About
Jindal Stainless Ltd
Jindal Stainless Limited was incorporated on 29th September 1980 as Jindal Ceramics Limited. The Company is India's leading stainless steel producers of stainless steel with integrated melting products with a capacity of 1.1 MTPA, eventually scalable upto 3.2 MTPA. It is engaged in manufacturing of stainless steel flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The product range includes Ferro Alloys, Stainless Steel Slabs, Hot Rolled Coils, Plates and Sheets, and Cold Rolled Coils and Sheets.
The company manufactures and sells a broad range of stainless steel flat products including slabs, blooms, flat bars, hot rolled and cold rolled coils, plates and sheets and special products including, precision strips and coin blanks. The Company's plants are situated in Haryana, Andhra Pradesh and Orissa.
The Company changed its name to Jindal Int.com Limited in 29th January of the year 2001. In order to create a focused stainless steel company, the business of Jindal Strips Limited was restructured by de-merging the stainless steel business from Jindal Strips Limited to the Company and all the properties, assets, rights, powers and liabilities relating to the stainless steel undertaking of Jindal Strips Limited had been transferred to the Company with effective from April 1st 2002. During 2002-03 the company completed de-bottlenecking by augmenting the Stainless Steel melting capacity to 400,000 MT. The Company's name was renamed as Jindal Stainless Limited in 28th January of the year 2003. During April of the year 2003, the Austenitic Creations Pvt., Ltd and J-Inox Creations Ltd were amalgamated with the company. Both the companies are in the business of Architecture, Building Construction sector.
Jindal Stainless had acquired an Indonesian company, PT.Maspion Stainless Steel and formalities has been completed in December 2004.Consequent of this acquisition, PT. Maspion Stainless Steel has become the subsidiary of the company and this Indonesian company has started commercial production. The Company had launched a premium range of beverage sets in designer stainless steel under the brand name Art d'inox and also in the same year of 2004 signed a stainless steel supply contract for US $ 18.5 million. During 2004-05 the company has entered into a technical assistance with Nisshin Company Ltd, Japan to assist the company in improving quality of the finished products. Further the company has set up a service center at Gurgaon by way of subsidiary company in collaboration with an Italian company Steelwat s.r.l. Italy.
The Life Style Product Division and Architecture Division of the company was hived-off to Austenitic Creations Private Limited and Jindal Architecture Limited respectively with effect from 1st April of the year 2005, vide its Order dated 13th July of the year 2006. The Company had entered into MoU with the Government of Orissa for setting up Stainless Steel project at Orissa in the year 2005-06. During the year 2006-07, the company commissioned its New Tension Leveler under Cold rolling division. In April of the year 2007, a new 220-tpd-Oxygen plant had been commissioned in Hot rolling division. Jindal Stainless is expanding its operations through forward and backward integration and focusing on increased levels of productivity, quality & cost competitiveness.
As at May 2008, the Company signed a Joint Venture Agreement with Antam Tbk to develop a nickel smelting and stainless steel facility in North Konawe, South East Sulawesi. Antam share in project 55% with Jindal owning a 45% share. The Company awarded the second phase of DTC Bus-Q-Shelters in June of the year 2008 by Delhi Transport Corporation DTC); the Second Build Own Transfer (BOT) project envisages putting up of approximately 400 Bus-Q Shelters uniquely designed and modeled in Stainless Steel.
Pursuant to the Reworked Corporate Debt Restructuring Scheme approved by CDR EG and Rework Letter of Approval (Rework LOA) issued on 18 September 2012, the approved Reworked CDR package implemented by all CDR lenders and the Company had executed all the necessary documents. During the year 2014, the Company had arranged execution of corporate guarantee of 13 promoter group companies (out of total 30 promoter group companies) and is in discussions with the remaining promoter group companies for resolution of pending issues related to collateral security.
During the year 2014, the Company has received conversion notice for entire remaining 300 Foreign Currency Convertible Bonds (FCCBs) amounting to USD 1.50 million and subsequently the company has allotted 547,458 fully paid equity shares. During the quarter ended 31st March, 2014, the Company has raised Rs 100,00,00,566, by way of issue and allotment of 1,07,50,000 equity shares of Rs 2/- each and 1,58,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of face value of Rs 2/- each at a price of Rs 37.65 per equity share /CCCPS (including a premium of Rs 35.65 per equity share/ CCCPS) in accordance with SEBI (ICDR) Regulations, 2009 to JSL Overseas Limited, a member of promoter group, on preferential basis.During the financial year 2013-14 the R&D division has been actively engaged in development of new value added stainless steel grades, process improvements and in serving clients through customized products matching their specific property requirements. Moreover, several measures were also undertaken to reduce cost in different production lines.
On 19th December 2014 and 25th September 2015, the Company has allotted 1,10,00,000 and 48,10,440 equity shares of Rs2/- each respectively upon conversion of 1,58,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of face value of Rs2/- each to JSL Overseas Limited, a member of promoter group.
