Home  »  Company  »  JSW Steel Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

JSW Steel Ltd. Company History and Annual Growth Details


- The Company was incorporated on March 15, and the Certificate of
Commencement of Business was received on July 8. The Company is
engaged in the business of integrated steel. It was promoted by the
assisted sector by Jindal Iron & Steel Co. Ltd. and Karnataka State
Industrial Investment and Development Corporation Ltd.

- The Company undertook to set up an integrated steel plant with a
capacity of 1.25 million TPA of hot rolled coils at Village
Toranagallu, Dist. Bellary, Karnataka rich in iron ore reserves.

- As per the MOU entered into with KSIIDC, it was to be provided with
grid support, approvals for construction of railway siding etc.

- The company entered into a technical arrangement with Voest Alpine
Industrieanlagenbau (VAI), for technical details with respect to
productivity, iron ore technical details etc.

- M/s. Metallurgical and Engineering Consultants (India) Ltd. MECON
were appointed as the principal consultants for the entire project M/s.
MECON were responsible for feasibility study, overall design of plant

- A Joint Venture company Jindal Tractebel Power Company Ltd. was set
up for supply of power of 2 x 130 MW of power.

- Another Joint Venture Jindal Praxair Oxygen Co. (P) Ltd. was also set
up for supply of Oxygen. Till the power supply is adequate, two
standby generators of 2500 KVA were installed for uninterrupted power

- 2 x 11.5 MW diesel power plant was to be set up for the supply to the
steel plant.


- The Company proposed to make the following changes: To set up a
pellet plant with a capacity of 3 million TPA; It was also proposed to
add balancing facilities to improve the product quality besides
additional value added output; In the BOF the Continuous Casting shops
and also in the integrated production chain, corresponding marginal
investments were proposed, linked to enhancement of capacity by 25%;
The company proposed to invest in the equity capital of joint venture
viz. M/s. Praxair Inc., USA and with Tractebel of Belgium.

- The Company issued 3175,00,000-14% secured redeemable partly
convertible debentures of Rs 40 each as follows:

- (A) On firm allotment basis: 450,00,000 debentures to promoters and
their associates. 505,00,000 debentures to financial institutions.
158,60,000 debentures to Indian Mutual Funds. 87,50,000 debentures to
FIIs. 275,00,000 debentures to NRIs/OCBs.

- (B) On preferential allotment basis: 150,00,000 debentures to
shareholders of promoter companies (only 81,68,500 debentures taken
up). 12,50,000 debentures to employees of the Company and promoter
companies (only 4,28,500 debentures taken up). 211,40,000 debentures
to Indian Mutual Funds (158,60,000 debentures taken up). 175,00,000
debentures to FIIs (only 17,50,000 debentures taken up). 100,00,000
debentures to NRIs and OCBs (64,25,500 debentures taken up). 37,50,000
debentures to Financial Institutions/banks (only 5,00,000 debentures
taken up).

- Balance 1012,50,000 debentures along with 463,92,500 debentures
unsubscribed under preferential quota was issued to the public.

- Part A of Rs 20 was automatically converted into two equity shares of
Rs 10 each at par on date of allotment i.e. 15.4.1995.

- Part B of Rs 20 was to be redeemed at par in four equal annual
instalments at the end of 6th, 7th, 8th & 9th year respectively from
the date of allotment.

- 53,35,150 No. of equity shares of Rs 10 each issued, subscribed
53,46,64,850 No. of equity shares of Rs 10 each were issued in 1995 of
which 399,664,850 No. of equity shares were reserved for allotment on a
firm basis to promoters and their associates. Balance 135,000,000
shares were issued to the public. 635,000,000 No. of equity shares
allotted on conversion of PCDs.

- The Company has issued 13.5 Crore Equity Shares of Rs. 10/- per share
at par, aggregating Rs. 135 Crore and 27.25 Crore 14% Secured
Redeemable Partly Convertible Debentures of Rs.40/- each for cash at
paraggregating Rs. 1090 Crore.

