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Going Beyond
Boundaries
Jindal Steel & Power Limited
A N N U A L R E P O R T 2 0 0 9 - 1 0
Contents
Our new logo
The Jindal Flag is a symbol of integrity, quality and action. The flag’s fluid lines reflect the agility and
dynamism that is part of our brand’s essential character. The colours of the Jindal Flag are derived
from the Indian tricolour. They are a symbol of our commitment to the nation’s development and
the pride we take in its progress.
1 - 19
JSPL Overview
2 Group Highlights
4 Founding Chairman’s Vision
5 Chairperson’s Inspiration
6 EVC & MD’s Message
8 An Introduction to JSPL
12 Financial Highlights
14 JSPL Commitment
16 Product Profile
20 - 47
Review of Operations
20 Operational Capabilities and Review
24 Expansion Initiatives
28 Human Capital Review
30 Group Businesses
34 Corporate Social Responsibility Initiatives
40 Environment Conservation Initiatives
44 Recognition and Awards
45 Key Performance Indicators
46 Board of Directors
47 Management Team
48 - 105
Board and Management Reports
48 Notice of Annual General Meeting
60 Directors’ Report
68 Annexures to Directors’ Report
76 Corporate Governance Report
93 Auditors’ Certificate on
Corporate Governance
94 Management Discussion and
Analysis Report
106 - 207
Financial Statements
107 Standalone Financial Statements
153 Consolidated Financial Statements
192 Subsidiary Financial Statements
(Subansiri Hydro Electric Power Co. Ltd)
207 Proxy Form
A story of dynamism. Youthful courage.
And breaking down of psychological
and physical barriers. To extend beyond
familiar boundaries.
A leading domestic player in steel,
power, mining, coal to liquid and
infrastructure, JSPL is extending its global
footprint and exploring business avenues
in high growth markets. We have
consistently tapped global opportunities
by increasing production capacity,
diversifying investments and leveraging
core capabilities to venture into new
geographies across the world.
We are bringing far-reaching socio-
economic difference in multiple cultures
and communities across India, China,
Georgia, Mozambique, Democratic
Republic of Congo and Indonesia,
among others.
Over the last one and a half
decades, JSPL has grown from
strength to strength.
We manufacture the world’s longest rail
(121 m) in India, possess the world’s
largest coal-based sponge iron facility,
and produce economical power from
waste heat.
Today, JSPL is a picture of both evolution
and constancy.
Our priorities, people and possibilities
have evolved.
Our time-honoured values of passion for
people, business excellence, integrity,
ownership and sense of belonging and
social initiatives remain constant.
And the common thread that binds the
ever-changing with the constant is
the mind.
We believe all constructive movement
starts from an energised mind, which
later reflects in external initiatives. If
we break predefined barriers, focus
on the overarching vision with more
determination and courage, our
initiatives can open new vistas of growth
and development, enhancing the quality
of life for all stakeholders.
At JSPL, we
have an
exciting
story to tell.
Rs. 60,000 crore (USD 12 billion)…
…is the size of the O.P. Jindal Group, which has emerged as
one of India’s most dynamic business groups over the past
three decades, of which JSPL is a part
Rs. 11,091 crore (USD 2.5 billion)…
…is JSPL’s consolidated turnover in 2009-10
Rs. 1,50,000 crore (USD 30 billion)…
…is JSPL’s investment commitments in steel, power, coal to
liquid and mining
Rs. 30,000 crore (USD 6 billion)…
…is the largest private sector investment commitment in
Chhattisgarh
15,000…
…is the collective pool of JSPL’s strong and committed
workforce
(Rs.)
2008-09
2009-1039.05*
194.63
(Rs. in crores)
20.86
2008-09
2009-103634.56
3,007.15
(Rs. in crores)
12.92
2008-09
2009-105907.99
5,231.81
(Rs. in crores)
6%
2008-09
2009-1011,151.82
10,913.37
Total Income EBIDTA PAT EPS
Performance snapshot (Consolidated figures)
JSPL allotted 775,651,530 bonus shares of Re. 1 each on 19.09.2009 in the ratio of 5 bonus shares for each existing
equity share of Re. 1 leading to an increase in number of outstanding shares from 154,652,683 in 2008-09 to
931,234,082 in 2009-10. This has resulted in a lower EPS.
*
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Global footprint
Bolivia
Congo
South Africa
Madagascar
Indonesia
Australia
China
India
Georgia
Oman
Mozambique
Zimbabwe
Registered Office
Corporate Office
Works
Mines
Branch Office
Hisar
Delhi Gurgaon
Faridabad
Ahmedabad
Mumbai
Hyderabad
Nagpur
Raipur
Angul
Bhubaneswar
Tensa
Barbil
Kolkata
Ranchi
Patratu
Raigarh
Dongamahua
Chennai
Bangalore
Marketing Office
Stockyards
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Management Discussion and
Analysis Report
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“India has come a long way since Independence.
But if it wants to attain inclusive growth in every
sense of the word, the fruits of growth must be
equitably distributed to all sections of the society,
including the lowliest of the low. I am confident
that this is possible if every individual, every
government and every corporate joins hands to
translate this idea into reality. I look forward to
that day when national prosperity will not mean
economic growth for a select few, but for India’s
entire billion-plus population.”
Founding Chairman’s vision
Late Shri O.P. Jindal, Founding Chairman
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Chairperson’s inspiration
Smt. Savitri Jindal is carrying forward her husband’s life-long
mission of bringing about meaningful change in the life of every
Indian through corporate and community engagements. She has
always believed, like her husband the late Shri O. P. Jindal, that
India has to reconcile economic development with social well
being to bring about inclusive development; development that
is sustainable and development that touches the lives of India’s
billion-plus population. She is involved in multiple social welfare
initiatives, benefiting disadvantaged sections of society. As the
Group Chairperson, she provides guidance and inspiration to
JSPL to reach greater heights of glory. Her motivation has also
enabled JSPL to enhance its community support initiatives through
various welfare projects in the sphere of education, healthcare and
environment protection.
Smt. Savitri Jindal, Chairperson
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To emerge as a major participant in the growth process,
JSPL is continuing with its strategic objectives of expansion
and development of existing reserves and capacity,
enriching its product portfolio, securing raw material
availability globally and implementing high standards of
corporate governance. In line with these objectives, there
is major action on the ground: expansion plans are being
executed at Chhattisgarh, Jharkhand and Odisha. Besides,
we have planned a Rs. 10,500 crore investment in Bolivia,
South America, in the coming years for mining and setting
up of an integrated 1.7 MTPA steel plant, 450 MW power
plant, 6 MTPA sponge iron and 10 MTPA iron ore pellet
plant. JSPL’s commitment to highest standards of corporate
governance is reflected in transparent stakeholder
communication, and the underlying element of trust that
we have been able to create among local residents in the
multi-cultural locations of our presence through corporate
and community engagements.
I am happy to note that we performed satisfactorily in
2009-10. Our turnover touched Rs. 11,151.82 crores,
marginally higher than Rs. 10,913.37 crores that we
reported in 2008-09. We reported a Rs. 3,634.56-crores
net profit against Rs. 3,007.15 crores in 2008-09. We have
always adhered to our long-term strategies of developing
market leadership and enhancing our business performance
with advanced technologies, efficient cost structures and
a discerning knowledge of market opportunities across
geographies. We also allotted 77,56,51,530 bonus shares
of Re. 1 each in the ratio of 5 bonus shares for each
existing equity share of Re. 1 in the last fiscal as a way of
rewarding our shareholders and enhancing liquidity.
JSPL’s commitment to highest standards of
corporate governance is reflected in transparent
stakeholder communication, and the underlying
element of trust that we have been able to create
among local residents in the multi-cultural locations
of our presence through corporate and community
engagements.
EVC & MD’s message
Mr. Naveen Jindal, Executive
Vice Chairman and Managing
Director, JSPL, shares his insight
about the Company and the
steel industry, domestic and
global.
The times are momentous. There is a tectonic shift
in the concentration of economic strength from the
advanced economies to the developing nations of Asia,
Latin America and the CIS countries. This is of particular
relevance for countries like India and China, which are
registering strong and sustainable economic growth in
Asia. India’s economic growth is catalysed by growing
domestic markets and demand emanating from bottom-
of-the-pyramid wealth. The role of the Indian government
has been noteworthy in this regard in terms of ensuring
a proper regulatory framework under which the economy
can grow and provide the necessary fiscal stimulus to
accelerate economic revival.
India’s steel industry has been benefited by these
developments as domestic requirements are growing
rapidly and downstream industries are witnessing a
high demand. India’s per capita steel consumption is
still abysmally low: around 45 kg, vis-à-vis the world
average of 196 kg. So there is a considerable room for
consumption growth, which will attract investments for
more capacity creation across the next decade. Besides, as
the economies of several nations return to normalcy, the
demand for steel-based goods will surge. This is reflected
in the growing demand for automotive products, building
construction and large infrastructure projects, which were
deferred owing to the slowdown.
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JSPL, along with its subsidiaries, is in the right sectors,
at the right time with the right mix of dedication and
talent to emerge as the creator of next-generation steel
and power on the strength of its advanced technologies,
efficient cost structures, enduring focus on innovation,
consistent investments to secure stable sources of raw
materials and companywide consolidated management.
In continuing with the vision of our founding Chairman
late Shri O.P. Jindal, JSPL has always tried to reconcile corporate
growth with community uplift. This spirit is reflected in our
numerous social outreach programmes in the sphere of education,
healthcare, livelihood creation, preservation of indigenous art,
culture, sports and so on. It is pertinent to mention here that JSPL
was recently conferred with the Corporate Social Responsibility
Excellence Award by the Associated Chambers of Commerce and
Industry of India (ASSOCHAM) in recognition of its significant
contribution for promoting and propagating Corporate Social
Responsibility (CSR) initiatives. JSPL has won many accolades
for its CSR initiatives. Notable among them is the ‘Transforming
Vision into Reality’ Award for 2009-10 that it bagged at the CSR
Quest 2010 at Ranchi recently.
Steel and power will remain relevant as the major drivers
of infrastructure development and economic development,
nationally and globally. JSPL, along with its subsidiaries, is in the
right sectors, at the right time with the right mix of dedication
and talent to emerge as the creator of next-generation steel and
power on the strength of its advanced technologies, efficient cost
structures, enduring focus on innovation, consistent investments
to secure stable sources of raw materials and companywide
consolidated management. This futuristic mindset is illustrated
by the theme of this year’s report. It is relevant to mention in this
context that we have undertaken rebranding initiatives with a
new corporate identity to reposition ourselves as a dynamic Indian
multinational. This new identity communicates a contemporary
mindset, tremendous surge of energy and commitment to harness
our energies to create enhanced stakeholder value.
As we move ahead to the next frontier of growth and integrated
excellence, I seek the support and encouragement of all our
stakeholders, who made our journey since inception smooth
and rewarding.
Naveen Jindal
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what we
want to be
Step into a journey through our world.
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Vision
“To be a globally admired organisation that enhances the quality of
life of all stakeholders through sustainable industrial and business
development”.