As per the terms of the Scheme, six domestic subsidiary companies of the Company viz. JSL Lifestyle Limited, Jindal Stainless Steelway Limited, JSL Architecture Limited, Green Delhi BQS Limited, JSL Media Limited and JSL Logistics Limited have been transferred to Jindal Stainless (Hisar) Limited through slump sale. Consequent thereto, as on 31st March 2015, the Company has been left with 11 direct and step down subsidiaries, namely (i) Jindal Stainless UK Limited; (ii) Jindal Stainless FZE, Dubai; (iii) PT Jindal Stainless Indonesia; (iv) Jindal Stainless Italy S.r.l.; (v) Jindal Stainless Madencilik Sanayi VE Ticaret A.S., Turkey (vi) JSL Group Holdings Pte. Ltd., Singapore; (vii) JSL Ventures Pte. Ltd., Singapore; (viii) Jindal Aceros Inoxidables S. L., Spain; (ix) Iberjindal S.L., Spain; (x) Jindal United Steel Limited; and (xi) Jindal Coke Limited. Further, the Company has an associate company namely, J.S.S. Steelitalia Ltd. and two joint ventures with MJSJ Coal Limited and Jindal Synfuels Limited. During the financial year ended 31st March 2015, two subsidiary companies namely JSL Europe SA and JSL Minerals and Metals SA were closed down. Further Jindal Stainless (Hisar) Limited (JSHL), Jindal United Steel Limited (JUSL) and Jindal Coke Limited (JCL) were made the wholly owned subsidiary companies of the Company. Post sanction of the Scheme, JSHL has ceased to be subsidiary of the Company. The other two companies viz. JUSL and JCL shall also cease to be subsidiary companies of the Company post receipt of approval from OIIDCO and induction of new investors in the said companies. However, these will continue to remain associate companies of the Company.The Company, after having various rounds of discussions with the CDR Lenders, had finalized a comprehensive plan of Asset Monetization cum Business Reorganisation Plan (AMP), which entailed monetization of identified business undertakings of the Company through demerger/slump sale and utilization of the proceeds of the slump sale in reduction of debt of the Company. As a part of the above said AMP, a Composite Scheme of Arrangement among the Company and its three wholly owned subsidiary companies viz. Jindal Stainless (Hisar) Limited (JSHL), Jindal United Steel Limited (JUSL) and Jindal Coke Limited (JCL) and their respective creditors and shareholders was undertaken which was approved by the Hon'ble High Court of Punjab and Haryana at Chandigarh, vide its Order dated 21st September 2015 (as modified on 12th October, 2015), Certified True Copy of the Said Order was filed on 1st November, 2015, with the Office of Registrar of Companies, NCT of Delhi and Haryana. Consequently, Section I (pertaining to demerger of Mining Division and Ferro Alloys Division and vesting the same in JSHL) and Section II (pertaining to slump sale of manufacturing facility at Hisar from the Company to JSHL) of the Scheme became operative from the Appointed Date 1 i.e. close of business hours before midnight of 31st March 2014. The Scheme envisaged demerger of Mining Division including the Chromite Mines located at Sukinda and vesting the same in JSHL, however, the Company did not receive approval from the Ministry of Mines, Government of Odisha for transfer of the said Mines to JSHL, therefore, the Board of Directors of the Company in its meeting held on 23rd November, 2016, in terms of clause 1.10 of Section V of the Scheme, decided not to transfer the Mines to JSHL. Section III and IV of the Scheme with respect to JUSL and JCL respectively became operative from Appointed Date 2 i.e. close of business hours before midnight of 31st March 2015, and became effective upon receipt of approval from Orissa Industrial and Infrastructure Development Corporation Limited (OIIDCO), on 24th September 2016, with respect to the transfer/right to use the land on which Hot Strip Mill and Coke Oven Plant is located, from the Company to JUSL and JCL respectively. Post implementation of the Scheme, the Company has already received an amount of Rs2600 Crore as consideration for slump sale from JSHL, which has been utilized to prepay the debts of the Company and accordingly the debt of the Company as on date has been reduced to that extent. The Company has further received an amount of Rs.2355 Crore from JUSL and Rs.490 Crore from JCL towards consideration of slump sale and interest free security deposit for sharing infrastructure facilities in due course and that amount shall also be utilized to prepay the debts of the Company.
The Company has on 3rd July 2016, allotted 16,82,84,309 equity shares of Rs.2 each at a price of Rs.21.76 (including premium of Rs.19.76 per share) per share to Jindal Stainless (Hisar) Limited (JSHL) on preferential basis against Rs.366,18,66,570, being the amount due and payable by the Company to JSHL as of the 'Appointed Date 1' i.e. close of business hours before midnight of March 31 2014 as specified in the Scheme. These shares have already been listed and permitted for trading on the BSE Ltd. and National Stock Exchange of India Ltd.
During the financial year ended 31st March 2017, Jindal United Steel Limited and Jindal Coke Limited ceased to be subsidiaries of the Company and the following subsidiaries of the Company were closed down: (i) Jindal Stainless Italy S.r.l., (ii) JSL Group Holdings Pte. Ltd., Singapore, (iii) JSL Ventures Pte. Ltd., Singapore, and (iv) Jindal Aceros Inoxidables S. L., Spain.
During the financial year 2017-18, in May 26th 2017, the Company has allotted 605,70,320 equity shares of face value of Rs.2 each and 14,28,30,637 - 0.01% Optionally Convertible Redeemable Preference Shares of face value of Rs.2 each (OCRPS) to the lenders of the Company upon conversion of the Funded Interest Term Loan I and the Funded Interest Term Loan II at a price of Rs.39.10 (including premium of Rs.37.10) per Share/OCRPS, aggregating to Rs.236,82,99,512; and Rs.558,46,77,906.70 respectively. Further, the Company has on the 28th March 2018 allotted 1,91,81,586 Equity Shares having the face value of Rs. 2 each to Virtuous Tradecorp Private Limited, a promoter group entity, upon conversion of 1,91,81,586 Compulsorily Convertible Warrants (CCW) held by it.
During the period 2019-20, Steel Melting Shop produced 9,73,995 MT. New grades and variants were developed for lift and elevator segment, metro coach application, and railway foot-overbridge application, among others. On the operational front, JSL implemented Level-2 automation of Argon Oxygen Decarburization (AOD) converter, which led to ~10 % improvement in productivity of this unit. The Company commissioned a 25 MT induction furnace which resulted in a cleaner, energy-efficient melting process, where the JSL's melt production capacity presently stands at 1.1 MTPA.