- Praxair has entered into a Joint venture with Jindal Vijayanagar
Steel to build and operate world's largest cryogenic air separation
plants for supply of oxygen, nitrogen and argon to Jindal's integrated
steel facility in Bellary in Karnataka.


- The first Corex unit is slated for commissioning by October '97. The
Contract for the second unit of Corex has been signed with VAI and this
unit will be commissioned by April-May 1998.


- The BOF & CCP Units were to be commissioned by September/October to
synchronize with the commissioning of the first unit of Corex.

- The Company has entered into a Joint venture with M/s. Mysore
Minerals Limited (A Government of Karnataka Undertaking) the
Lease-holder of Thimmappanagudi deposits, to form Jindal Mysore
Minerals Mining Company Private Ltd., a new joint venture company a
Memorandum of Understanding to this effect has been signed with Mysore
Minerals Limited on 17th January.

- The State-owned Mysore Minerals Ltd and Jindal Vijaynagar Steel Ltd
have entered into an MoU under which a joint venture will be formed to
explore, develop and mine iron ore in Bellary district.

- JVSL had commissioned the first phase of the roughing mill of its hot
strip mill in March 1997


- The contract for the second unit of Corex was signed with VAI.

- Jindal Vijayanagar Steel is setting up a mega integrated steel plant
in Toranagallu.

- JVSL has formed a joint venture company, Vijayanagar Minerals Ltd,
with Mysore Minerals, to explore and prospect for mines in the region.

- JVSL is setting up a steel plant to produce 1.6 million tonnes per
annum (mtpa) of Hot Rolled (HR) coils using the COREX technology for
making liquid metal and a Basic Oxygen Furnace (BOF) to make steel, at
Vijayanagar, in Karnataka.

- The first corex module of the Jindal Vijayanagar Steel Plant with a
capacity of 8,00,000 tonne would be commissioned by next month.
Promoted by the Jindal group, the plant set up at Tornagallu in the
iron rich Bellary-Hospet in Karnataka.

- The Jindal group was also setting up a joint venture with the British
Steel to manufacture organic coated steel products.

- JVSL is the first integrated steel plant to be set up after

- The First unit of the oxygen plant is scheduled to be commissioned in
third quarter and the second unit by First quarter of 1999 so as to
synchronize with the commissioning date of the steel plant, in stages.

- The Corex Plant was commissioned on Oct 5, making JVSL the first
company in the world to use the technology.

- The Government has given the company a mine belt in Sironi in AP,
which is expected to take there to five years to develop.

- JVSL has also entered into joint ventures with Tractebel and Praxair
for setting up power and oxygen plants, respectively, as forward and
backward integration thrusts.


- The company has entered into an agreement with the Steel Authority of
India for procuring slab.

- According to JVSL managing director JK Tandon, the company is in
advanced stage of negotiations with L&T over the proposal to set up the
grinding unit in the complex.

- Jindal is talking to various cement manufacturers to get them to set
up factories in the vicinity to make use of this by-product.

- The company acquired 60 per cent stake in a city-based joint venture
company, Chemicon.

- It recently entered into an agreement with Saint-Gobain Glass India
to install an air separation plant for the supply of nitrogen and
hydrogen to Saint-Gobain's float glass unit at Chennai.

- The company has entered into an agreement with the Steel Authority of
India for procuring slab.

- Jindal Praxair has also entered into a take-or-pay agreement with
JVSL for its gas supply.


- Jindal Vijaynagar Steel Ltd. which has its plant located at Bellary
in Karnataka, has become the first steel company in India to implement
a total integrated resource planning solution for its business process.

- Jindal Vijaynagar Steel Ltd. (JVSL) has signed a memorandum of
understanding (MoU) with the Thyssen promoted-Indo German International
Pvt. Ltd. for securitising of hot-rolled (HR) coil steel.