Mission
We aspire to achieve business excellence through:
•	 The spirit of entrepreneurship and innovation
•	 Optimum utilisation of resources
•	 Sustainable environment friendly procedures and practices
•	 The highest ethics and standards
•	 Hiring, developing and retaining the best people
•	 Maximising returns to stakeholders
•	 Positive impact on the communities we touch
Values
•	 Passion for People
•	 Business Excellence
•	 Integrity, Ownership and Sense of Belonging
•	 Sustainable Development
Strong pillars
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CURREnT CaPaCITy
•	 3 MTPA integrated steel plant at
Raigarh, Chhattisgarh
•	 1.4 MTPA sponge iron plant
•	 1.7 MTPA pig iron plant
Comprises captive power plants,
wind power plants as well as IPPs
under Jindal Power Ltd, a company
promoted by JSPL
COaL TO LIqUID PROJECT
• Ramchandi Promotional Coal
Block in Odisha allotted by the
Government of India
• Estimated reserves of 1,500
million tonnes
•	 Captive coal mine (6 MTPA capacity)
at Dongamahua, Chhattisgarh; also
set up a coal washery with 6 MTPA
capacity
•	 Captive coal mine of JPL at Tamnar
extracting about 5.25 MTPA
Plans to set up a 2 MTPA slag and
flyash cement plant at Raigarh
Business portfolio and expansion plansBusiness
• Incorporated in 1979
• Installed capacity of 3 MTPA of steel,
358 MW captive power plant and 1,000
MW of independent power produced with
captive coal and iron-ore mines
• Mining 6 million tonne coal, the largest
mining by a private company
• Market leader in coal-based sponge iron
industry in India
• Offers a wide product basket catering to
the steel market’s each and every need,
which includes large sized parallel flange
beams, 121 metre rails, coils and plates,
sponge iron, semi finished steel, power
and ferro alloys
• The group includes Jindal Power Limited,
Jindal Steel Bolivia and Jindal Cement
Presence
• Headquartered at New Delhi, India
• Plants located at Raigarh in Chhattisgarh,
Angul in Odisha and Patratu in Jharkhand;
Machinery division is located in Raipur;
Captive coal mines are located in
Dongamahua and Tamnar, Chhattisgarh and
Iron ore mines at Tensa, Odisha
• Offices located at seven locations and six
stockyards, ensuring pan-India footprint
• Global presence in Brazil, Bolivia, Georgia,
China, Mongolia, Mozambique, Democratic
Republic of Congo, Indonesia, Madagascar,
South Africa and the Sultanate of Oman
• Listed on the National Stock Exchange (NSE)
and Bombay Stock Exchange (BSE) in India
Steel
Power
Coal to Liquid /
Oil & Gas
mining
Cement
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India Expansion plans
•	 12.5 MTPA integrated steel plant at
Angul, Odisha
•	 11 MTPA integrated steel plant at
Patratu, Jharkhand
•	 7 MTPA integrated steel plant at
Raigarh, Chhattisgarh
Bolivia plans
•	 1.7 MTPA integrated steel plant
•	 6 MTPA sponge iron plant
•	 10 MTPA iron ore pellet plant
Captive power plants
•	 358 MW operational CPP for the steel plant at
Raigarh
•	 540 MW CPP planned for further expansion
•	 810 MW CPP planned for the steel plant at Angul
•	 450 MW CPP planned for the steel plant at Bolivia
Jindal Power Limited
Project portfolio of 15,660 MW at various stages of
planning, implementation and operation
•	 1,000 MW operational thermal power project at
Tamnar in Raigarh
•	 10,480 MW new capacity under implementation
•	 4, 414 MW under planning
•	 Production capacity of 80,000 barrels per day
(4 MMTPA)
•	 Technical tie-up with M/s Lurgi of Germany
•	 Fixed Bed Dry Bottom Technology to be used
•	 Total project cost: Rs. 420 billion (US$9 billion)
Jindal PetrolEum Limited
An affiliate company, M/s. GTL International (GTLI)
owns the Palmar Block (total investments are 20
million dollars in 2 wells plus a production plant).
GTLI is studying the deepening of existing wells and
has already formed a mixed partnership with the
Bolivian State company YPFB, named YPFB GTLI SAM,
for exploring 4 blocks (Itacaray, Rio Beni, Almendro
and Cupesito)
•	 Captive iron ore mine at Tensa, Odisha, extracting
about 3 MTPA
•	 Also forayed into the exploration and mining
of high value minerals (diamonds) in places like
Chhattisgarh, Jharkhand and the Democratic
Republic of Congo
•	 Acquired the development rights for 20 billion
tonne of EL Mutun Iron Ore Reserves in Bolivia
Plant details
•	 1.25 MTPA Clinker
•	 0.5 MTPA Slag
•	 0.25 MTPA Flyash
Cement production
•	 2 MTPA
Key project features
•	 Kiln capacity: 3,500 TPD
•	 Construction period: 24 months
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POST BaLanCE ShEET DEvELOPmEnT
Through our 100% subsidiary Jindal Steel & Power (mauritius) Limited, mauritius (JSPLm) we acquired
Shadeed Iron & Steel Co. LLC (SISCO), a company incorporated under the laws of the Sultanate of
Oman. The project is under commissioning and is expected to commence commercial operations in
the 1st quarter of fy 2011-2012. This is a significant acquisition for JSPL as the facility is engineered
by Kobe Steel (Japan) and midrex (USa), leaders in the field of direct iron technology. The completed
cost of the project is estimated to be US$525 million. we have recently acquired several coal and
iron ore mines in africa and Bolivia. There is a strong demand for steel in the middle East and north
african countries, with a supply shortfall estimated to be more than 15 million tonnes. SISCO is
installing 1.5 mTPa gas-based hot Briquetted Iron (hBI) Plant at the industrial port area of Sohar,
Oman to cater to this demand.
(Rs. in crores)
11,151.82
10,913.37
2005-06
2006-07
2007-08
2008-09
2009-10
(Rs. in crores)
5,907.99
1,034.33
1,431.58
2,162.61
5,231.81
2005-06
2006-07
2007-08
2008-09
2009-10
(Rs. in crores)
3,634.56
572.94
702.99
1,236.96
3,007.15
2005-06
2006-07
2007-08
2008-09
2009-10
Total Income EBIDTA PAT
2,617.76
3,548.78
5459.87
Our performance over the years #
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(Rs.)
39.05*
37.21
45.66
80.34
194.63
2005-06
2006-07
2007-08
2008-09
2009-10
(%)
125*
300
360
400
550
2005-06
2006-07
2007-08
2008-09
2009-10
Earning Per ShareExports Dividend
(Rs. in crores)
410.41
371.85
592.84
653.01
1021.37
2005-06
2006-07
2007-08
2008-09
2009-10
figures relating to 2009-10 and 2008-09 are consolidated and those relating to
2007-08, 2006-07 and 2005-06 are standalone.
JSPL allotted 775,651,530 bonus shares of Re. 1 each on 19.09.2009 in the ratio
of 5 bonus shares for each existing equity share of Re. 1 leading to an increase in
the number of outstanding shares from 154,652,683 in 2008-09 to 931,234,082
in 2009-10. This has resulted in a lower EPS and dividend percentage.
*
#
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In our quest for global competitiveness, we are
creating capabilities that transcend boundaries.
Creating
timeless
value
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Strengthening
foundation
Leveraging capabilities
to offer premium grade
steel to drive the
Indian economy.Nurturing people
Rearing talent; promising
excellence and personal
growth to employees.
Protecting nature
Restoring balance by
creating a cleaner and
greener environment.
Realising
hopes
Reaching out to bring
smiles, realise hopes
and touch lives through
meaningful social
initiatives.
Exploring
riches
Adding new dimensions
to business through
exploration of high value
minerals, metals and
precious stone.
Expanding
horizons
Transcending the
national boundary to make
meaningful international
collaborations.
Shaping
structures
Commissioned India’s
first plate mill, producing
plates and coils of
cutting edge quality.
Building
bases
Providing impetus to
the construction industry
by offering extremely
flexible and cost-effective
H-Beams.
Connecting
places
Revolutionised the
railways sector by
introducing the world’s
longest rails,
for the first time
in India.
Spreading light
Embarking on a journey
towards establishing a
‘Power Sufficient India’.
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Developing
holistic
excellence
We are enhancing innovative capabilities and we
are delivering products that integrate resources and
customers globally.
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Rails
We pioneered the manufacture of 121 metre long track rails
in the Indian sub-continent. The world’s longest track rails are
a testimony of our manufacturing capabilities, thanks to our
ceaseless drive for innovation. These ‘A’ class rails ranging from 13
m to 121 m length will make the introduction of high speed rails
in India, a reality. We are equipped with state-of-the-art facilities
that enable continuous on-line inspection and quality control. This
aids compliance of specifications laid down by the Indian Railways
and international bodies. JSPL is also a preferred supplier for Crane
Rails, which find widespread usage in EOT Cranes as well as Gantry
Crane operations.
Sectoral use
Rail tracks for high speed trains, sidings of power plants, refineries,
cement, fertiliser and steel plants. Crane rails for ports and
harbours, factories, mines, launch pads and shipyards.
Parallel flange sections
We pioneered the production of medium-size and large-size Hot
Rolled Parallel Flange Beams (H-Beams) and Column Sections in
India. As per Indian and international standards, these sections are
superior in terms of strength, efficiency, higher axial and bending
load bearing capacity, workability and economy, compared with
obsolete tapered flange beams. JSPL’s Parallel Flange Beams and
Columns enable complex fabrications in high volumes due to
inherent functional advantages of these sections. In addition,
we enhanced technical innovation and advancement by offering
H-Beams that are unmatched in quality, performance and cost
effectiveness. JSPL today rolls 32 different series and 91 different
variants (unit-weights) of H-Beams and Columns in 150 mm to
900 mm size (UB and UC, NPB/IPE, WPB/HE sections).
Sectoral use
Refineries, metro rail projects, airports, flyovers, power plants,
shopping malls, high rise buildings, stadiums, steel plant and
industrial sheds.
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Wire rods
We manufacture superior wire rods with technology from Morgan,
USA and equipped with advanced rolling equipment, such as
reducing and sizing mill (RSM), high speed shear, pinch rolls
and laying heads, along with controlled temperature rolling and
controlled cooling to meet the processing requirements of various
steel grades. This results in improved mechanical properties due to
finer and more uniform grain size, suitable for rapid spheroidised
annealing or high-yield strength with optimal scale weight and type.
JSPL offers wire rods (ranging from 5.2 mm-22.00 mm diameter) in a
wide range of steel grades.
Plates and coils
We are equipped with India’s first ‘one of a kind’ advanced plate
mill that produces plates and coils of 3.5 metres and 3 metres
width, for the first time in the private sector. These flat products
enjoy premium quality owing to sound steel refining properties and
very close rolling tolerances.
Sectoral use
General engineering, structural fabrication, hi-tensile and micro-
alloyed grades, pressure vessel and boilers, bridges and flyovers,
corrosion resistant applications, railway wagons, oil & gas pipe lines
and shipbuilding.
Fabricated sections
Manufacturing of sections H-beam, I-type beam and Box beam is
as per user’s specifications. Our fabrication sections meet the quality
standards demanded by the industry. Plates for the beams come
from our plate mill and are thoroughly inspected through various
quality checks, fully backed by mill certificates.
Sectoral use
Large support columns and beams for the manufacture and process
plants, airports, high rise buildings, power plants, stadiums and
flyovers, among others.
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Semi-finished products
We annually produce about three million tonnes of semi-finished products, which
are primarily used for captive use. We possess about 0.75 million tonne annual
capacity in rail and universal beam mill and one million tonne annual capacity in
plate and stackle mill.
Sectoral use
JSPL’s products find application in the Indian pipe industry, as well as various
leading integrated mills and rolling facilities in Europe, South East Asia, West Asia
and the Middle East.
Sponge iron
Ferro chrome Power
We possess the world’s largest coal-based sponge iron manufacturing facility,
emerging as the market leader in India’s coal-based sponge iron industry. This
is owing to our efficient backward integration as India’s only sponge iron
manufacturer, with captive raw material resources and power generation capacity
and product quality. The manufacturing capacity of 1.37 MTPA and metallic iron
content of more than 81% uses Direct Reduced Iron Process (DRI) method of
production and utilises 10 indigenously developed rotary kilns (6 kilns of 300 TPD
and 4 kilns of 500 TPD).