As on 31 March 2021, the Company had 5 direct subsidiaries, namely Jindal Stainless FZE, Dubai; PT Jindal Stainless Indonesia; JSL Group Holdings Pte. Ltd, Singapore; Iberjindal S. L., Spain and Jindal Stainless Park Limited.
In FY'21, JSL's product portfolio reported expansion in domestic and international geographies across the applications. It developed specialized grades for Armour and ballistic applications, along with nuclear, submarine, metro and railways and automobile applications.
During the year 2021-22, JSL Ferrous Limited ceased to be subsidiary effective 06th May, 2022.
During the FY 2022-23, the Composite Scheme of Arrangement for amalgamation of Jindal Stainless (Hisar) Limited (JSHL), JSL Lifestyle Limited (mobility division), JSL Media Limited and Jindal Stainless Corporate Management Services Private Limited (Amalgamating Companies) with the Company was made effective from 02nd March, 2023. The Company commissioned Brownfield Expansion Plan at Jajpur, Odisha. Commissioning Combo Line for downstream expansion. 1.5x expansion of HRAP (Hot Rolled Annealed Pickled) capacity and 1.7x expansion of CRAP (Cold Rolled Annealed Pickled) capacity. HRAP and CRAP capacities were enhanced from 0.8 MTPA and 0.45 MTPA to 1.25 MTPA and 0.75 MTPA respectively. It set up a Captive Hybrid Renewable Energy Project in Jajpur costing Rs 137.5 Crores.
In 2022-23, the Company acquired remaining 74% equity stake in Jindal United Steel Limited from OPJ Steel Trading Private Limited. It acquired Rathi Super Steel Limited (RSSL), on a going concern basis and resulting to said acquisition, Rathi Super Steel became the wholly owned subsidiary of the Company w.e.f. 16th November 2022.
Jindal Stainless Ltd
Chairman Speech
Our rich history of giving back to our communities, has been inspired
by our late founder, Shri OP Jindal Ji. He believed in serving people with great humility
and believed in empowering them during his lifetime. We continue his legacy through our
CSR initiatives and programmes that look at empowering communities, reflecting our
commitment to societal and environmental impact beyond traditional business boundaries.
These initiatives underscore our role as a responsible corporate citizen and the
recognition of the need to contribute positively to the communities we operate within.
Jindal Stainless Foundation has been investing in CSR initiatives for
over 18 years in communities around our plant locations in Hisar, Jajpur and Delhi NCR. A
holistic approach has been taken while implementing programs to support communities in the
areas of rural development, environmental sustainability, women empowerment, skill
development, preventive healthcare and disaster risk reduction and response. We champion
the cause of the UN's
Sustainable Development Goals (SDGs) and are supporting 12 goals.
Women empowerment is an integral part of all our programmes, through
CSR we look at providing women full and effective participation and equal opportunities.
Our programmes look at creating decent job creation, entrepreneurship, and encourage the
growth of micro, small and medium sized enterprises, including through access to financial
services. Samparna Jeevika is a producer company that has been set-up to enhance the
entrepreneurial skills of rural women around our manufacturing locations and involve them
in skill building and income generation activities.
This programme is currently benefitting 27 villages in Jajpur district
of Odisha. Safe and readily available water is important for public health, whether it is
used for drinking, domestic use, food production or recreational purposes. Improved water
supply and sanitation, and better management of water resources, can boost countries'
economic growth and can contribute greatly to poverty reduction. Jindal Stainless
Foundation has supported drinking water facilities across various locations impacting over
10,000 people.
Health care services are provided to communities in Jajpur, Odisha.
Over 4,000 people have received free health care services in the form of consultations and
medicines to cure common ailments. Aligning to the government's Swachh Bharat Mission
we are also looking at reducing and eliminating the practice of mixed waste from our
townships and communities around the plant location in Jajpur and Hisar. To improve waste
management in communities, a multi-pronged approach is taken that features door-to-door
collection drives, community mobilisation and awareness, enabling the infrastructure
required for hazard-free segregation of waste, composting of wet waste, and further
co-processing. Through the program we have been able to impact over 6,000 people and 80
tonnes of waste has been diverted from landfills in a year.
Agriculture is the main source of livelihood in India.
The farmer development programme looks at working closely with farmers
in bringing down the input costs increasing productivity. The programme is currently being
implemented in Jajpur, Odisha and Nuh & Hisar in Haryana. Through the programme we
were able to impact over 5,000 farmers by providing them advisory services, relevant
training and market linkages that have helped in increasing their incomes. Restoration,
development, and maintenance of green public spaces gives the community in Hisar an open
space to enjoy nature. Over 6,000 people regularly use the 24 acre park in the city. The
entire park is equipped with energy-efficient lamps. There is easy accessibility for
disabled people, with ramps at the entry/exit points and accessible sanitation and
drinking water through the adjustments that have been made to the toilet and RO plant
infrastructure.
We believe in creating a legacy that strengthens individuals from door
to door, empowering them to achieve their dreams. We are committed to proactively
responding to the expectations of all those who have placed their faith in our endeavours.
As we move forward, we are confident that our social initiatives will continue to make a
positive impact on society.
Thank you for your continued support.
