1970 - The company was incorporated as a Private Ltd. company on 18th
November, and was converted into a Public Ltd. company on 25th
May, 1975. The company was promoted by Shri. O.P. Jindal and
associates for setting up a plant for the manufacture of HR Steel
Strips at Hisar, Haryana.
- The company commenced the manufacturing activities with the
setting up of a strip mill plant with an installed capacity of
50,000 tonnes per annum of hot rolled steel strips with captive
melting facilities at Hisar in Haryana.
- The company manufactures steel strips, pipes, billets/slabs etc.
Manufacture of oxygen, Argon, nitrogen gas etc. is also
1982 - 3,00,500 bonus shares issued in prop. 1:1.
1983 - 2,00,000 No. of equity shares issued at a premium of Rs. 5 per
share out off which 1,22,700 shares issued without payment in
cash to a non-resident Indian against the value of imported cold
1985 - The company embarked upon a modernisation programme at Hisar. It
was planned to add balancing equipment at Vasind.
- 16,02,000 Bonus Equity shares issued in prop. 2:1. 12,00,000 No.
of equity shares then issued at a premium of Rs. 8 per share
(including 6,03,000 No. of equity shares offered for sale by the
existing shareholders at a prem. of Rs. 8 per share) linked to
debentures in the propn. 2 deb. 5 equity out of this the
following shares linked to debentures were reserved for
- (i) 60,000 shares to employees of the company;
- (ii) 24,000 shares to business associates of the company and
- (iii) 4,80,000 shares to non-Resident Indians on repatriation
- The balance 6,36,000 shares linked to debentures were offered for
public subscription during February 1986. 3,00,000 additional
equity shares linked to 1,20,000 debentures were also allotted to
retain oversubscription (21,000 shares to employees and business
associates, 1,20,000 shares to non-resident Indians and 1,59,000
shares to the public).
1986 - The company installed an induction furnace, a D.G. set, pusher
type furnace, soaking pit furance, side rolls and other balancing
- The company issued 12,00,000 No. of equity shares at a premium of
Rs. 8 per share (including 6,03,000 - 15% secured redeemable
non-convertible debentures of Rs. 100 each. The applications
were to be made for both equity shares and debentures in the
ratio of 2 debentures for every 5 equity shares.
- Out of the total issue (i) 60,000 No. of equity shares and 24,000
debentures were reserved for preferential allotment to the
- (ii) 24,000 No. of equity shares and 9,600 debentures were
reserved for preferential allotment to business associates and
- (iii) 4,80,000 No. of equity shares and 1,92,000 debentures were
reserved for preferential allotment to non-resident Indians and
persons of Indian Origin residing abroad with repatriation
rights. The balance of 6,36,000 No. of equity shares and
2,54,000 debentures were offered for public subscription during
- Additional equity shares and debentures were allotted as follows:
- (i) 21,000 No. of equity shares and 8,400 debentures to the
employees and business associates;
- (ii) 1,20,000 No. of equity shares and 48,000 debentures to
non-resident Indians and
- (iii) 1,59,000 No. of equity shares and 62,600 debentures to the
- Simultaneously with the public issue of equity shares and
debentures, the company offered for sale 6,03,000 No. of equity
shares to the public linked with debentures on the same terms as
those contained in the prospectus for the public issue of
5,97,000 No. of equity shares.
1987 - The company was successful in introducing four feet CRCA sheet.
To ensure higher profitability and to broaden the base of
customers, continuous efforts were made to introduce new products
as import substitutes.
- The programme envisaged the installation of ultra high power
furnace, vaccum O2 degassing plant, steckel mill, ladle furnace
facility for continuous charging of sponge iron, 1250 mm width
continuous slab caster, etc. A new pickling line, annealing
furnace and other balancing equipments were to be installed at
1988 - The Hisar division introduced new range of stainless steel strips
and flats with lower nickel contents and nickel free flats which
were well received in the market. The Vasind division introduced
import substitute products, such as CRCA sheets of DD & EDD (Deep
Drawn and Extra Deep Drawn grades) for use by the automobile
- The industrial license of the company was endorsed for
manufacture of 1,25,000 tonnes of steel ingots from the existing
50,000 tonnes and 1,00,000 tonnes of hot rolled strips from
40,000 tonnes at Hisar Division.