- The Company has signed a tripartite agreement with CDSL and Karvy
Consultants Ltd.

- The Company has signed a Memorandum of Understanding (MoU) with
miners in and around the company's captive mines located in the Bellary
Hospet region in Karnataka. The MoU has been signed for supplying iron
ore fines for the company's pelletisation plant.

- The Company has deferred its plans to float a $125-million global
depository receipt issue to retire highcost debt.

- The Company has appointed Andersen Consulting with a view to
undertaking a financial restructuring in its corex steel plan in

- The Company has entered the highly-lucrative liquefied petroleum gas
sheets segment after extending its focus in hot-rolled coils (HRC) from
south to western India.


-Krishna Deshika appointed as Company Secretary of Jindal Vijayanagar Steel.

-Jindal Vijaynagar Steel Ltd has informed the following changes in Company's Directorate:
Mr B S Patil IAS has resigned as Director and Mr KK Misra IAS has been appointed as Additional Director on the Board of the Company w e f August 23, 2002.


--Jindal Vijayanagar Steel Ltd has informed the Exchange that Mr S David Chandrasekaran has been nominated on the Board of the Company w.e.f. June 5, 2003 by LIC of India in place of Mr. B R Sethi.

-1. Approved the appointment of consultants and valuers to evaluate and advise on the Proposal for consolidation of its steel business with that of Jindal Iron & Steel Company Ltd.

2. Approved the appointment of ICICI Securities Ltd and M/s RSM & Co as Consultants and the appointment of Deloitte Haskins & Sells & ICICI Securities as valuers in this regard.

3. Approved Prepayment and settlement of outstanding dues of Rs 3834.40 million to some of the unsecured foreign lenders subject to compliance of certain terms and conditions.

-1) Dr. B N Singh was appointed as Additional Director & as Jt. Managing Director & CEO
2) Mr. U Mahesh Rao resigned as Director from the Board of the Company .

-Jindal Vijayanagar Steel Ltd has delisted equity shares from the Cochin Stock Exchange Ltd & Mangalore Stock Exchange


-Jindal Vijaynagar Steel Ltd (JVSL) approves merger of Euro Ikon Iron & Steel Pvt Ltd, Euro Coke & Energy Pvt Ltd, and JSW Power Ltd

-JSW Steel signs contract with Siemens VAI for India's largest Blast Furnace
-India Manufacturing Excellence Award: Platinum Award in Metals Category by Frost & Sullivan.
-Rockwell Jury Award for Excellence.
-CII-EXIM Bank Award: Commendation Certificate for Significant Achievement towards Business Excellence.
-Prime Minister National Award for Excellence in Urban Planning & Design for Township


-JSW gets new CEO
-JSW sings supply contract with BOC
-JSW Steel has won the 'CIO 100 - Giant 100 Honouree 2006' (IT Award).
-Gold Award in Metal Sector for Outstanding Achievement in Environment Management by Greentech Foundation
-India Manufacturing Excellence Award: Corporate Gold Award in Metals Category by Frost & Sullivan.
-JSW Steel to buy Jindal Saw's US plant
-CII-Exim Bank Award: Commendation Certificate for Significant Achievement towards Business Excellence. (on 1st Nov 2007, at Bangalore)
-ERI Corporate Social Responsibility Award: Certificate of Appreciation in Recognition of Corporate Leadership for Good Corporate Citizenship and Sustainable Initiatives amongst Corporations with a turnover of above 500 crore rupees.
-JSW Steel launches Galvalume
-JSW Steel signs JV for Development of Iron Ore Mines
-JSW Steel - Acquisition of Mining Concessions in Chile
-JSW Steel inaugurates branded showroom in Ahmedabad

Oct 28, 5:50 pm
Oct 28, 5:59 pm
Subscribe now to get personal finance updates in your inbox!