Smt Savitri Devi Jindal
Chairperson Emeritus
Letter from the Chairman
Dear Shareholders,
With increasing focus on sustainability, the world is quickly
transitioning towards circularity in production processes, and scrap-based manufacturing
methods are leading the way. I'm proud to share that Jindal Stainless Limited (JSL)
has already been following this process and is a front-runner in sustainable stainless
steel production. ogress made and challenges pr Aswereflect onthe overcome by your Company
over the previous financial year, there is so much worthy of note. Even though the
stainless steel industry was affected by a multitude of challenges globally and
nationally, JSL continued on its growth trajectory tirelessly. An actionable strategy
ensured success across major segments of the business. FY23 served as a testament to the
dedication and zeal of every individual in all our diverse teams across the country. It is
only befitting that after a gap of 15 years, the Company announced a dividend payment of
125% per equity share with a face value of Rs 2 each. This was done in the form of a
Special Interim Dividend payment @Re 1 and a Final Dividend payment @Re 1.50 for FY23 to
the shareholders on successful completion of the merger of Jindal Stainless (Hisar)
Limited into Jindal Stainless Limited and on account of improved financial performance
respectively. Post the merger, JSL now has a simplified capital structure, stronger
balance sheet and leverage ratios. This will improve financial flexibility and unlock
greater value for all the stakeholders of the Company.
A Resolution For Success
Over the past year, the global economic landscape has been
characterised by changes and uncertainties. The increase in prices of fuel and chemicals,
which directly influences the cost of manufacturing and transporting goods, affected
various sectors. There was also volatility in the prices of raw materials required for the
production of stainless steel, such as nickel and ferrochrome. Despite these challenges,
there were positive indicators that pointed towards a gradual recovery and growing demand
for stainless steel products worldwide and at an even higher pace in India. The
application of stainless steel in the process, automotive, construction and power
generation industries as well as new-age applications like nuclear, green hydrogen and
ethanol continued to increase even amid inflation, supply chain concerns and fluctuating
global demand. A significant challenge that affected the stainless steel industry was the
imposition of export duty by the Government of India in May 2022. Roughly 70–80% of
our export product portfolio, consisting of specialised stainless steel products for
high-end applications, was affected. The industry welcomed the government's decision
to revoke it in November 2022, but recovery was gradual and slow. In addition to that, the
dumping of substandard and subsidised stainless steel imports from China placed additional
pressure on the domestic industry and created major roadblocks in the implementation of
the Make in India vision. We are hoping that the government introduces anti-dumping and
countervailing duties to create a level playing field for domestic companies, especially
MSME manufacturers. With the government working on a dedicated Stainless Steel policy that
is targeting a 2? jump in capacity, the industry is hopeful of unlocking and tapping into
the immense growth potential of stainless steel in nation-building.
Redefining Resilience
To tackle aforementioned challenges, your Company successfully crafted
an agile product mix strategy to mitigate risks. This approach allowed us to adapt and
thrive in the ever-changing market dynamics, with the inherent flexibility to adjust the
product mix and target different geographies as needed.
Your Company's success is fuelled by a forward-thinking approach
that embraces innovation and new-age applications, advanced technology to optimise
operations and a commitment towards sustainability. By investing in high-quality
infrastructure, we were able to double the capacity at the Jajpur plant in Odisha with
minimal investment. Not just this, JSL is also working to bring in the benefits of
digitalisation for the entire ecosystem; from its vendors to its customers, every step of
the value chain is undergoing a digital transformation at your Company.
The last financial year was also significant due to strategic product
diversification and inorganic growth of your
Company, in the form of acquisition of Rathi Super Steel
Limited. This strategic acquisition allowed for the expansion of our
product portfolio to include SS long products and augment our solution-oriented approach.
Additionally, your Company recently engaged in a collaborative agreement with New Yaking
Pte Ltd to acquire 49% ownership in their nickel pig iron (NPI) smelter facility situated
in Indonesia.
This ground-breaking step towards backward integration, which is the
first of its kind involving an Indian entity, secures a stable and sustained supply of NPI
for the company in the long run. It is a step towards ensuring raw material security for
JSL's stainless steel operations and ushering in a sharper competitive advantage to
the Company in Indian and international markets.
JSL has also acquired the remaining 74% holding of Jindal United Steel
Limited (JUSL), and with that, JUSL's position as JSL's wholly-owned subsidiary is
solidified. JUSL has been operating the Hot Strip Mill (HSM) of 1.6 million tons per annum
(MTPA) capacity and Cold Rolling Mills of 0.2
MTPA capacity. It is also undergoing capacity expansion up to 3.2 MTPA
at Jajpur, Odisha. This acquisition would result in improved synergies between both the
companies (JSL and JUSL) and a preferred governance structure, thereby enhancing value for
all stakeholders.
I'm proud to share that JSL was chosen for the pilot of the
‘Make in India' branding of steel and stainless steel products for exports from
the country, which is a matter of great pride for all of us. Your Company has also
received a noteworthy rating upgrade from CRISIL Ratings, showcasing our exceptional
performance. JSL's long-term bank facilities have been assigned a prestigious CRISIL
AA-/Positive rating, an upgrade in the outlook from the previous CRISIL AA-/ Stable rating
and outlook in FY22. Additionally, JSL's short-term bank facilities have been
reaffirmed at CRISIL A1+. Jindal Stainless (Hisar) Limited, now merged with Jindal
Stainless Limited, continued to showcase an unwavering commitment to safety, innovation
and societal progress. The upholding of the high standards of occupational safety was
recognised with the prestigious International Safety Award for three consecutive years.
With the objective of completely eliminating the damaging effects of corrosion in the
country and fostering a greater understanding of its consequences, Jindal Stainless took a
significant step forward by entering into a Memorandum of Understanding (MoU) with the
Confederation of Indian Industry (CII). This strategic alliance focuses on collaborating
with the National Mission on Corrosion Management to raise awareness about
corrosion-related issues and implement effective measures to combat them across various
industries and sectors. For the country, combating corrosion losses can lead to annual
savings of around USD 100 billion!
