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<ul><li><keyword id="144036" type="General" weightage="70" keywordseo="jsw-group" source="Orion">JSW Group</keyword> is considering a foray into the manufacturing of EVs.</li><li>JSW Group company <keyword id="45609" type="DOMAIN" weightage="20" keywordseo="jsw-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="jsw steel" meta.entityname="JSW Steel Ltd." meta.entityid="8352" meta.seoname="jsw-steel-ltd">JSW Steel</keyword> owns and operates a one million tonne per annum (MTPA) steel plant at <keyword id="6357470" type="General" weightage="20" keywordseo="salem" source="Orion">Salem</keyword> in <keyword id="20154" type="General" weightage="20" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>. </li></ul>Sajjan Jindal-led conglomerate JSW Group is considering a foray into the manufacturing of electric vehicles, according to a top official of the group. "The group had examined EV manufacturing plans earlier also but now it is becoming attractive," JSW Group Chief Financing Officer Seshagiri Rao told PTI. The manufacturing of EVs is being discussed actively at the group level, he said while divulging JSW Group's plan to expand its presence into more sectors. The group is looking to manufacture four-wheelers, Rao said. When asked about details of the manufacturing location, he said it is yet to be decided. On the timeline for the launch of an EV manufacturing facility, he said, "it (plan) is at advanced stages." JSW Group company JSW Steel owns and operates a one million tonne per annum (MTPA) steel plant at Salem in Tamil Nadu. The company manufactures auto-grade steel at Salem plant and supplies the high-value steel to automobile companies including the EVs makers. Besides, the USD 22 billion group has a significant presence in sectors like energy, infrastructure, cement, paints, <keyword id="15308892" type="TOPIC" weightage="60" keywordseo="Venture-Capital" source="TOPIC" sourcekeytype="economy,investopedia" meta.keywordsubtype="null" meta.seopath="v/venture-capital" meta.entityname="Venture Capital" meta.hostid="153" meta.entityid="venture-capital">venture capital</keyword> and sports. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ces-2023-dates-news-products-and-what-to-expect/articleshow/96591686.cms">All-new Apple CarPlay features to AI for automobiles — here are some car technologies expected to arrive in 2023</a> <a href="https://www.businessinsider.in/tech/news/ces-2023-dates-news-products-and-what-to-expect/articleshow/96591686.cms">CES 2023: Dates, news, products, and what to expect</a>

JSW Group mulls foray into EVs, to manufacture 4-wheelers

New Delhi, Feb 12 () India needs to strengthen domestic manufacturing capacity in various areas, including antibiotics, to reduce dependence on China, industrialist Sajjan Jindal said on Wednesday. Almost entire requirement of raw material required for antibiotics is imported from China, which means that it controls the Indian market for antibiotics, the JSW Group chairman said in a statement. "India should not become a victim to the Chinese strategy of incapacitating the critical sectors of our economy. It is high time the government acts on strengthening and expanding the manufacturing sector," he said. In a country like India, where the population is large and consumption is huge, "we cannot become slave to Chinese dominance," he said, adding the country needs a firm policy to protect the manufacturing industry from such predatory tactics. China, Jindal said, exploits its manufacturing scale to manufacture goods of critical importance and then dumps it into other countries at an undercut price which makes the local industry unviable and they are forced to shut operations. ABI ABM

Industrialist Sajjan Jindal urges govt to strengthen domestic manufacturing sector