Our high-grade chrome ore is one of the prerequisites
for making ferro chrome, which is sourced from the
captive chrome ore mines in Odisha’s Sukinda Valley.
The ferro chrome plant (36,000 TPA production
capacity) is fully equipped with a modern laboratory,
complete with state-of-the-art testing facilities in line
with international standards.
To contribute significantly to India’s growing need
for power, we commenced power generation over a
decade ago. We operate a 358 MW power plant on
the premises of our steel plant in Raigarh. We have
operationalised a 24 MW wind energy plant at Satara
in Maharashtra.
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Enhancing
capabilities
Our extensive operations harmonize quality excellence,
superior technology and safer practices, aligned to
international norms.
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Iron ore mine 3 MTPA
Coal mine 6 MTPA
Sponge Iron (coal based) 1.37 MTPA
Hot Metal (Pig Iron) 1.65 MTPA
Total Steel 3 MTPA
* Rails and Structurals 0.75 MTPA
* Plates and Coils 1 MTPA
* Slabs, Rounds, Blooms and Billets, 1.25 MTPA
Captive Power Plant 358 MW
Wind Power Plant 24 MW
Operational capabilities
• Recorded highest production at DRI I and II, Coke Oven, Sinter plant, Blast Furnace I and II, SMS II,
Plate Mill and Power Plant
• Introduced facilities like bell less top charging and coal dust injection in the mini-blast furnace to
enhance productivity
• Reduced alumina through washing of iron ore fines
• Injected lime fines and sand to control EAF slag condition
• Commenced breakout prediction system at slab caster
• Modified cross transfer of billet caster to improve productivity
• Modified fume extraction system in EAF, which has improved furnace availability as well as
improvement of furnace floor environment
• Substituted imported limestone and costly limestone with indigenous Dolomitic limestone and
stabilisation of its use in EAF
• Undertook process development activities for achieving high productivity and reduction in coke rate
• Used increased volume of hot metal through launder for improvement in productivity and energy
consumption at EAF
• Upgraded lamellar cooling for increasing cooling at plate mill
• Fabricated various structurals mostly used by power plants using our own plates
• Developed 3,500 wide plates, 165 mm square billets and universal beam (457x152 mm); also
developed casted round sections (162, 200, 220, 255, 305 mm diameter) in our steel melt shop,
using indigenous technology
• Installed Solar Power Generator of capacity 20 KW and 5 KW on the roof tops of TG Building and
Guest House respectively as a part of Renewable Energy Development
2009-10 in retrospect
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Research and development
•	 Used bio-diesel as a substitute of imported coking coal to reduce fuel cost
• Reduced accretion in DRI Kilns to enhance productivity
• Eliminated longitudinal web crack in Beam Blank casting to enhance product quality
• Substituted cast iron coke door and Gas main header with heat-resistant steel plates developed and
rolled in the plant
• Eliminated internal crack in Boron treated steel for seamless pipe application
• Effect of washing of iron ore on sinter quality and parameters of Blast Furnace
• Developed low-carbon micro alloyed plate with reference to mechanical properties, grain size and
plate surface quality
• Developed fly ash brick with Gypsum and Hydrated lime
• Conducted study of the effect of spinel and chrome ore fines on accretion formation in DRI
• Modified design modification of COMBI caster tundish to reduce tundish skull weight in collaboration
with IIT Kanpur
• Conducted successful trial run of Break Out Prediction System (BOPS), developed in-house, for the
first time in India
JindalSteel&PowerLimited
Quality excellence
At JSPL, we focus on
delivering consistent product
quality, catering to customer
requirements and leading to
repeat purchase. All products
undergo stringent quality tests
to address multiple quality
parameters at various stages.
Some of the equipment used at
various stages of the production
process comprises- X-Ray
fluorescence (raw material
stage), Optical emission (steel,
in-process and semis) and
Universal Testing (finished
products), among others.
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Notice Directors’ ReportJSPL Overview Review of Operations
Technology that enhances trust
At JSPL, we work with
superior knowledge and
expertise available in the
industry globally. Some
of the world-class
technologies comprise Steel
Melting Shop (BSE, Germany),
Coal Gasification
Plant(Lurgi, South Africa),
Direct Reduced Iron
(Danieli, Italy), among others.
Safer practices
Safer industry practices represent a ‘way-
of-life’ at JSPL. Each day, we devise plans
and make sustained efforts to make our
work places safer and more conducive for
operations. Some of the relevant initiatives
comprise: regular training programmes
to enhance safety awareness; stringent
monitoring to improve compliance; prevention
of water stagnation; scrap yard developed to
put all scrap/ wastes at an identified place;
waste bins at required locations for waste
collection; collected waste is segregated for
systematic disposal; and propagation of safety
and environment messages through hoardings
and banners.
Coal to Gas plant at Iron Ore Pelletisation plant, Barbil
Training on safety awareness
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Reinforcing
extended
footprint
We are leveraging multi-locational opportunities on
the strength of our strategically located advanced
facilities and a secured raw material base.
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Notice Directors’ ReportJSPL Overview Review of Operations
Chhattisgarh
faCILITIES UnDER ImPLEmEnTaTIOn
•	 2 MTPA coal gasification and gas based DRI
•	 3 MTPA steel making facilities
•	 0.7 MTPA medium and light section mill is expected to be commissioned in 2010
•	 540 MW power plant is expected to be commissioned by March 2011
RESOURCES
•	 Existing coal mines at Raigarh, having about 200 MT reserves
•	 Existing iron ore mines at Sundergarh, Odisha
•	 Prospecting license for new iron ore mine in Bailadila, recommended by the government of Chhattisgarh
(estimated reserves of 80 MT)
ROaDmaP
• Coal gasifier
• Vertical Shaft Kilns for sponge iron production (with syn gas)
• 2 MTPA cement plant
• Pre-fabrication of pressure vessels
• 6 strand billet caster at indigenously developed combi caster
• Installation of additional de-dusting system at Steel Melt Shop
• 0.7 MTPA medium and light section mill for rolling 100 to 300 MM beams and channels with a provision to extend up
to 400 MM. With the commissioning of this mill together with rail and universal beam mill, it would be possible to
roll 100-900 MM wide structurals at Raigarh works. It would also have the capability to roll 100 to 150 MM angles
• New straightening machine at RUBM
Process of steel melting Continuous Casters
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Jharkhand
faCILITIES
• JSPL plans to establish a steel plant of 11 MTPA capacity and a captive power plant with a generation capacity of
2,600 MW in phases
•	 Setting	up	a	6	MTPA	steel	plant,	a	1,609	MW	captive	power	plant	(CPP)	at	Patratu,	a	5	MTPA	steel	plant	and	a
1,000 MW CPP at Asanboni.
•	 Independent	power	plants	of	1,320	MW	near	Dumka	and	1,320	MW	near	Godda	are	also	being	set	up.
ROaDmaP
• Setting up a 3 MTPA integrated steel plant at Patratu, Jharkhand. The facility will have two rebar mills of 1 MTPA each, a
Wire Rod Mill of 0.6 MTPA, Coke Oven of 1.5 MTPA, a Sinter Plant of 4.27 MTPA and a Blast furnace of 3 MTPA.
• Major orders for various equipment have been finalised.
• The first unit of 0.6 MTPA Wire Rod Mill was commissioned on 29th March, 2010 and was dedicated to the nation by
Shri Virbhadra Singh, Hon’ble Steel Minister, Government of India, Shri Subodh Kant Sahay, Hon’ble Minister for Food
Processing Industries, Government of India and Shri Shibu Soren, Former Chief Minister of Jharkhand .
• A Bar Mill of 1 MTPA capacity is expected to be commissioned by December, 2010. The integrated steel plant is expected
to be commissioned by 2012.
DEvELOPmEnTS
• JSPL’s 0.6 MTPA wire rod mill plant at Patratu is equipped with latest technology from Morgan, USA including Reducing
and Sizing Mill (RSM), high speed shear, pinch rolls and laying heads, along with controlled temperature rolling and
controlled cooling to meet the processing requirements of various steel grades.
• JSPL’s re-bar unit started equipment erection for re-heating furnace, cooling bed area and electrical equipment. JSPL
expects to commission the unit by end of 2010.
OThER maJOR faCILITIES
Coke Oven, Blast Furnace, Sinter Plant and Steel Melting Shop
Overview of Wire Rod Mill at Patratu, Jharkhand
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faCILITIES aT anGUL, ODISha
• Setting up of a 6 MTPA integrated steel plant at Angul in Odisha in a phased manner.
• Of the 4,331 acres required for the project, 4,000 acres have been acquired.
• Orders have been placed for equipment and civil structure.
• The first phase of the integrated steel plant is expected to be commissioned by 2012.
•		 A captive power plant of 810 MW at Angul is also being set up.
RESOURCES fOR ThE anGUL PROJECT
• A coal mine with estimated geological reserves of 228 MT has been allotted for the Angul project.
• An iron ore mine, to be allotted as per an MoU with the Government of Odisha.
• JSPL is setting up a coal gasification unit for its upcoming 6 MTPA steel facility in Angul, Odisha using the ‘fixed-bed
dry bottom coal gasification’ technology from Lurgi GmbH (Frankfurt, Germany). The Syngas produced at this plant
will replace natural gas used in the process of steel manufacture.
DEvELOPmEnTS aT BaRBIL
• Commercial production of the pellet plant commenced at Barbil in December, 2009.
• As JSPL is actively engaged in the promotion of alternative fuels, at Barbil, the pellet production will be through coal
gasification, replacing fuel. This is an innovative initiative, first-of-its-kind in the world, using circulating fluidised bed
technology for coal gasification.
Odisha
4.5 MTPA capacity Pellet Plant at Barbil, Odisha
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Nurturing
boundless
talent
Our human resource development model is closely
aligned to our vision to emerge as a globally acclaimed
organisation with a passionate zeal to enhance people
competence.
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Notice Directors’ ReportJSPL Overview Review of Operations
At JSPL, people play a pivotal role in fostering a culture of excellence and meritocracy. We are institutionalising robust
processes, people policies, systems and procedures through a Business Partnership Model. Our people initiative
encompasses the following:
PROJECT ‘UTTKaRSha’
JSPL has partnered with Hewitt Associates for a leadership
capability development project called ‘Uttkarsha’. As part
of the project, we identify high performing and potential
leaders through a talent mapping process that is validated
through our development centre and the 360 degree
feedback by Hewitt Associates and Dr. T.V. Rao Learning
Systems. We have coached 55 senior leaders on a one-
on-one basis up till now. Programmes like Leadership
in Pipeline and MDP-1&2 have been launched for the
development of high potential employees in the senior
and middle management. The average training duration
comprised five person-days in 2009-10.
ORGanISaTIOnaL TRanSfORmaTIOn
We have partnered with McKinsey Associates to enhance
a culture of professionalism, leading to a transformed
organisation. We undertook several initiatives for
complete clarity on roles and responsibilities and
critical processes, documented well established and
effective tools and processes and formed management
committees to enhance ownership and accountability.
The management committee(s) facilitates collective and
superior decision-making.
JInDaL LEaD manaGEmEnT GROUP: yOUnG
LEaDERShIP DEvELOPmEnT PLan
Fifteen young and best talents from top management
schools have been recruited as future leaders and trained
to develop a robust leadership pipeline.
TaLEnT aCqUISITIOn
Talent acquisition has remained the most critical and
focused HR aspect in terms of lateral and fresh hiring.
At JSPL, we have not just recruited the right talent to
catalyse organisational growth, but also introduced the
Psychometric Test and Competency Based Interview to
accelerate talent acquisition.
KnOwLEDGE manaGEmEnT PORTaL
This was launched to harness abundant knowledge
assets either in tacit (experience, learning from failure,
thumb rules, among others) or explicit (literature, reports,
failure analysis, among others) form and to organise and
transform the acquired knowledge for relevant use.
