghpur district, it will set up a copper smelter and lithium refinery. The project consists of a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and related component manufacturing units. The MoU was signed two weeks after the state cabinet approved a special incentive package for the group's ambitious EV and component manufacturing projects at Naraj in Cuttack and Paradip in Jagatsinghpur district. Speaking on the occasion, Chief Minister Naveen Patnaik said this day marks a great leap forward in the state's journey towards industrial excellence and sustainable development.. "Powered by the 5T ...

JSW Paints sees business revenue at Rs 2,200 crore by end of FY24

The company has already broken even at an operating level during the year, and its earnings before interest, tax, depreciation, and amortisation (EBIDTA) margins are expected to be in single digits

JSW Paints Q3 result: Revenue at Rs 1,500 cr; may become profitable in FY24

JSW Paints, an unlisted entity of diversified conglomerate JSW Group, on Tuesday said its revenues touched Rs 1,500 crore in the first nine months of FY24 and is confident of turning profitable in the current fiscal. The company is aiming to close FY24 with a topline of over Rs 2,000 crore, as per an official statement. JSW Paints also added that it is confident of turning profitable in FY24. It had closed FY22 with a Rs 1,000 crore revenue. The paints category has seen mega investments by conglomerates including the Sajjan Jindal-led JSW and also the Aditya Birla Group. The sector has been long dominated by companies such as Asian Paints. In the statement issued on Tuesday, the company said it is confident of achieving the next Rs 1,000 crore of revenue in a shorter time period. Managing director Parth Jindal said the company has achieved the Rs 2,000 crore yearly revenue run rate quickly after launching water-based offerings. The company said it is adding 2,000 retailers every

CCI approves JSW Ventures' proposed stake acquisition in MG Motor India

Fair trade regulator CCI on Tuesday said it has granted approval to JSW Group's proposed acquisition of a stake in MG Motor India Pvt Ltd. MG Motor India is a wholly-owned subsidiary of Shanghai-headquartered SAIC Motor. The deal is to be done through JSW Ventures Singapore Pte, a newly incorporated entity that is part of the Sajjan Jindal-led JSW Group. The proposed transaction relates to the acquisition of up to approximately 46 per cent of the share capital of the MG Motor India Pvt Ltd along with certain special rights by the JSW Ventures Singapore Pte, as per the notice submitted to the Competition Commission of India (CCI) by the entities. As per an update on CCI's website on Tuesday, the regulator has approved the proposed deal.

JSW to invest Rs 9,000 crore for setting up 1,500 MW pumped storage project

JSW Neo Energy, a subsidiary of JSW Energy, has announced establishment of a pumped storage project with a generation capacity of 1,500 MW, at an outlay of Rs 9,000 crore in Telangana. An official release issued on Wednesday said a Memorandum of Understanding (MoU) was signed between the state government and JSW Neo Energy at the World Economic Forum being held in Davos. Sajjan Jindal, Chairman, JSW Group, met with Chief Minister of Telangana A Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project, it said. JSW Neo Energy, a wholly owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana. Assuring all necessary support for the project, Revanth Reddy said JSW is a key partner for the State in its journey towards clean and green energy and the government is keen to collaborate with JSW for their future projects in India. Sajjan Jindal expressed his gratitu

JSW Renew Energy commissions 51 MW wind energy capacity in Tamil Nadu

JSW Renew Energy has commissioned the first phase of 51 MW capacity of its 810 MW wind energy project in Tamil Nadu, the company said in a statement on Tuesday. The project has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years, the statement said. JSW Renew Energy Ltd, a wholly owned step-down subsidiary of JSW Energy, has started phase-wise commissioning of the 810 MW (Inter State Transmission System) ISTS-connected wind power project awarded under SECI tranche IX in Tamil Nadu with commissioning of the first phase of 51 MW, as per the statement. With this, the total current installed capacity has gone up to 6,822 MW while the under-construction capacity stands at 2,969 MW, which is likely to be commissioned in phases over the next 12 months, it said. JSW Energy Joint Managing Director and CEO Prashant Jain said, "We are happy to announce that we have started commissioning the SECI-IX wind project which is the first and largest greenfield wind .

Ford Motor cancels deal to sell its Tamil Nadu plant to JSW Group

The JSW Group had finalised an agreement to buy the Ford plant for around $100 million, but Ford called off the deal as it is no longer looking to sell the factory

Shares of India's JSW Group drop after rape allegation against chairman

Shares of JSW Group fell as much as 5% on Monday, a day after its billionaire Chairman Sajjan Jindal said that local media reports accusing him of rape were "false and baseless".