Industrialist <keyword id="83507" type="PERSON" weightage="20" keywordseo="Sajjan-Jindal">Sajjan Jindal</keyword> on Tuesday said measures needed to taken as early as possible to prevent the country's <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> from falling into a slumber. His concerns come ahead of the scheduled end of the nationwide lockdown on May 3. The lockdown has had a positive effect in containing the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>, but it is imperative to also move focus on economic wellbeing, the <keyword id="144036" type="COMPANY" weightage="20" keywordseo="JSW-Group">JSW Group</keyword> Chairman said. "We need to rise now to ensure that the economy does not fall into a slumber that will take huge efforts to awaken. A depression in the economy is also a threat to this nation," he said in a statement. The virus will be a threat till its vaccine is found, Jindal said. "However, we need to find ways to work within a 'new normal' to bring this economy back to capacity in the shortest period of time, " he said. To contain spread of highly contagious COVID-19 virus, the government had announced a 21-day lockdown from March 25, which was further extended till May 3. Initially a complete lockdown had impacted businesses in every sector of the economy. However, the government provided relaxation to industries from April 20 to lessen its impact on the economy. This move allowed many companies across sectors to resume their operations. A company spokesperson said <keyword id="45609" type="DOMAIN" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword>, which had reduced its production levels, has brought it back to the normal level. <keyword id="13852" type="COMPANY" weightage="20" keywordseo="JSW">JSW</keyword> Steel's all seven blast furnaces across country are now fully operational, he said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India state wise</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

Urgent need for measures to prevent economy from falling into slumber, says industrialist Sajjan Jindal

MUMBAI: Sajjan Jindal-led <keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> has entered into a definitive agreement with <keyword id="2478848" type="UNKNOWN" weightage="20" keywordseo="Welspun-Enterprise">Welspun Enterprise</keyword> (WEL), to acquire the entire equity shares held by the latter in Welspun Maxsteel (<keyword id="2478982" type="ORGANIZATION" weightage="20" keywordseo="WMSL">WMSL</keyword>) for an enterprise value of Rs 1,000 crore plus net current assets as of August 31. The move is aimed at achieving the strategic goal to enhance its steel production to 40 MTPA in the next decade from 14.3 MTPA now. The agreement is subject to the relevant regulatory approvals and customary closing conditions. 
 
WMSL has an installed capacity of 0.9 MTPA gas-based DRI plant, with a captive jetty and a captive railway siding and the steel unit is situated in close proximity to JSW’s Dolvi unit, offering complimentary infrastructure and location to augment the current envisaged expansions at Dolvi. “In line with this objective, JSW wishes to acquire the equity shares of WMSL,” said the company in a statement on Monday evening. 
 
Seshagiri Rao, joint MD &amp; group CFO, JSW Steel, said, “This acquisition is value-accretive to JSW Steel due to synergies in supplying surplus pellets to Welspun MaxSteel and use of DRI from WMSL in company’s steel-making operations at Dolvi plant.” 
 
DRI plant is located in Salav village in Raigad district of Maharashtra. The captive jetty has an existing capacity of 2.5 MTPA, which is located at 1.8 km from the plant, while the captive railway siding is located at Roha junction on national Konkan Railway, 35 km from the DRI plant. WMSL also has vacant land of approx. 480 acres, available for future expansions. 
 
The company has surplus pellets in its subsidiary Amba River Coke which will be supplied to WMSL. The cost of production in WMSL is expected to come down due to replacement of significant portion of its bought-out pellets with captive pellets. The DRI produced by WMSL shall initially be used partly by the company’s Dolvi unit, and would be consumed in the entirety post completion of its ongoing expansion to 5 MTPA. 
 <keyword id="85953" type="COMPANY" weightage="20" keywordseo="Ernst-Young">Ernst &amp; Young</keyword> and Luthra &amp; Luthra carried out financial and legal due diligence, respectively, for JSW Steel. 
 
WEL identified WMSL as one of its non-core businesses. So it decided to exit the same. Also, the plant was running below its capacity due to irregular supply of natural gas from contracted suppliers, said WEL in a statement, adding that the transaction will strengthen company’s capabilities by synergizing all resources and reduce net debt liabilities considerably. 
 
JSW Steel shares closed up marginally at Rs 1,277 while shares of WEL closed down 5% at Rs 257 in a firm Mumbai market on Monday. The deal was announced after the closure of market hours on Monday.