E-LEaRnInG (Gyan-DRIShTI PORTaL)
This was launched to offer a holistic learning that utilises
various electronic media to fully or partially deliver
training. It allows learners to monitor their pace in a
single-window interface. The learner can access the
repository on various modules. The steel, mining and
power technical module has been uploaded for the use of
concerned employees, and we are developing the Off-the-
Shelf Programme for a different group of employees.
SPOnSORED manaGEmEnT PROGRammES
JSPL commenced a company sponsored Executive Post
Graduate Program in management and has also issued
professional membership policy to expedite the process of
learning and knowledge accretion.
IT InfRaSTRUCTURE
JSPL’s Human Resource Information System has
facilitated access to critical organisational data,
expediting decision-making.
HR training in progress
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Instilling
overarching
vision
Inspired by the vision of embracing new ideas in
all aspects of business and performance, our group
is moving beyond predefined boundaries with
forethought, adaptability and innovation.
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JindalSteel&PowerLimited
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Jindal Power Limited
Driven by JSPL’s vision and ideologies, Jindal Power Limited (JPL), a company promoted by Jindal Steel & Power Limited
has been contributing to the growing needs of power in the country since its inception. JPL has earned the distinction
of setting up India’s first mega power project in the private sector at Tamnar in Raigarh, Chhattisgarh. The Company has
successfully commissioned a 1,000 MW (4x250 MW) Power Plant. Notable highlights of the plant are:
• A 7 km conveyer pipeline has been set up for coal transportation between the captive coal mines and the plant.
• The Company has constructed a 258 km, 400 KV Double Circuit transmission line from the plant to the PGCIL sub-
station at Raipur through which power can be sold anywhere in India.
• An 18 m high dam over the Kurket River, 25 km away from the project site, takes care of the plant’s water
requirements.
POWER
1,000 MW Thermal Power Plant at Tamnar, Raigarh
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ThERmaL
JPL has signed an MoU with the State Government of
Jharkhand to set up a 2,640 MW thermal power plant.
This step will catalyse growth and the development for the
mineral-rich region. JSPL plans to add 2,400 MW to the
existing capacity of the 1,000 MW thermal power plant at
Tamnar with around Rs. 13,410-crore investment.
hyDRO POwER
With its sights set to usher in a powerful future for
the nation, JPL has signed agreements to develop the
4,000 MW Etalin Hydroelectric Project, 500 MW Attunli
Hydroelectric Project and 1,600 MW Subansiri Middle in
Arunachal Pradesh in a joint venture with the Hydro Power
Development Corporation of Arunachal Pradesh Limited (A
Government of Arunachal Pradesh Enterprise) on a Build,
Own, Operate and Transfer (BOOT) basis. We believe that
the 4,000 MW Etalin Hydroelectric Project will be India’s
largest hydro project. All the projects are run-of-the-river
hydroelectric projects and will complement the state’s
power supply. We also plan to build a 454 MW hydro
power plant at Chainpur Seti in Nepal.
As part of its diversification process, in 2008, the Group has forayed into the oil and gas sector, operating under Jindal
Petroleum Limited. The company has acquired five oil and gas blocks in Georgia. Mr. Naveen Jindal led a delegation to
Georgia to sign contracts with the Government of Georgia for exploration and production, indicating the importance of
petroleum business. The company has so far invested US$60 million (Rs. 280 crore) and would be investing over US$300
million during the next three years.
•	 Downstream business: Jindal Petroleum Limited is considering venturing into refining and marketing of various
petroleum products.
•	 midstream business: The company is also planning to set up transportation as well as storage facilities for crude oil
and natural gas.
Jindal Petroleum Limited
PETROLEUM
18 m high dam on River Kurket 7 km long Conveyor Pipeline
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Jindal Steel Bolivia
STEEL BOLIVIA
Jindal Cement
The Company plans to diversify its business operations to set up a 2 million tonne annual capacity slag and flyash
cement plant at Raigarh, Chhattisgarh. The plant is proximate to the existing steel unit at Raigarh, about 2 km away
and plans backward integration by utilising slag from the blast furnace and fly ash from its power plant. A projected
kiln capacity of 3,500 TPD has also been targeted and the construction will take 24 months. The project will be
completed in two phases. In the first phase, the construction of a 0.5 MTPA slag grinding unit and in the second phase,
the construction of a 2 MTPA cement plant will be completed.
The Company’s penchant for global growth is evident from the diversified interests undertaken and implemented with
precision.
• The Company has acquired the development rights for the 20 billion tonne of El Mutun iron ore reserves in Bolivia, and
plans to invest US$2.1 billion in the next few years.
• It will set up an integrated 1.7 MTPA steel plant, a 6 MTPA sponge iron and a 10 MTPA iron ore pellet plant in Bolivia.
This will be the largest investment by an Indian company in South America and also the largest investment by a foreign
company on a single project in this country.
• The other affiliated company M/s. GTL International in Bolivia is currently engaged in the development of PALMAR
FIELD, having estimated recoverable reserve of 24.7 BCF Gas and 0.87 MMBBL of condensate. M/s. GTLI has already
completed drilling of one well having 3,500 m depth and expects to commence the supply of 6 mmcfd of “Natural
Gas” and 120 bbl of “Condensate” shortly.
The drilling of the second well is in process. GTLI owns the Palmar Block (total investments till now is 20 million dollars
in 2 wells plus a production plant). The recent discovery of a deeper productive zone in a neighbouring field (Iquiri
zone in the Rio Grande Field) enhances the potential for the Palmar Field, as that zone is as well present within the
Palmar concession. GTLI is studying the deepening of existing wells in order to test that formation. GTLI has already
formed a mixed partnership with the Bolivian State company YPFB, named YPFB GTLI SAM, for exploring 4 blocks
(Itacaray, Rio Beni, Almendro and Cupesito).
Mr. Naveen Jindal, EVC & MD, JSPL visiting the El Mutun Iron Ore reserves in Bolivia
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Our social commitment is a part of our corporate
philosophy to foster a society of mutual respect,
engagement and collaboration.
Notice Directors’ ReportJSPL Overview Review of Operations
Envisioning
a humane
world
JindalSteel&PowerLimited
34
Chhattisgarh
To bring about a positive difference in the millions of lives in these
underprivileged regions, JSPL has adopted 40 villages and contributes
to holistic regional development.
In RETROSPECT, 2009 -10
Education
• O. P. Jindal English medium primary school was
constructed at a cost of Rs 30 lac with a
240-children capacity.
• Government Middle School Dhourabhata was
renovated.
• 109 teachers were enlisted for 30 schools to meet
teacher deficiency, benefiting around 8,000 students.
• Financial support was provided to 20 meritorious
students.
• 190 ST/SC/BPL boys and girls were provided computer
training.
• Additional classrooms were constructed for regional
schools.
• RK Mission School, Raigarh was renovated.
• Renovation and repairs were conducted at several
schools.
• 25 computer sets were distributed to five different
schools to set up computer labs.
• Project CHETNA benefited 324 women in adult
education.
• Project NAUNIHAL coaches rural school children to
prepare them for annual examinations.
• Distributed school uniforms, bags and cycles to 1,500
girls of primary, middle and high schools.
• Workshops were organised to improve teaching skills.
health
• A mobile medical van was commissioned to provide
in-situ medical help to villagers; approximately 14,317
persons were examined, treated and provided free
medicines.
• More than 300 BPL patients were sponsored for
treatment at the O.P. Jindal Hospital & Research
Centre.
• 534 persons were operated for family planning under
the National Population Control Program.
• 80 persons were operated for cataract under Blindness
Eradication Program in adopted villages.
• 157 hydrocoele operations were carried out in
collaboration with the government hospital at OPJHRC.
• 196 critical cases were financially assisted to undergo
heart, kidney and surgery operations at India’s various
hospitals.
O.P. Jindal Institute of Technology at Punjipathra, Chhattisgarh
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Infrastructure
• ASHA the Hope – O.P. Jindal Vocational &
Rehabilitation Centre for the physically handicapped
was constructed at Patrapali.
• A new OPD building was constructed in the district
hospital, Raigarh.
• The ITI building at Kunjemura is currently under
construction.
• 4 km of road in tribal area (Sharda Mandir to Amgaon)
was repaired.
• Potable drinking water sources were developed.
• 9 ponds were constructed, excavated and renovated.
• 3 community halls and vocational training centres
were constructed.
• 5 RCC water tanks and 2 Sintex water tanks were
provided in adopted villages.
• A 1.6 km road stretch was constructed along the Kelo
River (Marine drive) at Raigarh.
Livelihood programs
• 165 SHG members are being provided vocational
training for skill enhancement in various disciplines.
• 9 differently-abled persons were provided financial
support for self employment ventures.
• 41 women were trained in mushroom cultivation and
food processing under project UTTHAAN.
• A stitching and tailoring program (SAMRIDDHI) has
commenced, benefiting 240 women.
Sports, art & culture
• Rural youth clubs were commissioned and local
tournaments were organised.
• All India Body Building Competition was organised at
O.P. Jindal School campus Kunjemura, Tamnar.
• A Kabaddi tournament was organised at Patrapali,
Raigarh.
• Various sports kits like cricket, football and carom were
provided to youth clubs.
• Heritage buildings were renovated in adopted villages
and financial help was extended for spiritual functions.
asha the hope - O.P. Jindal vocational &
Rehabilitation Centre
• By opening a school and rehabilitation centre for
special children, JSPL has added another dimension to
its CSR activities. Around 2,782 special children have
been registered and are being treated and imparted
vocational training. The services being provided
comprise physiotherapy, occupational therapy, special
education, speech therapy and audiometry, computer
training, music and recreational therapy, counselling
and guidance.
• Besides institution-based services, the OPJV & RC also
aims at 100% coverage and empowerment of persons
with disabilities through sustainable community
programmes.
• 67 differently-abled persons were provided assistive devices (tricycle, wheel chairs, hearing aid, among others).
• 6,061 animals were treated in rural animal husbandry camps.
• 23,680 persons were treated and provided free medicines in community health centres.
Stitching Training Centre at Raigarh, Chhattisgarh Special Education at ASHA THE HOPE, O.P. Jindal Vocational &
Rehabilitation Centre, Raigarh
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Odisha
CSR initiatives at JSPL Angul are conceptualised around a holistic
development strategy with a long-term and unwavering perspective.
The basic thrust of this strategy is to bring about an integrated socio-
economic transformation, addressing different sections of community in
terms of caste, creed, age, gender and occupation. We stimulated social
business enterprises through public-private partnership, promoting
sustainable livelihoods and micro-entrepreneurship.
Tribal Girls High School at Bonai, Tensa, Odisha
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In RETROSPECT, 2009 -10
Rehabilitation and resettlement
78 families across villages in Deojhar Panchayat were each
provided with 4,300 square feet of land to rebuild their
homes.
Education
• A 250-student tribal high school was constructed.
• Financial assistance was provided to residential
schools, together with assistance to meritorious and
disadvantaged students.
• The O.P. Jindal School (10+2), a co-educational school
with all modern facilities at Barbil has 570 students.
• Adopted Dhableswar High School, Deojhar, added
class rooms, staff quarters, teachers, drinking water
facilities, pipe connection, toilets, among others; also
adopted ITI Barbil under public private partnership.
• Barbil College and Joda Women’s College were
renovated with modern facilities.
healthcare
• A mobile dispensary caters to 15 villages, touching
over 15,000 lives.
• Around seven to eight health camps were conducted
annually, benefiting over 30 villages, together with
specialised camps that treat eye, gynaecological and
dental cases.
Livelihood
• PDF members attended the Employees Skill
Development Programme at Barbil Government ITI.