- The company set up a pilot plant at Hisar by adopting new
technology to manufacture both Sponge iron and Pig iron. The
company found it economically viable to commercialise the
technology and decided to set up a plant at Raigarh in Madhya
Pradesh to manufacture 1,00,000 tonnes per annum each of Sponge
iron and Pig iron.
1989 - During November, the company offered 16,50,000-14% secured fully
convertible debentures of Rs. 140/- each on rights basis to the
then existing equity shareholders in proportion 1 debenture: 2
equity shares. Additional 2,64,665 debentures were allotted to
retain over subscription. 82,500 debentures were also offered to
employees/workers of the company on an equitable basis but only
77,710 debentures were taken up. Unsubscribed portion of 4,790
debentures out of the employees quota was allowed to lapse.
- As per the term of issue, the entire amount of Rs. 140 of each
debenture was converted into two equity shares of Rs. 10 each at
a premium of Rs. 60 per share at the end of six months from the
date of allotment of debentures i.e. 14.8.1990.
- 32,99,200 Bonus shares issued in propn 1:1.
1990 - Jindal Holdings Ltd. (JHL) became a subsidiary of the company.
- Vasind division also improved with the introduction of better
CRCA coils in DD & EDD grade catering to the needs of automobile
and refrigeration industries.
- The company installed and commissioned gas flow control system
and some balancing equipments and a DG set of 5,400 KVA capacity
at Hissar. A modern CR slitter and cut to length line was also
installed at Vasind.
- 39,84,750 Shares issued (Prem. Rs. 60 per share) in conversion of
1991 - The company installed VOD system, automation of steckel mill and
continuous charging of AOD furnace at Hisar. Modernisation of
second rolling mill at Vasind division was undertaken.
- A ferrochrome plant was also being put up, mainly for captive
consumption. The Ist phase of the sponge iron project was
commissioned in the month of March.
- One more rotary kiln was installed thereby increasing the total
capacity to 2 lakh tonnes of sponge iron and 1 lakh tonne of pig
iron. The company proposed to modify the production process of
pig iron and install two EBT electric arc furnaces of 50 tonnes
capacity, one laddle furnace, one 12M radius single strand slab
caster and one 12 M radius three strand bloom caster.
1992 - During March, the company issued 74,08,765-12.5% secured
redeemable partly convertible debentures of Rs. 360 each on
rights basis in the proportion of 7 debentures: 10 equity shares
held. Additional 11,11,315 debentures were allotted to retain
- Another 3,70,438-12.5% redeemable partly convertible debentures
of Rs. 360 each were offered to the employees on an equitable
basis. Additional 33,412 debentures were allotted to retain over
- Part A of Rs. 100 of each debenture will be converted into 1
equity share of Rs. 10 each at a premium of Rs. 90 per share, at
the end of six months from the date of allotment. Accordingly
89,23,930 No. of equity shares were allotted on 14th November.
- Part B of Rs. 260 of each debenture would be redeemed at par in
five annual instalments of Rs. 52 each at the end of 5th, 6th,
7th and 10th years from the date of allotment of debentures.
1993 - A coal washery plant with a capacity of 200 tonnes per hour of
high ash contents coal was imported from W. Germany. This was to
be used for power generation high fluidised bed boilers.
- 5,10,525 No. of equity shares out of the previous year's rights
issue (Balance 21,290 shares yet to be allotted).
1994 - The installation of new oxygen plant having a capacity of 80 TPD
with Argon attachment, modernisation of concast machine and
- A coal washery plant to process 200 tonne per hour, high ash loaf
imported from Germany was also installed. Also, another power
generating unit from waste gas of the Rotary kiln was installed
which would generate 15 MW power.
- It was proposed to install at hot strip mill with a capacity to
roll 5 lakh tonnes p.a. and this was expected to be implemented.