JSW Steel To Buy Welspun Maxsteel

NEW DELHI: <keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> has acquired <keyword id="192578" type="CITY" weightage="20" keywordseo="Lanco-Infratech">Lanco Infratech</keyword>’s 1,200 mw Udupi thermal power plant in a Rs 6,000-crore transaction, marking the second mega deal in twoand-a-half weeks for the sector that is seeing a spurt of fund-raising and M&amp;A activity after being down in the dumps for years. 
 The deal, the largest in thermal power in terms of value and capacity, catapults the <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="Adani-Group">Adani Group</keyword>, already India’s biggest private sector power producer, to a bigger league with a capacity of nearly 10,000 mw while helping Lanco reduce debt. 
 
Lanco Infratech, which has a market capitalisation of Rs 2,054 crore, said it will receive Rs 2,000 crore in cash and transfer debt of about Rs 4,000 crore to Adani. 
 Adani pipped other bidders including Mumbai-based <keyword id="83507" type="PERSON" weightage="20" keywordseo="Sajjan-Jindal">Sajjan Jindal</keyword> in the acquisition of the Udupi plant, which runs on imported coal and sells 90 per cent of the power to Karnataka and 10 per cent to Punjab. 
 Adani was also in the race for the Jaypee group’s hydropower portfolio, India’s largest, but lost out to <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="6360089" type="COMPANY" weightage="20" keywordseo="Reliance-Power">Reliance Power</keyword> which signed the initial pact for the Rs 12,000-crore deal. After the Jaypee deal, ET had reported that Adani was aiming to acquire 5,000 mw of capacity. 
 
The sellers, in both cases, were driven by the need to pare debt that had ballooned in recent years when the power sector was in deep trouble, with many plants stranded due to lack of fuel, low tariffs and distribution bottlenecks. 
 
However, the sector’s outlook has improved significantly after the change in government in May this year, increasing the appetite of potential buyers and prompting some sellers to seek higher valuation for their assets. 
 
In recent months, infrastructure firms raised about Rs 5,000 crore from qualified institutional placement (QIP), or share sales to institutional buyers. The flurry of transactions augur well for the sector and is expected to breathe life into so-called stranded assets -- power plants that are running below capacity on account of fuel shortages -- and repair distressed balance sheets of sellers. 
 Lanco and Adani said in a statement that the deal is valued at more than Rs 6,000 crore. Even before the transaction, Lanco had signed an agreement with the <keyword id="58906" type="ORGANIZATION" weightage="20" keywordseo="Karnataka-government">Karnataka government</keyword> to expand capacity by a further 1,320 mw, to a total of 2,500 mw. 
 
Udupi is India’s first independent power project in the country based on 100 per cent imported coal with a captive jetty of 4 million tonnes per annum and an external coal-handling system located at Mangalore Port. The capacity can be expanded to handle another 4 million tonnes, Lanco said. 
 
"For Lanco Infratech, this transaction will support the company in reducing its debt and will enable Lanco to receive about Rs 2,000 crore as cash and additionally, Adani Power will take Udupi Power’s long-time debt of around Rs 4,000 crore," the statement said. 
 
As reported by ET, experts and industry players expect infrastructure companies to raise Rs 8,000-10,000 crore more through QIPs, initial public offering (IPO) and other equity sale. They also believe more deals in the renewable energy, thermal power and road sectors are in the pipeline as highly leveraged companies have been looking to sell stake in projects.