• 55 PDF members were employed and had undergone
training at ITI Barbil for skill development.
Society development
• Installed 11 deep bore wells with submersible pumps
for piped water supply covering five villages (220
families), 18 hand pumps covering eight villages (640
families) and dug wells covering two villages (30
families).
• Initiated electrification projects at Kitbeda, Sialijoda,
Gobardhanpur, Deojhar, Mahadevnasa and Kuldum
areas by liasioning with NESCO officials.
R&R Colony at Angul, Odisha
Practical classes at JITS, Angul, Odisha
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Jharkhand
At Patratu, community engagements are undertaken through various
programmes.
In RETROSPECT, 2009 -10
women’s empowerment
• JSPL in collaboration with ‘JHARCRAFT’ commenced its
embroidery training centres. Jharcraft Department of
Industries, Government of Jharkhand, has established
a corporation named ‘JHARCRAFT’ for the development
of handlooms, handicrafts and Silk “JHARCRAFT” in
Ranchi.
• JSPL provides training to 150 women in Kantha and
Zardouzi stitches in five villages of Patratu.
• 38 SHGs have been formed and monitored.
• JSPL trains SHGs in the making and marketing of
papads.
health
• Village health camps were regularly organised in all
operational areas of JSPL; cataract operation of rural
people was conducted.
• 4 mega health camps were organised.
• 20 patients were provided referral services.
• Mosquito nets were distributed to control malaria.
Drinking water and sanitation
• Model toilets were constructed.
• Hand-pumps were installed.
• Soak pits were constructed.
Sports
• Inter-village sports competitions (kabaddi, cricket,
football) were organised.
Education
• Benches and desks were distributed in
10 schools in our operational area.
• Competitive books were distributed in our
surrounding villages.
• Inter-school educational competition
was organised.
• Inter-school athletic meet was organised.
• Science exhibition and bal mela
were organised.
Jharcraft at Patratu, Jharkhand Health Camp at Patratu, Jharkhand
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We share a responsibility to the planet because in its
sustainability lies the key to our continued wellbeing.
Making
a greener
difference
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In a world endangered by resource
depletion and global warming,
environmental protection
remains crucial.
The need to protect our environment
and conserve resources is explicitly
communicated through JSPL’s
mission and vision statements. JSPL
is committed to help protect the
environment and foster a resource-
sensitive society through its various
polices and practices.
JSPL’s Environment management
Department (EmD) comprises a multi-
disciplinary team of professional and
technical staff. The laboratory helps JSPL
monitor levels of atmospheric pollution and
also perform multiple research activities.
The following equipment are used: EDxRf,
Combustion flue Gas analyzer, Stack
monitoring Kits, high volume Sampler
and Respirable Dust Samplers, ph meter,
Spectrophotometer, Turbidity meter,
autoclave, Laminar flow, mercury analyzer,
flame Photometer, CO monitor and
personal heat stress monitors. for testing
water qualities, a microbiological laboratory
has also been constructed recently.
Children’s park within the Raigarh Steel Plant
Green investments
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EmISSIOn COnTROL mEaSURES
• Coke oven plant: Waste gases are burnt completely
and the heat generated is used in Waste Heat Recovery
Boilers (WHRB) for power generation.
• Sinter plant: A centralised de-dusting system with an
Electrostatic Precipitator has been installed for dust
control in raw material handling area. A high capacity
ESP also exists to control process emissions.
• Blast furnace: Blast furnace is cleaned through
cyclone and two-stage venturi scrubber (Gas Cleaning
Plant). Pulse jet and invertible bag filters have been
installed to control emission from stock house and
junction points.
• SmS (Eaf & Ladle furnace): The gases are sucked
through Fume Extraction System and taken after
combustion chamber for converting CO to CO2.
Thereafter, the gases are passed through a cooling
system, forced draft cooler, spark arrester to control
coarse dust and subsequently through high efficiency
bag filters to separate particulates.
• DRI kilns: Dust Settling Chambers and ESPs
(Electrostatic Precipitators) have been installed to
control process emissions. Fugitive dust is controlled
through multiple point suction hoods attached to bag
filters.
• Power plant: The flue gas from boilers is passed
through ESPs and discharged through stack.
• Saf: The emissions from furnace are drawn into high
capacity dust extraction system, where the particulates
are trapped and treated gas is passed through a
chimney.
• Other fugitive emissions: The fugitive emissions,
caused through non-process activities (haul roads and
stockyards), are managed through good housekeeping
practices and regular dust suppression through water
sprinkling.
EffLUEnT COnTROL mEaSURES
• Coke oven quenching: The wastewater generated
during quenching is taken to settling tanks. After
settling, the water is reused for quenching.
• Sinter plant: Blow-down water is used in sinter
nodulising.
• Blast furnace: Dust laden wastewater is treated in
effluent treatment plants and treated water is recycled
back to the process.
• SmS: The wastewater is taken to a settling tank and
outlet water of the tank is reused. The blow-down
water is used in slag granulation.
• Rolling mill: Process wastewater is skimmed for oil
and scale and then recycled back to the plant. No
wastewater is discharged.
• DRI: A cooling close-circuit effluent-recycling system
has been installed. Wastewater from cooling section
is taken to the hot water well, from where it is taken
to the cooling tower and then to the cold water well,
from where it is recycled back to process.
Environment Management within the Steel Plant at Raigarh, Chhattisgarh
JindalSteel&PowerLimited
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Notice Directors’ ReportJSPL Overview Review of Operations
• Power plant: DM plant wastewater is treated in a
neutralisation pit. Following treatment, the water is
reused for wet ash handling system.
• Submerged arc furnace: Wastewater is reused for
slag cooling and dust suppression.
• Sewage treatment plants: Three sewage treatment
plants have been installed. The treated water is reused
in greenery development.
• Garage, DG set and compressor houses: Oil
separators were provided; clean water is further
treated in STP.
SOLID waSTE manaGEmEnT
• In order to generate bio-gas from cow dung, two bio-
gas plants were constructed for use in cooking and
other domestic needs.
• The vermi-composite plant allows conversion of
organic waste to manure by using earthworms. The
resultant manure is used for the purpose of gardening.
• Power is generated from coal rejects, fines and char
through fluidised combustion boilers. Waste heat of
the sponge iron plant is being used in the boiler for
power generation.
• The blast furnace waste gas is used as an alternative
fuel in the reheating furnace, DRI and coal dryer.
• SMS slag is used for road-making, while that from the
blast furnace is used for making cement.
• All construction activities at JSPL are done through fly
ash bricks.
OThER InITIaTIvES
• 100% effluent recycling to conserve water.
• Installation of flow meters in all make-up water
lines to optimise water consumption through close
monitoring.
• Establishment of water reservoirs to harvest 29 lac
m3 rainwater.
• Use of waste material from the washery and sponge
iron unit as a fuel in waste heat recovery boilers to
generate power and conserve coal.
• Conducting energy audit to implement energy-saving
actions.
• In the sponge iron unit, the temperature of the after
burn chamber (ABC) is being maintained at 950-960°C
for burning of unburnt carbon, so that maximum
steam and power can be generated.
• Large-scale bio-diversified afforestation and
horticulture activities are conducted annually. Till now,
more than 1 million plantations have been done and
due to proper maintenance, over 85% survival rate is
achieved.
• An extended green cover across all units, covering
almost 20 per cent of the area, with a target of
planting three million tree saplings.
• A number of nurseries like Sanjivani Nursery,
Vasundhara Nursery, Taru Mitra Nursery and Green
Wood have been established, together with gardens
for employees and their children.
• Established and maintained the Kamla Nehru Park in
Raigarh (Chhattisgarh) with a Rs. 25 lacs investment. It
has various exotic birds.
• Sanjeeveni Botanical Park, has been established
where rare plants, foliage, cactus and herbal plants
are collected.
Serene living environment at the plant in Raigarh, Chhattisgarh
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Analysis Report
Consolidated & Subsidiary
Financials
Recognition and awards
• Corporate Social Responsibility Excellence Award
was conferred on Jindal Steel & Power Limited by
ASSOCHAM for promoting and propagating Corporate
Social Responsibility (CSR) initiatives
• JSPL was accorded with the ‘Think Odisha
Leadership Award’ for the third year consecutively
for its excellence in the field of Corporate Social
Responsibility. The Company received the award for
bringing about outstanding changes in the field of
‘Peripheral Development’
• ‘Transforming Vision into Reality’ award for 2009-10
was awarded to JSPL at the CSR Quest 2010 at Ranchi
• JSPL won the Golden Peacock Innovation Management
Award 2010
• JSPL commended with ‘Strong Commitment to HR
Excellence’ at CII NATIONAL HR EXCELLENCE AWARD
2009 organised at New Delhi
• Mr. Naveen Jindal, EVC & MD, JSPL was awarded
the ‘Distinguished Alumni Award’ for 2010 by the
University of Texas at Dallas for his contribution to
public service, being a responsible corporate citizen
and guiding his company to become a global player.
• Jindal Steel & Power Limited was selected as the top
Indian company in the Iron and Steel sector for the
Dun & Bradstreet – Rolta Corporate Awards 2009
•	 JSPL was rated as one of the 50 best Blue Chip
companies in India by Dalal Street Investment Journal
•	 Mr. Naveen Jindal received the CNBC’s Most Promising
Entrant into the Big League at IBLA 2009 award for
Jindal Steel & Power Limited
• Jindal Steel & Power Limited accorded the Forbes
Asia’s ‘Fabulous 50’ international award for being the
best of Asia Pacific’s biggest listed companies showing
long term profitability, sales and earnings growth as
well as projected earnings and stock price gains
• JSPL was rated among one of the highest wealth
creators for investors in the last five years by Dalal
Street Journal
• National Energy Conservation Award 2009 (Top Rank
Award in Integrated Steel Sector)
• Golden Peacock Innovation Award 2009: Organised by
the Institute of Directors
• Winner of ‘Shrishti Green Cube Award 2009’:
Organised by Shrishti foundation, New Delhi
• Greentech Safety Award 2009: Gold Award: Organised
by Shrishti Foundation
• SAIL HR Excellence Award 2009: Organised by SAIL and
IIM-A
• Mega India Excellence Award 2009 (for Best Company
in Corporate Social Responsibility): Organised by Plan
• ‘Good Green Governance (G-Cube)’ Awards 2009-10:
Organised by Srishti Foundation Man Media, Sunday
India and IIPM
JindalSteel&PowerLimited
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Notice Directors’ ReportJSPL Overview Review of Operations
Key performance indicators
(Rs. in crores except otherwise stated)
2009-10 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-2001
INCOME STATEMENT Consolidated Standalone Consolidated Standalone Standalone Standalone Standalone Standalone Standalone Standalone Standalone Standalone
Domestic Sales 11209.12 7485.17 10634.98 7436.16 5478.62 3326.95 2506.10 2120.83 1309.69 989.57 572.18 510.25
Exports 410.41 410.41 1021.37 1021.37 653.01 592.84 371.85 329.04 83.10 3.61 3.37 0.24
Other Income 60.28 117.31 38.64 122.52 49.12 28.97 27.51 17.43 11.25 8.50 5.86 7.05
Gross Sales & Other Income 11679.81 8012.89 11694.99 8580.05 6180.75 3948.76 2905.46 2467.30 1403.94 1001.68 581.41 517.54
Net Sales & Other Income 11151.82 7484.90 10913.37 7799.43 5459.87 3548.78 2617.76 2271.03 1272.86 889.11 516.69 455.12
Operating Profits (PBIDT) 5907.99 2612.13 5231.81 2603.82 2162.61 1431.58 1034.33 907.54 511.78 350.90 209.56 181.68
Profit After Tax (PAT) 3634.56 1479.68 3007.15 1536.48 1236.96 702.99 572.94 515.70 305.46 145.08 107.55 101.25
Cash Profit 4759.96 2107.07 4193.57 2074.61 1768.10 1174.21 858.41 765.76 434.25 267.15 152 19 133.41
BALANCE SHEET
Gross Block 21109.48 15249.49 14927.77 9680.92 6579.42 5866.87 4389.32 2875.98 1966.97 1504.00 1128.27 782.09
Net Block 17844.40 13139.34 12686.28 8063.91 5396.31 5085.12 3846.99 2514.22 1719.97 1324.69 1006.63 698.68
Share Capital
Equity 93.12 93.12 15.47 15.47 15.40 15.40 15.40 15.40 15.40 14.63 12.90 12.71
Preference - - - - - - - - - 10.00 71.00 71.00
Net Worth 10386.61 6720.64 7021.16 5385.11 3722.12 2475.17 1837.92 1317 37 853.87 571.17 463.41 412.47
Borrowings 8604.29 8383.26 8113.31 4962.65 3863.35 3507.72 2745.37 1495.86 1025.96 885.26 697.51 404.53
SIGNIFICANT RATIOS
Operating Profit to Net Sales (%) 53 35 48 33 40 41 40 40 40 39 41 40
Net Profit to Net Sales (%) 33 20 28 20 23 20 22 23 24 16 21 22
Total Debt to Equity Ratio 0.83 1.25 1.16 0.92 1.03 1.40 1.49 1.13 1.09 1.41 1.49 1.04
Return on Capital Employed (%) 30 16 33 24 25 21 22 28 24 27 18 22
Return on Net Worth (%) 35 22 43 29 33 28 31 39 36 25 23 25
PER EQUITY SHARES (Of Re. 1/* each)
Book Value (Rs.) 111.54 72.17 454.00 348.21 241.76 160.77 119.40 85.60 55.40 39.00 36.00 32.60
EPS (Annualised) (Rs.) 39.05** 15.90** 194.63 99.44 80.34 45.66 37.21 33.50 20.04 10.40 7.60 7.20
Dividend Rate (%) 125** 125** 550 550 400 360 300 300 200 125 70 50
Pursuant to the resolution passed at the EGm held on 27.12.2007 the Company’s Equity Shares of the face value of Rs. 5/- each have been
sub-divided into Equity Shares of the face value of Re. 1/- each. The Book value & EPS for previous years have been re-stated taking into
account the shares split.
