1984 - The Company was incorporated on 31st October at Mathura (U.P.)
and obtained the Certificate of Commencement of Business on 28th
November. It was promoted by Jindal Organisation in association
with Dilip Bhargava, a Non-Resident Indian and Director of
Sigmatech Inc., U.S.A. The company is manufacturing Sub-merged
Arc Welded steel pipes of large diameters.
- The company undertook to set up a project for the manufacture of
75,000 TPA of large submerged and welded steel pipes of 18' to
- The Company has entered into a Technical collaboration agreement
with USS Engineers and Consultants Inc (UEC), U.S.A., a
subsidiary of United States steel corporation for transfer of
know how & technical assistance. The Collaborators agreed to
provide services relating to engineering, installation and
training of personnel.
- In addition to advice regarding the latest technology from time
to time, they also were to assist the Company for securing
American Petroleum Institutes Monogram rights for the product.
- The submerged arc welded pipes were to be manufactured by the UOE
process confirming to American Petroleum Institute's (API)
specifications. These pipes were specially meant for cross
country transportation of oil, natural gas, water and other
1986 - 700 No. of Equity shares subscribed for by the signatories to the
Memorandum of Association. 59,99,300 No. of Equity shares then
issued at par out of which the following shares were reserved for
- (i) 20,08,000 shares without payment in cash against the supply
of plant and machinery to Sigmatech Inc. USA on repatriation
basis (to be allotted after requisite performance of the plant
was established and products were accepted by and users);
- (ii) 9,99,300 shares to resident Indian promoters, directors,
etc. and members of Jindal family and
- (iii) 10,00,000 shares to Jindal group of companies.
- Out of the remaining 19,92,000 shares, the following shares were
reserved for preferential allotment;
- (i) 3,00,000 shares to employees (including Indian working
directors)/workers of the Company (none were taken up) and
- (ii) 2,92,000 shares to non-resident Indians on repatriation
basis (all were taken up).
- The balance 14,00,000 shares, along with 3,00,000 shares not
taken up by employees, were offered for public subscription
during July 1986 (all were taken up).
1989 - 20,08,000 No. of equity shares allotted. 19,70,936 No. of equity
shares allotted to the shareholders of Swastik Foils Ltd. as per
scheme of amalgamation.
1993 - 49,98,568 bonus shares issued in prop. 1:2. 5,70,000 shares
issued (prem. Rs 440) on preferential basis to group companies.
11,91,750 bonus shares allotted to NRI shareholders.
1994 - 15,138,554 bonus shares issued in prop. 1:1. 40,07,450 bonus
shares kept in abeyance were issued.
1995 - Necessary approval of High Court of Delhi was received to
amalgamate Swastik Foils Ltd. with the Company. As per the
scheme of amalgamation, shareholders of Swastik Foils, Ltd., were
to be allotted 4 equity shares of the Company for each share
held by them in their Company. Accordingly 46,43,000 No. of
Equity shares were allotted.
- 2,500 bonus shares kept in abeyance were issued. 800 shares
forfeited during the year.
1996 - Pipes manufactured were of smaller diameter and lesser tonnage as
compared to previous year which affected the turnover. Nashik
division changed the product mix from carbon steel to stainless
steel which opened the export market and increased the value
addition to the product.
- The Company proposed to acquire a Plate Mill in Baytown (Texas)
USA with a capacity of one million tonnes through subsidiary
Jindal Enterprises L.L.C.
- 4,58,200 No. of equity shares kept in abeyance were issued.
1997 - Turnover further declined to Rs. 210.16 crores due to upheaval in
the global scenario especially with respect of Far Eastern and
South Eastern countries.
- 9,000 bonus shares kept in abeyance.
- Saw Pipes Ltd (SPL), a Delhi-based O.P. Jindal group company, is
close to acquiring a second plant in the United States. The
company is also setting up a joint venture company to market
its products in the US.
- SPL is the only player outside Japan to produce longitudinal
submerged arc welded pipes for use in the gas and oil sectors.
- Saw Pipes, a part of the Rs.2,500-crore O P Jindal group, has
another plant at Kosi Kalan in Uttar Pradesh to manufacture Saw
Pipes using the U-O-E process.
- The Saw Pipe manufacturing unit has a capacity of 0.5 million
tonne per annum, which is owned by Saw Pipe US, in which
Jindals hold 19 per cent stake.