Powering Sustainable Growth
Fostering a circular economy, ensuring resource conservation, and
reducing energy consumption for a greener future are just some of the ways in which
stainless steel is crafting a sustainable future. JSL prioritises its ESG commitments,
just like the metal it produces embodies sustainability. Your Company has made concerted
efforts on the environment front and is committed to power future growth through renewable
sources of energy. On the social front, your Company is relentlessly working to empower
communities around its areas of operations and bring better access to healthcare,
education and means of financial independence for the beneficiaries. Good governance is
the key to succeeding across all other fronts, and your Company is determined to adopt the
best-in-class governance practices for the benefit of all its stakeholders.
Looking Ahead
As we move forward, we are meticulously committed to delivering value
to our shareholders. Our primary objective is to optimise our operations, improve
efficiency and foster innovation across all our business divisions. We firmly believe that
by upholding the best-in-class practices of corporate governance, transparency and ethical
business conduct, we will continue to deliver value to all our stakeholders. I express my
deepest gratitude for your continued trust, support and belief in JSL's vision.
Together, we will shape a future that is prosperous, sustainable and socially responsible.
Mr Ratan Jindal
Chairman
  Â
Jindal Stainless Ltd
Company History
Jindal Stainless Limited was incorporated on 29th September 1980 as Jindal Ceramics Limited. The Company is India's leading stainless steel producers of stainless steel with integrated melting products with a capacity of 1.1 MTPA, eventually scalable upto 3.2 MTPA. It is engaged in manufacturing of stainless steel flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The product range includes Ferro Alloys, Stainless Steel Slabs, Hot Rolled Coils, Plates and Sheets, and Cold Rolled Coils and Sheets.
The company manufactures and sells a broad range of stainless steel flat products including slabs, blooms, flat bars, hot rolled and cold rolled coils, plates and sheets and special products including, precision strips and coin blanks. The Company's plants are situated in Haryana, Andhra Pradesh and Orissa.
The Company changed its name to Jindal Int.com Limited in 29th January of the year 2001. In order to create a focused stainless steel company, the business of Jindal Strips Limited was restructured by de-merging the stainless steel business from Jindal Strips Limited to the Company and all the properties, assets, rights, powers and liabilities relating to the stainless steel undertaking of Jindal Strips Limited had been transferred to the Company with effective from April 1st 2002. During 2002-03 the company completed de-bottlenecking by augmenting the Stainless Steel melting capacity to 400,000 MT. The Company's name was renamed as Jindal Stainless Limited in 28th January of the year 2003. During April of the year 2003, the Austenitic Creations Pvt., Ltd and J-Inox Creations Ltd were amalgamated with the company. Both the companies are in the business of Architecture, Building Construction sector.
Jindal Stainless had acquired an Indonesian company, PT.Maspion Stainless Steel and formalities has been completed in December 2004.Consequent of this acquisition, PT. Maspion Stainless Steel has become the subsidiary of the company and this Indonesian company has started commercial production. The Company had launched a premium range of beverage sets in designer stainless steel under the brand name Art d'inox and also in the same year of 2004 signed a stainless steel supply contract for US $ 18.5 million. During 2004-05 the company has entered into a technical assistance with Nisshin Company Ltd, Japan to assist the company in improving quality of the finished products. Further the company has set up a service center at Gurgaon by way of subsidiary company in collaboration with an Italian company Steelwat s.r.l. Italy.
The Life Style Product Division and Architecture Division of the company was hived-off to Austenitic Creations Private Limited and Jindal Architecture Limited respectively with effect from 1st April of the year 2005, vide its Order dated 13th July of the year 2006. The Company had entered into MoU with the Government of Orissa for setting up Stainless Steel project at Orissa in the year 2005-06. During the year 2006-07, the company commissioned its New Tension Leveler under Cold rolling division. In April of the year 2007, a new 220-tpd-Oxygen plant had been commissioned in Hot rolling division. Jindal Stainless is expanding its operations through forward and backward integration and focusing on increased levels of productivity, quality & cost competitiveness.
As at May 2008, the Company signed a Joint Venture Agreement with Antam Tbk to develop a nickel smelting and stainless steel facility in North Konawe, South East Sulawesi. Antam share in project 55% with Jindal owning a 45% share. The Company awarded the second phase of DTC Bus-Q-Shelters in June of the year 2008 by Delhi Transport Corporation DTC); the Second Build Own Transfer (BOT) project envisages putting up of approximately 400 Bus-Q Shelters uniquely designed and modeled in Stainless Steel.
Pursuant to the Reworked Corporate Debt Restructuring Scheme approved by CDR EG and Rework Letter of Approval (Rework LOA) issued on 18 September 2012, the approved Reworked CDR package implemented by all CDR lenders and the Company had executed all the necessary documents. During the year 2014, the Company had arranged execution of corporate guarantee of 13 promoter group companies (out of total 30 promoter group companies) and is in discussions with the remaining promoter group companies for resolution of pending issues related to collateral security.
During the year 2014, the Company has received conversion notice for entire remaining 300 Foreign Currency Convertible Bonds (FCCBs) amounting to USD 1.50 million and subsequently the company has allotted 547,458 fully paid equity shares. During the quarter ended 31st March, 2014, the Company has raised Rs 100,00,00,566, by way of issue and allotment of 1,07,50,000 equity shares of Rs 2/- each and 1,58,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of face value of Rs 2/- each at a price of Rs 37.65 per equity share /CCCPS (including a premium of Rs 35.65 per equity share/ CCCPS) in accordance with SEBI (ICDR) Regulations, 2009 to JSL Overseas Limited, a member of promoter group, on preferential basis.During the financial year 2013-14 the R&D division has been actively engaged in development of new value added stainless steel grades, process improvements and in serving clients through customized products matching their specific property requirements. Moreover, several measures were also undertaken to reduce cost in different production lines.
