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<ul><li>The <keyword id="14750713" type="General" weightage="50" keywordseo="jsw-technology-hub" source="Orion">JSW Technology Hub</keyword> will help develop solutions for steel manufacturing in India. </li></ul><ul><li>Both will collaborate on research, training, and technical studies on new and sustainable steel technologies. </li></ul><ul><li>The <keyword id="14752497" type="General" weightage="50" keywordseo="sajjan-jindal-steel" source="Orion">Sajjan Jindal Steel</keyword> Professor Chair will be instituted at <keyword id="61708" type="General" weightage="80" keywordseo="iit-bombay" source="Orion">IIT Bombay</keyword> for research in sustainable steel manufacturing and its use. </li></ul>Indian business conglomerate <keyword id="13852" type="General" weightage="100" keywordseo="jsw" source="Orion">JSW</keyword> Group and one of India’s premier engineering institutes, <keyword id="6354859" type="General" weightage="80" keywordseo="iit" source="Orion">IIT</keyword> <keyword id="6356654" type="General" weightage="80" keywordseo="bombay" source="Orion">Bombay</keyword>, have tied up to establish a technology hub for developing solutions for steel manufacturing in India. JSW will provide financial and technical support to IIT Bombay for constructing the JSW Technology Hub. IIT Bombay is expected to complete the construction by FY28. The JSW Technology Hub will be established within IIT Bombay’s Center of Excellence in Steel Technology (CoEST). Its key objective would be to achieve expansion of quality steel production while curbing carbon emissions. “Our thrust on R&amp;D and product development has made us the largest and preferred supplier across categories. JSW Group’s strategic partnership with IIT Bombay is a progressive step on our ongoing journey to be future-ready,” said <keyword id="216472" type="General" weightage="50" keywordseo="seshagiri-rao" source="Orion">Seshagiri Rao</keyword>, joint MD <keyword id="45609" type="General" weightage="50" keywordseo="jsw-steel" source="Orion">JSW Steel</keyword> and group CFO. JSW and IIT Bombay will collaborate on research, training and technical studies on new and emerging steel technologies. IIT Bombay will also institute the Sajjan Jindal Steel Professor Chair to enable focused training and research on new and emerging technologies in steel manufacturing. A joint steering committee will be established with representation from both IIT Bombay and JSW Steel to steer the technical collaboration between the two entities. “This powerful combination will jointly leverage IIT Bombay’s knowledge-rich faculties and JSW’s technical capabilities to develop novel industrial applications for steel manufacturing with focus on low carbon emissions,” <keyword id="13864" type="General" weightage="50" keywordseo="sangita-jindal" source="Orion">Sangita Jindal</keyword>, chairperson of JSW Foundation, said. “Our CoEST has a vision to facilitate the Indian steel sector to become a world leader, “ Subhasis Chaudhuri, Director, IIT Bombay added.

IIT Bombay and JSW Group to establish a technology hub for steel manufacturing

New Delhi, May 12 () The domestic steel sector will take a longer time to recover from COVID-19 disruptions and will need government's handholding to emerge from this crisis situation, a top industry executive said. The COVID-19 outbreak in India followed by the lockdown has impacted the steel industry severely. It has created demand destruction, affected the output of steel players as well as the supply chain, Seshagiri Rao, Joint Managing Director and Group CFO of JSW Steel said. "Government handholding is required either by monetary measures or fiscal measures to support it (steel sector)... as the recovery will take take a much longer time in India," he said. The nationwide lockdown since March 25 to contain the spread of coronavirus is scheduled to end on May 17. Speaking on the challenges of Micro, Small &amp; Medium Enterprises in the sector, Rao said they are not able to get working capital and are facing issues with availability of workforce and logistics movement. Following the coronavirus-induced lockdown, the total production of crude steel in April this year came down by nearly 65 per cent. It was produced by only six large players of the sector including JSW Steel. The six big companies could operate on an average of 51 per cent capacity utilization, balance companies' capacity utilization fell by 94.5 per cent. The top six steel making companies in India are Tata Steel Ltd, JSW Steel, Jindal Steel and Power Ltd, ArcelorMittal Nippon Steel India, Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd. During April 2020, demand fell by 91 per cent to just 7 lakh tonne compared to about 7.5 MT of steel in April 2019, Rao said adding that bank lending to the sector also witnessed a significant decline. Rao said the industry needs to relook at at its entire financial and risk management models, do rationalisation of manpower and undertake other measures to become cost effective. He further said large steel companies are looking for opportunities available globally. Steel exporting countries like Russia, Japan are badly affected. China has also been affected. "We need to look at steel importing countries until India recovers," he said. ABI DRRDRR

Steel sector needs govt's handholding to recover from COVID-19 disruptions: Seshagiri Rao

<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, Jan 27 () Shares of JSW Steel on Monday fell by over 4 per cent after the company reported a 88 per cent decline in consolidated net profit for the December 2019 quarter.
 The scrip tanked 3.35 per cent to close at Rs 262.85 on the BSE. During the day, it dropped 5 per cent to Rs 258.35.
 On the NSE, it fell 4.24 per cent to close at Rs 260.35.
 In traded volume terms, 4.64 lakh shares of the company were traded on the BSE and 1.7 crore units exchanged hands on the NSE.
 JSW Steel reported a 88 per cent decline in consolidated net profit to Rs 187 crore for the December 2019 quarter, mainly due to lower net sales realisation that pulled down the revenues.
 The company had reported a profit after tax (PAT) of Rs 1,603 crore in the corresponding quarter of the previous financial year.
 Its consolidated income during the October-December 2019 period was Rs 18,182 crore, registering a fall of 10.6 per cent over the year-ago period.
 "2019, especially the July-September quarter, witnessed an adverse impact of global economic slowdown on the steel industry with the production increasing significantly on one hand and prices falling, on the other hand. Similar trend was seen in the second quarter of 2019-20 in India, which was a major setback for domestic steel manufacturers," the company's Joint MD and Group CFO Seshagiri Rao had told reporters in Mumbai. 
 During the quarter, net sales realisations declined 7 per cent sequentially and 23 per cent year-on-year. 
 



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JSW Steel shares fall over 4 pc after disappointing Dec qtr results

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.

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IIT Bombay and JSW Group to establish a technology hub for steel manufacturing

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JSW Steel shares fall over 4 pc after disappointing Dec qtr results

PTI

JSW Steel To Buy Welspun Maxsteel

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