- The company is acquiring a one million tonne plate mill facility
at Baytown, Texas from US Steel Corp, a part of the USX
1998 - The Company has privately placed 15,00,000 - 13.5% Redeemable
Preference Shares of Rs.1000/- each with Industrial Development
Bank of India.
- The Company is implementing a composite pipe coating unit at
kandla, in the state of Gujarat. On completion of the project
the company would become totally composite SAW PIPES supplying
entity, the only one of its type in any part of the world.
- Directors of the company look forward to the continuing support
- Information in accordance with the provisions of Section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors)
Rules, 1988 regarding conservation of energy, technology
absorption and foreign exchange earnings and outgo is given in
the statement annexed hereto (Annexure I)
- The Annual accounts of the Subsidiary Company Hexa Securities &
Finance Company Ltd., alongwith statement pursuant to Section
212(1)(e) of the Companies Act, 1956 is attached with this
report. The Reports of Jindal Enterprises LLC, are not being
attached as the entity is deemed partnership under US Corporate
Laws. We have sought legal opinion for reconfirmation, should
there be a change in status of the Jindal Enterprises LLC under
the US Laws the statements shall be circulated.
- The company has given an undertaking to financial institutions
for loan taken by Jindal Vijaynagar Steel Ltd., (JVSL) not to
dispose off the invenstment in JVSL till the repayment of loan by
JVSL or the project undertaken by JVSL is completed whichever is
1999 - Saw Pipes has an existing capacity of 2.5 lakh tonnes, while the
US-based Saw Pipes Inc has an existing capacity of 5 lakh tonne
- Saw Pipes Ltd will seek shareholders' approval to pledge its
holding in Jindal Vijayanagar Steel (JVSL), Jindal Iron & Steel
(Jisco) and Jindal Strips (JSL) with financial institutions.
- The Saw Pipes board proposes to pass the resolution at the
annual general meeting on December 24 to pledge 10,001,400
shares of JVSL, 377,528 shares of Jisco and 871,793 shares of
JSL with institutions to avail of the Rs 5,000-crore loan
sanctioned for JVSL. The company shall guarantee for the debt
worth Rs 200 crore.
- Saw Pipes, one of the joint promoters of JVSL, also proposes to
subscribe 2.5 crore shares of JVSL at par -- aggregating Rs 25
crore -- to part-finance JVSL's cost overrun. The company,
along with a subsidiary, holds Rs 60-crore worth shares in
JVSL. With the fresh investment of Rs 25 crore, the holding
will increase to Rs 85 crore.
- The company is in the process of setting up a 100 per cent
export-oriented unit with state-of-the-art technology for the
manufacture of longitudinal welded saw pipes using the JCO
- Crisil has downgraded the FA rating assigned to the fixed deposit
programme of Saw Pipes FB+.
-3 LPE/FBE Coating Plant commissioned at Mundra. Internal Coating Plant commissioned at Mundra.
-Shri Ratan Jindal, Shri Sajjan Jindal and Shri Dilip Bhargava give
resignation from the office of the Director of the company. And
also state that Shri Kuldip Bhargawa and Shri Moosa Raza are
co-opted as Additional Directors of the company.
-concrete Weight Coating Plant re-commissioned at Mundra. Bevelling Unit commissioned at Mundra.
-Additional Plant for 3LPE/FBE commissioned at Mundra.
-Saw Pipes Ltd (SPL) has informed that the company is entering into a Joint Venture Agreement with Imphy Ugine Precision, France, one of the divisions of Arcelor Group for manufacturing of High Precision Metal Equipments to be used in Electonic Industries and other applications
-Third LSAW manufacturing facility commissioned at Samaghogha near Port Mundra with accreditation from API and ISO
-Start up of Integrated Pipe Unit Ductile Iron Pipe manufacturing plant of 200,000 MT per annum capacity along with Blast Furnace of 250,000 MT per annum capacity and a Coke Oven Plant.
- Jindal Saw Ltd has appointed co-opted Shri. Indresh Batra as Director of the Company and as Managing Director w.e.f. April 28, 2007 for a period of 5 years.
-Jindal SAW bags orders worth Rs 1k cr
-Jindal SAW bags orders worth Rs 1,100 cr