On 19th December 2014 and 25th September 2015, the Company has allotted 1,10,00,000 and 48,10,440 equity shares of Rs2/- each respectively upon conversion of 1,58,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of face value of Rs2/- each to JSL Overseas Limited, a member of promoter group.
As per the terms of the Scheme, six domestic subsidiary companies of the Company viz. JSL Lifestyle Limited, Jindal Stainless Steelway Limited, JSL Architecture Limited, Green Delhi BQS Limited, JSL Media Limited and JSL Logistics Limited have been transferred to Jindal Stainless (Hisar) Limited through slump sale. Consequent thereto, as on 31st March 2015, the Company has been left with 11 direct and step down subsidiaries, namely (i) Jindal Stainless UK Limited; (ii) Jindal Stainless FZE, Dubai; (iii) PT Jindal Stainless Indonesia; (iv) Jindal Stainless Italy S.r.l.; (v) Jindal Stainless Madencilik Sanayi VE Ticaret A.S., Turkey (vi) JSL Group Holdings Pte. Ltd., Singapore; (vii) JSL Ventures Pte. Ltd., Singapore; (viii) Jindal Aceros Inoxidables S. L., Spain; (ix) Iberjindal S.L., Spain; (x) Jindal United Steel Limited; and (xi) Jindal Coke Limited. Further, the Company has an associate company namely, J.S.S. Steelitalia Ltd. and two joint ventures with MJSJ Coal Limited and Jindal Synfuels Limited. During the financial year ended 31st March 2015, two subsidiary companies namely JSL Europe SA and JSL Minerals and Metals SA were closed down. Further Jindal Stainless (Hisar) Limited (JSHL), Jindal United Steel Limited (JUSL) and Jindal Coke Limited (JCL) were made the wholly owned subsidiary companies of the Company. Post sanction of the Scheme, JSHL has ceased to be subsidiary of the Company. The other two companies viz. JUSL and JCL shall also cease to be subsidiary companies of the Company post receipt of approval from OIIDCO and induction of new investors in the said companies. However, these will continue to remain associate companies of the Company.The Company, after having various rounds of discussions with the CDR Lenders, had finalized a comprehensive plan of Asset Monetization cum Business Reorganisation Plan (AMP), which entailed monetization of identified business undertakings of the Company through demerger/slump sale and utilization of the proceeds of the slump sale in reduction of debt of the Company. As a part of the above said AMP, a Composite Scheme of Arrangement among the Company and its three wholly owned subsidiary companies viz. Jindal Stainless (Hisar) Limited (JSHL), Jindal United Steel Limited (JUSL) and Jindal Coke Limited (JCL) and their respective creditors and shareholders was undertaken which was approved by the Hon'ble High Court of Punjab and Haryana at Chandigarh, vide its Order dated 21st September 2015 (as modified on 12th October, 2015), Certified True Copy of the Said Order was filed on 1st November, 2015, with the Office of Registrar of Companies, NCT of Delhi and Haryana. Consequently, Section I (pertaining to demerger of Mining Division and Ferro Alloys Division and vesting the same in JSHL) and Section II (pertaining to slump sale of manufacturing facility at Hisar from the Company to JSHL) of the Scheme became operative from the Appointed Date 1 i.e. close of business hours before midnight of 31st March 2014. The Scheme envisaged demerger of Mining Division including the Chromite Mines located at Sukinda and vesting the same in JSHL, however, the Company did not receive approval from the Ministry of Mines, Government of Odisha for transfer of the said Mines to JSHL, therefore, the Board of Directors of the Company in its meeting held on 23rd November, 2016, in terms of clause 1.10 of Section V of the Scheme, decided not to transfer the Mines to JSHL. Section III and IV of the Scheme with respect to JUSL and JCL respectively became operative from Appointed Date 2 i.e. close of business hours before midnight of 31st March 2015, and became effective upon receipt of approval from Orissa Industrial and Infrastructure Development Corporation Limited (OIIDCO), on 24th September 2016, with respect to the transfer/right to use the land on which Hot Strip Mill and Coke Oven Plant is located, from the Company to JUSL and JCL respectively. Post implementation of the Scheme, the Company has already received an amount of Rs2600 Crore as consideration for slump sale from JSHL, which has been utilized to prepay the debts of the Company and accordingly the debt of the Company as on date has been reduced to that extent. The Company has further received an amount of Rs.2355 Crore from JUSL and Rs.490 Crore from JCL towards consideration of slump sale and interest free security deposit for sharing infrastructure facilities in due course and that amount shall also be utilized to prepay the debts of the Company.
The Company has on 3rd July 2016, allotted 16,82,84,309 equity shares of Rs.2 each at a price of Rs.21.76 (including premium of Rs.19.76 per share) per share to Jindal Stainless (Hisar) Limited (JSHL) on preferential basis against Rs.366,18,66,570, being the amount due and payable by the Company to JSHL as of the 'Appointed Date 1' i.e. close of business hours before midnight of March 31 2014 as specified in the Scheme. These shares have already been listed and permitted for trading on the BSE Ltd. and National Stock Exchange of India Ltd.
During the financial year ended 31st March 2017, Jindal United Steel Limited and Jindal Coke Limited ceased to be subsidiaries of the Company and the following subsidiaries of the Company were closed down: (i) Jindal Stainless Italy S.r.l., (ii) JSL Group Holdings Pte. Ltd., Singapore, (iii) JSL Ventures Pte. Ltd., Singapore, and (iv) Jindal Aceros Inoxidables S. L., Spain.