- The company issued 4.25% convertible bonds for an aggregate
amount of US $ 16.50 million equivalent to 4189.79 crores. These
bonds were converted into 53,91,719 No. of equity shares at a
price of Rs. 352 per share, subject to certain adjustments.
- 8,42,175 shares issued on conversion of 1,990 Euro Bonds of US $
5000 each at a premium of Rs. 342 per share.
1995 - The Hissar division rose by 120% while the Vasind division
produced 1,29,675 tonnes of CRCA strips. The cold rolled special
steel manufactured by the unit was successfully used in strap on
booster rockets of dry fuel section of Polar Satellite Launch
Vehicle launched into space in March.
- Power generation unit from waste gas of rotary kiln was also
installed resulting in assured power availability of 30 MW for
steel making. In addition one waste heat recovery boiler and a
turbine with a capacity of 15 MW was proposed to be installed.
- Jindal Ferro Alloys Ltd. was amalgamated with the company
effective 1st April. In pursuance of the scheme of amalgamation
the shareholders of the erstwhile Jindal Ferro Alloys Ltd.
- 44,559 No. of equity shares issued upon conversion of 1990 Euro
bonds of US $ 5000 each at a premium of 342 per share.
1996 - The overall performance of the company was satisfactory despite
the frequent shutdown taken for modernisation, renovation,
upgradation of the existing facilities, lower realisation due to
cheaper imports and general economic slow down. The
profitability was lower because of increase in interest cost,
higher depreciation and minimum alternate tax.
- A new steel melting shop with an EAF, AOD, LRF & state-of-the-art
billet caster capable of producing 1,50,000 TPA of stainless
steel was installed at Hisar division. A new descaling unit was
being installed for effective removal of scale during hot
rolling. A new 4-Hi cold rolling mill capable of rolling
material upto 1250 mm width and 5 mm thickness alongwith several
other modern facilities was commissioned.
- 111,32,550 shares allotted to the shareholders of erstwhile
Jindal Ferro Alloys Ltd.
1997 - Hissar Division recorded a 56% growht in production. CRCA
production at Vasind Division dropped due to depressed market
2000 - The Company has appointed Andersen Consulting to conduct a profit
- The Vasind Division was hived off to Jindal Steel & Alloys Limited a subsidiary
w.e.f. 01.01.2000, pursuant to a scheme of arrangement approved by the Hon'ble
Punjab & Haryana High Court.
2001 - A Wholly owned subsidiary, Cross-Border IT (India) Ltd., is being incorporated to provide
IT services internationally both by means of on-site support and offshore services.
- Jindal Strips has offloaded 11 per cent stake in Shalimar Paints to the joint-venture partner, the Jhunjhunwala Group, based in Hong Kong. The shares were brought by the Jhunjhunwala Group at Rs 36 per share, paying a premium of Rs 26 for each Rs 10 share
2002- Jindal Strips Ltd has informed that the Board has appointed Shri Arvind Parakh as Director-Finance and Sh. B.P.Goyal as Director-Projects. Both the Directors have been appointed as Additional Whole-time Directors on the Board of the Company.
-Promoters of Jindal Strips have hiked their stake in the company from 35 per cent to 43 per cent. Sun Investments, the O P Jindal group's investment company sold 3.17 per cent (6 lakh shres) to Vrindavan Services at Rs 47.50 per share.
-Jindal Strips prepays the Foreign Currency Convertible Bonds(FCCB's) woth $15million.
-IFCI Ltd withdraws nomination of Mr. S Lahiri from the Board of Jindal Strips.
-Naveen Jindal, N C Mathur, Suman Jyothi Khaitan and Dr Lokesh Kumar Singhal
gave their resignation from the Board of Jindal Strips Ltd.
-Mr. Rakesh gard and Mr H V Mishra are appointed as the Additional Directors on
the Board of the company.
- Mr. Subir Bisht was with drwan from the board by icici bank ltd
- Rakesh Garg and H V Mishra are appointed as Directors in the AGM held November 29, 2003.
-ICICI Bank Ltd has withdrawn the nomination of Mr. Subir Bisht from the Board of Directors of the company.
- Shares of Jindal Strips Ltd delisted from Madras Stock Exchange wef June 7, 2004.