Adani Power Buys Lanco Infratech’s Udupi Thermal Power Plant

Top 10 richest people in Asia in 2024

Sajjan Jindal-owned <keyword id="146214" type="General" weightage="100" keywordseo="jsw-infrastructure" source="Orion">JSW Infrastructure</keyword> has filed preliminary papers with capital markets regulator Sebi to raise up to Rs 2,800 crore through an initial public offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>) to retire debt and support its expansion plans. JSW Infrastructure will be the third company of the <keyword id="144036" type="General" weightage="80" keywordseo="jsw-group" source="Orion">JSW Group</keyword> to be listed on the bourses after JSW Energy and JSW Steel. The ports business of the JSW Group filed the DRHP on May 9. Going by the draft papers, the IPO is purely a fresh issue of equity shares with no offer-for-sale (OFS) component, and the promoters will not be diluting their current stake through the issue. The company will use the proceeds to retire its debt as well as to fund its capacity expansion projects, as per the draft red herring prospectus (DRHP). JSW Infrastructure has an installed cargo handling capacity of 153.43 million tonnes per annum (MTPA) for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers. As of December 31, 2022, JSW Infrastructure had a net debt of Rs 2,875 crore. The company had a profit after tax (PAT) of Rs 447.2 crore in October-December 2022-23 and Earnings Before Interest, <keyword id="6368033" type="General" weightage="50" keywordseo="taxes" source="Orion">Taxes</keyword>, Depreciation, and <keyword id="990685" type="General" weightage="50" keywordseo="amortisation" source="Orion">Amortisation</keyword> (EBITDA) of Rs 1,268.6 crore. JM Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book running lead managers. The equity shares are proposed to be listed on BSE and NSE. Besides, the Sajjan Jindal-owned JSW Group is also into cement, paints, venture capital and sports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/receiving-calls-from-international-numbers-starting-with-254-84-63-report-and-block-say-experts/articleshow/100132580.cms">Receiving calls from international numbers starting with +254, +84, +63...; report and block, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/ibm-partners-with-nasa-to-monitor-natural-disasters-and-climate-change-using-ai/articleshow/100132462.cms">IBM partners with NASA to monitor natural disasters and climate change using AI</a>

JSW Infrastructure files draft papers; eyes ₹2,800 cr via IPO

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New Delhi, Mar 29 () The JSW Group on Sunday said it will extend a financial assistance of Rs 100 crore to combat the deadly coronavirus. Besides, the Sajjan Jindal-led group will also provide equipment to healthcare workers to deal with the situation, and its employees will donate one-day's salary to prevent the spread of the virus. "In light of the current COVID-19 crisis, the JSW Group has committed INR 100 crores to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) in support to all on-going relief efforts," JSW Group said in statement. Each employee of the JSW Group has also committed a minimum of a single day's salary as a donation to the fund, it said. Separate funds have been earmarked by the group to import ventilators to be supplied to healthcare facilities across the country, besides COVID-19 testing kits, personal protective equipment such as masks, gloves, among others, for health care workers. The statement further said that communities in and around the JSW Group facilities will be provided with staples and other essential dietary requirements As part of the relief work, many locations at facilities of the group companies are being turned into isolation wards to lessen the stress on community hospitals in the areas. JSW Group Chairman Sajjan Jindal said, "We are continuously evaluating the situation and are committed to assist the government in all ways possible to deal with all COVID-19 related fallouts. These immediate contributions is what we see is the need of the hour, and we have earmarked further monetary and non-monetary contributions so as to allow us to dynamically respond to all societal requirements in the future." The USD 14 billion JSW Group has presence in sectors like steel, energy, cement, infrastructure, paints and sports. ABI RVK

You Searched For "sajjan jindal " and got 9 results

JSW Group mulls foray into EVs, to manufacture 4-wheelers

PTI

Industrialist Sajjan Jindal urges govt to strengthen domestic manufacturing sector

PTI

Urgent need for measures to prevent economy from falling into slumber, says industrialist Sajjan Jindal

PTI

JSW Steel To Buy Welspun Maxsteel

Piyush Pandey

Adani Power Buys Lanco Infratech’s Udupi Thermal Power Plant

ET

Top 10 richest people in Asia in 2024

BI India Bureau

JSW Infrastructure files draft papers; eyes ₹2,800 cr via IPO

PTI

Which Zodiac signs do the biggest billionaires belong to?

Katya Naidu

JSW Group commits Rs 100 cr to fight coronavirus pandemic

PTI

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