During the financial year 2017-18, in May 26th 2017, the Company has allotted 605,70,320 equity shares of face value of Rs.2 each and 14,28,30,637 - 0.01% Optionally Convertible Redeemable Preference Shares of face value of Rs.2 each (OCRPS) to the lenders of the Company upon conversion of the Funded Interest Term Loan I and the Funded Interest Term Loan II at a price of Rs.39.10 (including premium of Rs.37.10) per Share/OCRPS, aggregating to Rs.236,82,99,512; and Rs.558,46,77,906.70 respectively. Further, the Company has on the 28th March 2018 allotted 1,91,81,586 Equity Shares having the face value of Rs. 2 each to Virtuous Tradecorp Private Limited, a promoter group entity, upon conversion of 1,91,81,586 Compulsorily Convertible Warrants (CCW) held by it.
During the period 2019-20, Steel Melting Shop produced 9,73,995 MT. New grades and variants were developed for lift and elevator segment, metro coach application, and railway foot-overbridge application, among others. On the operational front, JSL implemented Level-2 automation of Argon Oxygen Decarburization (AOD) converter, which led to ~10 % improvement in productivity of this unit. The Company commissioned a 25 MT induction furnace which resulted in a cleaner, energy-efficient melting process, where the JSL's melt production capacity presently stands at 1.1 MTPA.
As on 31 March 2021, the Company had 5 direct subsidiaries, namely Jindal Stainless FZE, Dubai; PT Jindal Stainless Indonesia; JSL Group Holdings Pte. Ltd, Singapore; Iberjindal S. L., Spain and Jindal Stainless Park Limited.
In FY'21, JSL's product portfolio reported expansion in domestic and international geographies across the applications. It developed specialized grades for Armour and ballistic applications, along with nuclear, submarine, metro and railways and automobile applications.
During the year 2021-22, JSL Ferrous Limited ceased to be subsidiary effective 06th May, 2022.
During the FY 2022-23, the Composite Scheme of Arrangement for amalgamation of Jindal Stainless (Hisar) Limited (JSHL), JSL Lifestyle Limited (mobility division), JSL Media Limited and Jindal Stainless Corporate Management Services Private Limited (Amalgamating Companies) with the Company was made effective from 02nd March, 2023. The Company commissioned Brownfield Expansion Plan at Jajpur, Odisha. Commissioning Combo Line for downstream expansion. 1.5x expansion of HRAP (Hot Rolled Annealed Pickled) capacity and 1.7x expansion of CRAP (Cold Rolled Annealed Pickled) capacity. HRAP and CRAP capacities were enhanced from 0.8 MTPA and 0.45 MTPA to 1.25 MTPA and 0.75 MTPA respectively. It set up a Captive Hybrid Renewable Energy Project in Jajpur costing Rs 137.5 Crores.
In 2022-23, the Company acquired remaining 74% equity stake in Jindal United Steel Limited from OPJ Steel Trading Private Limited. It acquired Rathi Super Steel Limited (RSSL), on a going concern basis and resulting to said acquisition, Rathi Super Steel became the wholly owned subsidiary of the Company w.e.f. 16th November 2022.
Jindal Stainless Ltd
Directors Reports
Jindal Stainless Ltd
Company Background
| Incorporation Year | 1980 |
| Registered Office | O P Jindal Marg,
Hisar,Haryana-125005 |
| Telephone | 91-1662-222471-83,Managing Director |
| Fax | 91-1662-220499 |
Ratan JindalRatan Jindal| Company Secretary | |
| Auditor | Walker Chandiok & Co LLP/Lodha & Co |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,Luxembourg,MSEI ,NSE, |
| Registrar | Link Intime India Pvt Ltd
Narang Tower,44 Community Centre,Naraina Ind Area,New Delhi-110028 |
Jindal Stainless Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Ratan Jindal | Vice Chairman & M.D. | 2008 |
| Ratan Jindal | Chairman & Managing Director | 2023 |
| Abhyuday Jindal | ED / MD / Promoter | 2023 |
| Tarun Kumar Khulbe | E D & Wholetime Director | 2023 |
| Naveen Jindal | Director | 2008 |
| Anurag Mantri | Executive Director & CFO | 2023 |
| Suman Jyoti Khaitan | Director | 2008 |
| Lokesh Kumar Singhal | Director | 2008 |
| Ambassador Bhaswati Mukherjee | Independent Non Exe. Director | 2023 |