JSPL allotted 775,651,530 bonus shares of Re. 1 each on 19.09.2009 in the ratio of 5 bonus shares for each existing equity share of Re. 1
leading to an increase in number of outstanding shares from 154,652,683 in 2008-09 to 931,234,082 in 2009-10. This has resulted in a lower
EPS and Dividend percentage.
*
**
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Management Discussion and
Analysis Report
Consolidated & Subsidiary
Financials
Board of Directors
Shri vikrant Gujral
Group Vice Chairman
& Head Global Ventures
Shri S. ananthakrishnan
Nominee Director
- IDBI Bank Ltd.
Shri hardip Singh wirk
Director - Independent
Shri arun Kumar Purwar
Director - Independent
Shri anand Goel
Jt. Managing Director
Shri Ratan Jindal
Director
Smt. Savitri Jindal
Chairperson
Shri naveen Jindal
Executive Vice Chairman &
Managing Director
Shri Sushil maroo
Director
Shri R.v. Shahi
Director - Independent
Shri a.K. mukherji
Whole time Director
Shri haigreve Khaitan
Director - Independent
Shri arun Kumar
Additional Director
- Independent
Shri Rahul mehra
Director - Independent
JindalSteel&PowerLimited
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Notice Directors’ ReportJSPL Overview Review of Operations
Other key officials
Shri P.S. Rana
Executive Director
Fabrication, Raigarh
Shri Rajesh Jha
Executive Director
Angul
Shri n.D. Rao
Executive Director
Mines
Shri v.R. Sharma
Dy. MD & CEO
(Steel Business)
Shri K.K. Sinha
Director - Group HR
Shri John C. Elmore
Director - Strategy &
Business Coordination
Shri G.D.S. Sohal
Executive Director
Zimbabwe
Shri Jasper marais
Director, Coal Gasification
Shri D.n. abrol
Executive Director
Raw Materials
Shri n.a. ansari
Executive Director
Patratu
Shri D.K. Saraogi
Executive President
JSIS, Oman
Shri J.B. Karamchandani
President (Architectural Cell)
Shri Praveen Purang
Management Adviser (SCM)
Corporate Governance Report Standalone Financials
Management Discussion and
Analysis Report
Consolidated & Subsidiary
Financials
AnnualReport2009-10
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JindalSteel&PowerLimited
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JSPL Overview NoticeReview of Operations Directors’ Report
To,
The Members,
Jindal Steel & Power Limited
Notice is hereby given that 31st Annual General Meeting of the members of the Company will be held on Tuesday, the 28th
September, 2010 at 12.00 noon at the Registered Office of the Company at O.P. Jindal Marg, Hisar – 125 005, Haryana, to
transact the following business :
ORDINARY BUSINESS
1. To receive, consider and adopt the Balance Sheet as at 31st March, 2010 and Profit & Loss Account for the financial
year ended on that date and the Reports of Directors and Auditors thereon.
2. To declare final dividend on equity shares.
3. To appoint a Director in place of Shri Naveen Jindal who retires by rotation and being eligible offers himself for
re-appointment.
4. To appoint a Director in place of Shri Vikrant Gujral who retires by rotation and being eligible offers himself for
re-appointment.
5. To appoint a Director in place of Shri Ram Vinay Shahi who retires by rotation and being eligible offers himself for
re-appointment.
6. To appoint a Director in place of Shri Arun Kumar Mukherji who retires by rotation and being eligible offers himself for
re-appointment.
7. To appoint M/s S.S. Kothari Mehta & Co., Chartered Accountants (Firm registration No. 0000756N) as Auditors of the
Company to hold office from the conclusion of this meeting to the conclusion of the next Annual General Meeting
and to fix their remuneration.
SPECIAL BUSINESS
8. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT in accordance with the provisions of Section 257 and all other applicable provisions, if any, of the
Companies Act, 1956, Shri Arun Kumar, be and is hereby appointed as Director of the Company, liable to retire by
rotation.”
9. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 293(1)(d) of the Companies Act, 1956 (including any statutory modification
or re-enactment thereof, for the time being in force) and Articles of Association of the Company, consent of the
Company be and is hereby given to the Board of Directors of the Company to borrow moneys whether rupee loans
or foreign currency loans or other external commercial borrowings (apart from temporary loans obtained from the
Company’s Bankers in the ordinary course of business) from the Banks and/ or Financial/ Lending Institutions or
from any other sources, such as, Foreign Banks, Foreign Investment/ Financial Institutions or Funds or other Bodies,
Jindal Steel & Power Limited
O.P. Jindal Marg, Hisar - 125 005, Haryana
Notice
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Financials
Authorities/ Entities located in India or abroad whether by way of cash credit, working capital, term loans, advances in
any form, bill discounting or other forms of credit, issue of Non-Convertible Debentures/ Fully Convertible Debentures/
Partly Convertible Debentures with or without detachable or non-detachable warrants or warrants of any other kind,
bonds, external commercial borrowings or other debt instruments or otherwise and whether unsecured or secured by
mortgage, charge, hypothecation or pledge on the Company’s assets and properties whether moveable or immoveable
or stock-in-trade (including raw materials, stores, spare parts and components or stock in transit), work-in-progress
and book debts of the Company on such terms and conditions as may be considered suitable by the Board of Directors
upto a limit the outstanding of which should not exceed, at any given time, Rs. 35,000 Crores (Rupees thirty five
thousand crores only).
RESOLVED FURTHER THAT for the purpose of giving effect to this resolution the Board be and is hereby authorised to
do all such acts, deeds, matters and things, as it may, in its absolute discretion, deem necessary, proper or desirable,
delegate all or any of these powers to any Committee of Directors or Managing Director or Wholetime Director or
Director of the Company and to settle any question, difficulty or doubt that may arise in this regard, to finalise and
execute all such deeds, documents and writings as it may deem necessary, desirable, expedient or proper.”
10. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT consent of the Company be and is hereby given in terms of Section 293(1)(a) and all other applicable
provisions, if any, of the Companies Act, 1956 to the Board of Directors to mortgage/ hypothecate and/ or create
charge/ pledge, etc. in addition to the mortgages/ hypothecations/ charges/ pledges created by the Company, in
such form and manner and with such ranking and at such time and on such terms as the Board may determine,
on all or any of the moveable and/ or immoveable properties of the Company, both present and future and/ or
the whole or any part of the undertaking(s) of the Company in favour of the Banks, Financial Institutions, Bodies
Corporate, Persons or any other Lending Institutions whether situated in India or abroad, Agents and/ or Trustees for
securing any loans, advances, working capital facilities, bill discounting, or any other financial assistance, fully/ partly
convertible debentures and/ or secured non convertible debentures with or without detachable or non-detachable
warrants or secured premium notes, floating rate notes/ bonds or any other secured debt instruments or external
commercial borrowings in any form together with interest, further interest thereon, compound interest in case of
default, accumulated interest, all other costs, charges and expenses payable by the Company upto a limit of Rs. 35,000
Crores (Rupees thirty five thousand crores only) in terms of Section 293(1)(d) of the Companies Act, 1956 and the
documents be finalised and executed by the Company in their favour containing such specific terms and conditions
and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between the
Board of Directors and the Lenders/ Trustees.
RESOLVED FURTHER THAT for the purpose of giving effect to this resolution the Board be and is hereby authorised
to do all such acts, deeds, matters and things, as it may in its absolute discretion deem necessary, proper or desirable,
delegate all or any of these powers to a Committee of Directors or Managing Director or Wholetime Director or
Director of the Company and to settle any question, difficulty or doubt that may arise in this regard, to finalise and
execute all such deeds, documents and writings as it may deem necessary, desirable, expedient or proper.”
11. To consider and, if thought fit, to pass with or without modification(s) the following resolution as a Special
Resolution:
“RESOLVED BY WAY OF SPECIAL RESOLUTION THAT in accordance with the provisions of Section 81(1A) and all other
applicable provisions of the Companies Act, 1956, Foreign Exchange Management Act, 1999 (including any regulation,
statutory modification(s) or re-enactment(s) thereof for the time being in force including but not limited to Foreign
Exchange Management (Transfer or Issue of Securities by a Person Resident Outside India) Regulation, 2000, the Issue
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JSPL Overview NoticeReview of Operations Directors’ Report
of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993
and also the provisions of any other applicable laws, rules, regulations and in accordance with relevant provisions of
Memorandum and Articles of Association of the Company and subject to the approval, consent, permission and/ or
sanction of the Ministry of Finance (MOF), Government of India (GOI), the Reserve Bank of India (RBI), Securities and
Exchange Board of India (SEBI), Stock Exchange(s) and/ or any other appropriate authorities, institutions or bodies, as
may be necessary and subject to such conditions and modifications as may be prescribed in granting such approvals,
consents and permissions, which may be agreed to by the Board of Directors of the Company (hereinafter referred
to as the “Board” which terms shall include a Committee of Directors), the consent of the Company be and is hereby
accorded to the Board to offer, issue and allot, in one or more tranches, any securities including Global Depository
Receipts (“GDR”) and/ or American Depository Receipts (“ADR”) and/ or Foreign Currency Convertible Bonds (“FCCB”)
and/ or Convertible Bonds/ Debentures and/ or Euro–Convertible Bonds whether cumulative/ redeemable/ partly/
fully convertible and/ or securities partly or fully convertible into equity shares and/ or securities linked to equity
shares and/ or any instruments or securities with or without detachable warrants, or such other types of securities
representing either equity shares and/ or convertible securities, (hereinafter collectively referred to as “Securities”) in
India or in one or more foreign market(s) to be subscribed in foreign currency(ies)/ Indian Rupees by Foreign/ Domestic
Investors, including Non-Residents, Foreign Institutional Investors, Non-Resident Indians, Foreign Nationals, Corporate
Bodies, Banks, Institutions, Mutual Funds or such other eligible entities or persons as may be decided by the Board
in accordance with applicable laws, whether or not such persons/ entities/ investors are members of the Company,
through Prospectus, Offering Letter, Circular Memorandum or through any other mode, from time to time, as may be
deemed appropriate by the Board on such terms and conditions as the Board may, in its sole and absolute discretion,
deem fit upto USD 750 million equivalent to approximately Rs. 3,750 Crores (with a right to the Board to retain
additional allotment, such amount of subscription not exceeding 25% of the amount of initial offer of each tranche
as the Board may deem fit) on such terms and conditions including pricing (subject to the minimum pricing norms
prescribed by SEBI, RBI and/ or any other authorities), as the Board may in its sole and absolute discretion decide
including the form and all other terms and conditions and matters connected therewith and wherever necessary in
consultation with the lead managers, underwriters, stabilisation agents, guarantors, financial and/ or legal advisors,
depositors, custodians, principal/ paying/ transfer/ conversion agents, listing agents, registrars and issue such Securities
in any market and/or to the persons as may be deemed fit by the Board so as to enable the Company to get listed at
any Stock Exchange(s) in India and/ or Singapore and/ or any other overseas Stock Exchange(s).