| Arti Luniya | Independent Non Exe. Director | 2023 |
| Jayaram Easwaran | Independent Non Exe. Director | 2023 |
| Savitri Jindal | Chairperson | 2008 |
| Rajeev Uberoi | Independent Non Exe. Director | 2023 |
| T R Sridharan | Director | 2008 |
| Praveen Kumar Malhotra | Non Executive Director / Nominee | 2023 |
| N P Jayaswal | Executive Director | 2008 |
| Shruti Srivastava | Independent Non Exe. Director | 2023 |
| Arvind Parakh | Director (Business Developmnt) | 2008 |
| Jagmohan Sood | E D & Wholetime Director | 2023 |
| Satish Tandon | Additional Director | 2008 |
| AARTI GUPTA | Independent Director | 2023 |
| Jitendra Kumar | Company Secretary | 2008 |
| Ajay Mankotia | Independent Non Exe. Director | 2023 |
| T S Bhattacharya | Additional Director | 2008 |
Jindal Stainless Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| CNX500 |
| BSEMETAL |
| BSESMALLCA |
| CNXMETAL |
| CNXALPHAIN |
| BSEALLCAP |
| BSEMETERIA |
| BSESMALLSE |
| MID150 |
| LMI250 |
| MSL400 |
| NFTYLM250 |
| NFTYMC150 |
| NFTYMSC400 |
| NF500M5025 |
| NFTYTOTMKT |
| NFMC150M50 |
Jindal Stainless Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Steel | Ton | 0 | 0 | 1011292 | 20062.02 |
| Business Support Services | NA | 0 | 0 | 0 | 92.95 |
| Export Benefits | NA | 0 | 0 | 0 | 85.2 |
| Job Charges | NA | 0 | 0 | 0 | 49.41 |
| Other Operating Revenue | NA | 0 | 0 | 0 | 10.05 |
| Liabilties no Longer Required | NA | 0 | 0 | 0 | 7.09 |
| Gases | NA | 0 | 0 | 0 | 5.22 |
| Argon Gas | CuM | 0 | 0 | 0 | 0 |
| Nitrogen Gas | CuM | 0 | 0 | 0 | 0 |
| Oxygen Gas | CuM | 0 | 0 | 0 | 0 |
| Others - trading | NA | 0 | 0 | 0 | 0 |
| Life Style Products | MT | 0 | 0 | 0 | 0 |
| Life Style Products Accessorie | NA | 0 | 0 | 0 | 0 |
| Life Style Products Traded | No | 0 | 0 | 0 | 0 |
| Sale of Services | NA | 0 | 0 | 0 | 0 |
| Art Gallary Products - Traded | NA | 0 | 0 | 0 | 0 |
| Coins Blank | MT | 0 | 0 | 0 | 0 |
| Others | NA | 0 | 0 | 0 | 0 |
| Sales | NA | 0 | 0 | 0 | 0 |
| Shredded Scrap- Traded | MT | 0 | 0 | 0 | 0 |
| Chrome Ore | MT | 0 | 0 | 0 | 0 |
| Chrome ore concentrates | MT | 0 | 0 | 0 | 0 |
| Slag-Ferro Manganese | MT | 0 | 0 | 0 | 0 |
| Briquettes | MT | 0 | 0 | 0 | 0 |
| Coke | MT | 0 | 0 | 0 | 0 |
| Coke-Traded | NA | 0 | 0 | 0 | 0 |
| Steel Melting | Ton | 1100000 | 1052956 | 0 | 0 |
| Ferro Alloys | Ton | 250000 | 247556 | 0 | 0 |
| Ferro Manganese | MT | 0 | 0 | 0 | 0 |
| High Carbon Silico Manganese | MT | 0 | 0 | 0 | 0 |
| Silico Manganese | MT | 0 | 0 | 0 | 0 |
| High Carbon Ferro Chrome | MT | 0 | 0 | 0 | 0 |
| Steel Scrap | NA | 0 | 0 | 0 | 0 |
| Bloom/Slab | MT | 0 | 0 | 0 | 0 |
| Flats | MT | 0 | 0 | 0 | 0 |
| Hot Rolled Annealing Pickling | Ton | 0 | 0 | 0 | 0 |
| Hot rolled Flats SS | MT | 0 | 0 | 0 | 0 |
| Hot Rolled Strips | MT | 0 | 0 | 0 | 0 |
| Hot Rolled Strips/Plate S S | MT | 0 | 0 | 0 | 0 |
| MS Plate | MT | 0 | 0 | 0 | 0 |
| Strip Mill/Tandem Mill | MT | 0 | 0 | 0 | 0 |
| Uncoated Plates | MT | 0 | 0 | 0 | 0 |
| Cold Rolled Annealing Pickling | Ton | 450000 | 0 | 0 | 0 |
| Cold Rolled Products | NA | 0 | 0 | 0 | 0 |
| Cold rolled S S Blank | MT | 0 | 0 | 0 | 0 |
| Cold Rolled Special Steel | MT | 0 | 0 | 0 | 0 |
| Cold rolled SS Circle | MT | 0 | 0 | 0 | 0 |
| Cold Rolled Steel Strips/Sheet | MT | 0 | 0 | 0 | 0 |
| Cold Rolled Strips | MT | 0 | 0 | 0 | 0 |
| Cold rolled Strips Traded | MT | 0 | 0 | 0 | 0 |
| S S Welded & Cold Drawn Tubes | MT | 0 | 0 | 0 | 0 |
| Plate Finishing | MT | 0 | 0 | 0 | 0 |
| SS Patta-Traded | MT | 0 | 0 | 0 | 0 |
| SS Bars | MT | 0 | 0 | 0 | 0 |
| SS Wires | MT | 0 | 0 | 0 | 0 |
| Hot Rolled Products | NA | 0 | 0 | 0 | 0 |
| SS Welded & Cold Drawn Tub-Tra | MT | 0 | 0 | 0 | 0 |
| S.S welded & Cold Drawn Tub/Pi | MT | 0 | 0 | 0 | 0 |
| Pipe & Fitting Materials | NA | 0 | 0 | 0 | 0 |
| Cupro Nickel Coil | MT | 0 | 0 | 0 | 0 |
| Cupro Nickel Melting | MT | 0 | 0 | 0 | 0 |
| Nickel-Traded | MT | 0 | 0 | 0 | 0 |
| Industrial Machinery | No | 0 | 0 | 0 | 0 |
| Power Plants | MU | 0 | 0 | 0 | 0 |
| Power Plants | MW | 264 | 0 | 0 | 0 |
| Plate/Steckel Mill | MT | 0 | 0 | 0 | 0 |
| Coke Ovens | MT | 0 | 0 | 0 | 0 |