RESOLVED FURTHER THAT these securities will be disposed off by the Board in its absolute discretion in such manner
as the Board may deem fit and proper.
RESOLVED FURTHER THAT without prejudice to the generality of the above and subject to the applicable laws, the
aforesaid issue of the Securities may have all or any terms or combination of terms in accordance with normal practices
including but not limited to conditions relating to payment of interest, dividend, premium or redemption or early
redemption at the option of the Company and/ or to the holder(s) of the Securities and other debt-service payment
whatsoever and all such terms as are provided in offerings of this nature, including terms for issue of additional equity
shares, of variation of interest payment and/ or variation of the price and/ or the period of conversions of Securities
into equity shares or issue of equity shares during the duration of the Securities and/ or voting rights or options for
early redemption of Securities, and the Board is empowered to finalise and approve the same or any modification
thereof.
RESOLVED FURTHER THAT the Company and/ or any agency or body authorised by the Board may issue depository
receipts representing the underlying equity shares or other Securities or FCCBs in registered form with such features
and attributes as are prevalent in international capital markets for instruments of this nature and provide for the
tradability or free transferability thereof as per the international practices and regulations and under the forms and
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Financials
practices prevalent in the international markets including filing any registration statement and any other document
and any amendment thereto with any relevant authority(ies) for securities listing and trading in the overseas Stock/
Securities Exchange(s).
RESOLVED FURTHER THAT the Board be and is hereby authorised to issue and allot such number of equity shares as
may be required to be issued and allotted upon conversion of any Securities referred above or as may be necessary in
accordance with the terms of the offering(s).
RESOLVED FURTHER THAT subject to the applicable laws, the Board, as and when it deems fit and proper, be and is
hereby also authorised to issue and allot equity shares (including equity shares issued and allotted upon conversion of
any Securities) with differential rights including differential rights as to dividend and/ or voting.
RESOLVED FURTHER THAT the Securities issued in foreign markets shall be deemed to have been made abroad and/
or in the market and/ or at the place of issue of the Securities in the international market and may be governed by
applicable foreign laws.
RESOLVED FURTHER THAT for the purpose of giving effect to any issue or allotment of Securities or instruments
representing the same, the Board be and is hereby authorised to determine the form, terms and timing of the
offering(s), including the class of investors to whom the Securities are to be allotted, number of Securities to be
allotted in each tranche, issue price, face value, premium amount of issue/ conversion of Securities/ redemption of
Securities, rate of interest, redemption period, utilisation of issue proceeds, listing on one or more Stock Exchange(s)
abroad/ India as the Board in its sole and absolute discretion may deem fit and to make and accept any modifications
in the proposal as may be required by the authorities involved in such issues and on behalf of the Company, to do
all such acts, deeds, matters and things as it may, at its sole and absolute discretion, deem necessary or desirable for
such purpose, including without limitation the appointment of Registrars, Book-runners, Lead-Managers, Trustees,
Agents, Bankers, Global Co-coordinators, Custodians, Depositories, Consultants, Solicitors, Accountants, or such
other Agencies, entering into arrangements for underwriting, marketing, listing, trading, depository and such other
arrangements and agreements, as may be necessary and to issue any Offer document(s) and sign all deeds, documents
and to pay and remunerate all agencies/ intermediaries by way of commission, brokerage, fees, charges, out of pocket
expenses and the like as may be involved or connected in such offerings of Securities, with power on behalf of the
Company to settle any question, difficulty or doubt that may arise in regard to any such issue, offer or allotment of
Securities and in complying with any regulations, as it may in its sole and absolute discretion deem fit, without being
required to seek any further consent or approval of the members or otherwise to the end and intent that the members
shall be deemed to have given their approval thereto expressly by the authority of this Resolution.
RESOLVED FURTHER THAT the Board be and is hereby authorised to delegate all or any of the powers herein conferred
to any Committee of Directors or Wholetime Director(s), Directors or any other Officer(s) of the Company to give effect
to the aforesaid Resolution.
RESOLVED FURTHER THAT all the acts, deeds and things already done by the Board in this regard be and are hereby
confirmed, approved and ratified.”
12. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 198, 269, 309, 310 and all other applicable provisions, if any, Schedule XIII to
the Companies Act, 1956 and Article 139 of Articles of Association of the Company, the Company hereby approves the
reappointment of Shri Anand Goel as Joint Managing Director of the Company for a period of five years with effect
from 01st August, 2010 on the following terms and conditions:
(a) Basic salary of Rs. 5,37,633/- (Rupees five lacs thirty seven thousand six hundred thirty three only) per month.
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JSPL Overview NoticeReview of Operations Directors’ Report
(b) Performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as may be
determined by the Board, from time to time.
RESOLVED FURTHER THAT the terms of remuneration as mentioned herein above will also be payable to Shri Anand
Goel, Joint Managing Director for the period from 01st April, 2010 upto 31st July, 2010 being revision of salary as per
Company’s Policy.
RESOLVED FURTHER THAT notwithstanding anything to the contrary contained hereinabove, where in any financial
year during the currency of his tenure, the Company has no profits or its profits are inadequate, the Company will
pay remuneration by way of basic salary, performance based target variable pay, benefits, perquisites, allowances,
reimbursements and facilities as specified above.”
13. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 198, 309, 310 and all other applicable provisions, if any, and Schedule XIII to
the Companies Act, 1956, the Company hereby approves the revision of remuneration of Shri Vikrant Gujral, Group
Vice Chairman & Head Global Ventures of the Company with effect from 01st April, 2010 in the following manner:
(a) Basic salary of Rs. 4,56,992/- (Rupees four lacs fifty six thousand nine hundred and ninety two only) per month.
(b) Management incentive, performance based target variable pay, benefits, perquisites, allowances, reimbursements
and facilities as may be determined by the Board, from time to time.
RESOLVED FURTHER THAT notwithstanding anything to the contrary contained hereinabove, where in any financial
year during the currency of his tenure, the Company has no profits or its profits are inadequate, the Company will
pay remuneration by way of basic salary, management incentive, performance based target variable pay, benefits,
perquisites, allowances, reimbursements and facilities as specified above.”
14. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 198, 309, 310 and all other applicable provisions, if any, and Schedule XIII to
the Companies Act, 1956, the Company hereby approves the revision of remuneration of Shri Arun Kumar Mukherji,
Wholetime Director of the Company with effect from 01st April, 2010 in the following manner:
(a) Basic salary of Rs. 2,40,000/- (Rupees two lacs forty thousand only) per month.
(b) Performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as may be
determined by the Board, from time to time.
RESOLVED FURTHER THAT notwithstanding anything to the contrary contained hereinabove, where in any financial
year during the currency of his tenure, the Company has no profits or its profits are inadequate, the Company will
pay remuneration by way of basic salary, performance based target variable pay, benefits, perquisites, allowances,
reimbursements and facilities as specified above.”
15. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 198, 309, 310 and all other applicable provisions, if any, and Schedule XIII to
the Companies Act, 1956, approval of the shareholders be and is hereby given to the increase in the individual variable
pay of Shri Vikrant Gujral, Group Vice Chairman and Head Global Ventures, Shri Anand Goel, Joint Managing Director
and Shri Arun Kumar Mukherji, Wholetime Director to Rs. 11,40,480/-, Rs. 13,82,400/- and Rs. 5,76,000/- respectively
and group variable pay of Shri Anand Goel to Rs. 15,55,200/- for the financial year 2009-10.”
AnnualReport2009-10
53
Corporate Governance Report Standalone Financials
Management Discussion and
Analysis Report
Consolidated & Subsidiary
Financials
a) Basic Salary : Rs. 6,45,840/- (Rupees six lacs forty five thousand eight hundred forty only)
per annum.
b) Flexible Compensation Plan* : Rs. 8,91,264/- (Rupees eight lacs ninety one thousand two hundred sixty
four only) per annum.
c) Employer’s Contribution to
Provident Fund
: Rs. 77,496/- (Rupees seventy seven thousand four hundred ninety six only)
per annum.
d) Target Variable Pay which shall not be less than Rs. 2,26,000/- (Rupees two lacs twenty six thousand only) and
not more than Rs. 3,00,000/- (Rupees three lacs only) per annum based on performance of the employee and
the Company’s business.
He shall also be entitled to following perquisites:
e) Perquisites :
i) Gratuity amount of Rs. 31,068/- (Rupees thirty one thousand sixty eight only) per annum.
ii) Mediclaim Insurance coverage for self and family for which premium amounting to Rs. 9,000/- (Rupees
nine thousand only) per annum will be paid by the Company.
iii) Group Personal Accident Insurance coverage for which premium amounting to Rs. 4,512/- (Rupees four
thousand five hundred twelve only) per annum will be paid by the Company.
iv) Encashment of earned leave – maximum for 30 days i.e. Rs. 53,820/- (Rupees fifty three thousand eight
hundred twenty only) being one month’s basic pay.
* The Flexible Compensation Plan (FCP) consists of the following components with liberty to choose one or more of
them, to the extent of its full amount or a part thereof.
Allowances/ Reimbursements Maximum Entitlement (per annum)
House Rent Allowance Rs. 3,22,920/- (Rupees three lacs twenty two thousand nine hundred
twenty only)
Corporate Attire Reimbursement Rs. 21,600/- (Rupees twenty one thousand six hundred only)
Children Hostel Allowance Rs. 7,200/- (Rupees seven thousand two hundred only)
Children Education Allowance Rs. 2,400/- (Rupees two thousand four hundred only)
Professional Pursuit
Reimbursement
Rs. 18,000/- (Rupees eighteen thousand only)
Medical Reimbursement Rs. 15,000/- (Rupees fifteen thousand only)
Leave Travel Allowance Rs. 1,00,000/- (Rupees one lac only)
Cost of Car (Notional Value) Rs. 1,00,000/- (Rupees one lac only)
Fuel Reimbursement Rs. 84,000/- (Rupees eighty four thousand only)
Insurance / Maintenance of Car Rs. 15,000/- (Rupees fifteen thousand only)
Special allowance Rs. 2,05,144/- (Rupees two lacs five thousand one hundred forty four
only). This amount may increase depending upon the choice of above
components.
16. To consider and, if thought fit, to pass with or without modifications, the following resolution as a Special
Resolution:
“RESOLVED BY WAY OF SPECIAL RESOLUTION THAT pursuant to the provisions of Section 314 and other applicable
provisions, if any, of the Companies Act, 1956 read with Director’s Relatives (Office or Place of Profit) Rules, 2003 and
subject to approval of Central Government, the salary of Shri Paras Goel, Asst. General Manager–Sales and Marketing
be and is hereby revised w.e.f. 01st April, 2010 as per details given below:
JindalSteel&PowerLimited
54
JSPL Overview NoticeReview of Operations Directors’ Report
RESOLVED FURTHER THAT Shri Naveen Jindal, Executive Vice Chairman & Managing Director and Shri Vikrant Gujral,
Group Vice Chairman and Head Global Ventures of the Company be and are hereby authorised severally to change
terms of his appointment including his designation and remuneration.
RESOLVED FURTHER THAT in accordance with standing practice of the Company, the salary of Shri Paras Goel may be
revised from 01st April every year and next such revision may take effect from 01st April, 2011.
RESOLVED FURTHER THAT Shri Sushil Maroo, Director and Shri T. K. Sadhu, Company Secretary be and are hereby
authorised severally to apply to and seek approval of Central Government to the increase in the remuneration of Shri
Paras Goel and take such other steps and do all such things as may be deemed necessary for giving effect to this
Resolution.
RESOLVED FURTHER THAT the Sub-Committee of Directors be and is hereby authorised to alter, change or modify
any of the above mentioned terms of remuneration as may be directed or advised by the Central Government while
considering approval under Section 314 of the Companies Act, 1956 without seeking any further approval from
shareholders.”
By order of the Board
Date: 31st July, 2010
Place : New Delhi
Registered Office:
O.P. Jindal Marg, T.K. Sadhu
Hisar – 125 005, Haryana Company Secretary
Notes:
1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD
OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER.
2. A blank proxy form is sent herewith.
3. The instrument appointing proxy should be deposited at the Registered Office of the Company not less than 48 hours
before the commencement of the meeting.
4. An Explanatory Statement pursuant to Section 173 (2) of the Companies Act, 1956, in respect of items 8 to 16 of the
Notice is annexed hereto.
5. All documents referred to in the accompanying Notice and Explanatory Statement are open to inspection at the
Registered Office of the Company during office hours on all working days up to the date of Annual General Meeting
between 11:00 AM and 01:00 PM.
EXPLANATORY STATEMENT PURSUANT TO SECTION 173 (2) OF THE COMPANIES ACT, 1956
RESOLUTION NO. 8:
Shri Arun Kumar was appointed as Additional Director by Board of Directors through resolution by circulation on 29th
September, 2009. As per provisions of Section 260 of the Companies Act, 1956, he holds office as Additional Director
upto the ensuing Annual General Meeting. The Company has received notice along with Rs. 500/- from a member
proposing his candidature for appointment as a Director liable to retire by rotation in terms of Section 257 of the
Companies Act, 1956.
The Board considered this matter in their meeting held on 04th May, 2010 and recommends the resolution for your
approval. Shri Arun Kumar is interested in the Resolution.
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
Going Beyond Boundaries | Jindal Steel & Power Limited
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Going Beyond Boundaries | Jindal Steel & Power Limited

  • 1. Going Beyond Boundaries Jindal Steel & Power Limited A N N U A L R E P O R T 2 0 0 9 - 1 0
  • 2. Contents Our new logo The Jindal Flag is a symbol of integrity, quality and action. The flag’s fluid lines reflect the agility and dynamism that is part of our brand’s essential character. The colours of the Jindal Flag are derived from the Indian tricolour. They are a symbol of our commitment to the nation’s development and the pride we take in its progress. 1 - 19 JSPL Overview 2 Group Highlights 4 Founding Chairman’s Vision 5 Chairperson’s Inspiration 6 EVC & MD’s Message 8 An Introduction to JSPL 12 Financial Highlights 14 JSPL Commitment 16 Product Profile 20 - 47 Review of Operations 20 Operational Capabilities and Review 24 Expansion Initiatives 28 Human Capital Review 30 Group Businesses 34 Corporate Social Responsibility Initiatives 40 Environment Conservation Initiatives 44 Recognition and Awards 45 Key Performance Indicators 46 Board of Directors 47 Management Team 48 - 105 Board and Management Reports 48 Notice of Annual General Meeting 60 Directors’ Report 68 Annexures to Directors’ Report 76 Corporate Governance Report 93 Auditors’ Certificate on Corporate Governance 94 Management Discussion and Analysis Report 106 - 207 Financial Statements 107 Standalone Financial Statements 153 Consolidated Financial Statements 192 Subsidiary Financial Statements (Subansiri Hydro Electric Power Co. Ltd) 207 Proxy Form
  • 3. A story of dynamism. Youthful courage. And breaking down of psychological and physical barriers. To extend beyond familiar boundaries. A leading domestic player in steel, power, mining, coal to liquid and infrastructure, JSPL is extending its global footprint and exploring business avenues in high growth markets. We have consistently tapped global opportunities by increasing production capacity, diversifying investments and leveraging core capabilities to venture into new geographies across the world. We are bringing far-reaching socio- economic difference in multiple cultures and communities across India, China, Georgia, Mozambique, Democratic Republic of Congo and Indonesia, among others. Over the last one and a half decades, JSPL has grown from strength to strength. We manufacture the world’s longest rail (121 m) in India, possess the world’s largest coal-based sponge iron facility, and produce economical power from waste heat. Today, JSPL is a picture of both evolution and constancy. Our priorities, people and possibilities have evolved. Our time-honoured values of passion for people, business excellence, integrity, ownership and sense of belonging and social initiatives remain constant. And the common thread that binds the ever-changing with the constant is the mind. We believe all constructive movement starts from an energised mind, which later reflects in external initiatives. If we break predefined barriers, focus on the overarching vision with more determination and courage, our initiatives can open new vistas of growth and development, enhancing the quality of life for all stakeholders. At JSPL, we have an exciting story to tell.
  • 4. Rs. 60,000 crore (USD 12 billion)… …is the size of the O.P. Jindal Group, which has emerged as one of India’s most dynamic business groups over the past three decades, of which JSPL is a part Rs. 11,091 crore (USD 2.5 billion)… …is JSPL’s consolidated turnover in 2009-10 Rs. 1,50,000 crore (USD 30 billion)… …is JSPL’s investment commitments in steel, power, coal to liquid and mining Rs. 30,000 crore (USD 6 billion)… …is the largest private sector investment commitment in Chhattisgarh 15,000… …is the collective pool of JSPL’s strong and committed workforce (Rs.) 2008-09 2009-1039.05* 194.63 (Rs. in crores) 20.86 2008-09 2009-103634.56 3,007.15 (Rs. in crores) 12.92 2008-09 2009-105907.99 5,231.81 (Rs. in crores) 6% 2008-09 2009-1011,151.82 10,913.37 Total Income EBIDTA PAT EPS Performance snapshot (Consolidated figures) JSPL allotted 775,651,530 bonus shares of Re. 1 each on 19.09.2009 in the ratio of 5 bonus shares for each existing equity share of Re. 1 leading to an increase in number of outstanding shares from 154,652,683 in 2008-09 to 931,234,082 in 2009-10. This has resulted in a lower EPS. * JindalSteel&PowerLimited 2 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 5. Global footprint Bolivia Congo South Africa Madagascar Indonesia Australia China India Georgia Oman Mozambique Zimbabwe Registered Office Corporate Office Works Mines Branch Office Hisar Delhi Gurgaon Faridabad Ahmedabad Mumbai Hyderabad Nagpur Raipur Angul Bhubaneswar Tensa Barbil Kolkata Ranchi Patratu Raigarh Dongamahua Chennai Bangalore Marketing Office Stockyards AnnualReport2009-10 3 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 6. “India has come a long way since Independence. But if it wants to attain inclusive growth in every sense of the word, the fruits of growth must be equitably distributed to all sections of the society, including the lowliest of the low. I am confident that this is possible if every individual, every government and every corporate joins hands to translate this idea into reality. I look forward to that day when national prosperity will not mean economic growth for a select few, but for India’s entire billion-plus population.” Founding Chairman’s vision Late Shri O.P. Jindal, Founding Chairman JindalSteel&PowerLimited 4 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 7. Chairperson’s inspiration Smt. Savitri Jindal is carrying forward her husband’s life-long mission of bringing about meaningful change in the life of every Indian through corporate and community engagements. She has always believed, like her husband the late Shri O. P. Jindal, that India has to reconcile economic development with social well being to bring about inclusive development; development that is sustainable and development that touches the lives of India’s billion-plus population. She is involved in multiple social welfare initiatives, benefiting disadvantaged sections of society. As the Group Chairperson, she provides guidance and inspiration to JSPL to reach greater heights of glory. Her motivation has also enabled JSPL to enhance its community support initiatives through various welfare projects in the sphere of education, healthcare and environment protection. Smt. Savitri Jindal, Chairperson AnnualReport2009-10 5 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 8. To emerge as a major participant in the growth process, JSPL is continuing with its strategic objectives of expansion and development of existing reserves and capacity, enriching its product portfolio, securing raw material availability globally and implementing high standards of corporate governance. In line with these objectives, there is major action on the ground: expansion plans are being executed at Chhattisgarh, Jharkhand and Odisha. Besides, we have planned a Rs. 10,500 crore investment in Bolivia, South America, in the coming years for mining and setting up of an integrated 1.7 MTPA steel plant, 450 MW power plant, 6 MTPA sponge iron and 10 MTPA iron ore pellet plant. JSPL’s commitment to highest standards of corporate governance is reflected in transparent stakeholder communication, and the underlying element of trust that we have been able to create among local residents in the multi-cultural locations of our presence through corporate and community engagements. I am happy to note that we performed satisfactorily in 2009-10. Our turnover touched Rs. 11,151.82 crores, marginally higher than Rs. 10,913.37 crores that we reported in 2008-09. We reported a Rs. 3,634.56-crores net profit against Rs. 3,007.15 crores in 2008-09. We have always adhered to our long-term strategies of developing market leadership and enhancing our business performance with advanced technologies, efficient cost structures and a discerning knowledge of market opportunities across geographies. We also allotted 77,56,51,530 bonus shares of Re. 1 each in the ratio of 5 bonus shares for each existing equity share of Re. 1 in the last fiscal as a way of rewarding our shareholders and enhancing liquidity. JSPL’s commitment to highest standards of corporate governance is reflected in transparent stakeholder communication, and the underlying element of trust that we have been able to create among local residents in the multi-cultural locations of our presence through corporate and community engagements. EVC & MD’s message Mr. Naveen Jindal, Executive Vice Chairman and Managing Director, JSPL, shares his insight about the Company and the steel industry, domestic and global. The times are momentous. There is a tectonic shift in the concentration of economic strength from the advanced economies to the developing nations of Asia, Latin America and the CIS countries. This is of particular relevance for countries like India and China, which are registering strong and sustainable economic growth in Asia. India’s economic growth is catalysed by growing domestic markets and demand emanating from bottom- of-the-pyramid wealth. The role of the Indian government has been noteworthy in this regard in terms of ensuring a proper regulatory framework under which the economy can grow and provide the necessary fiscal stimulus to accelerate economic revival. India’s steel industry has been benefited by these developments as domestic requirements are growing rapidly and downstream industries are witnessing a high demand. India’s per capita steel consumption is still abysmally low: around 45 kg, vis-à-vis the world average of 196 kg. So there is a considerable room for consumption growth, which will attract investments for more capacity creation across the next decade. Besides, as the economies of several nations return to normalcy, the demand for steel-based goods will surge. This is reflected in the growing demand for automotive products, building construction and large infrastructure projects, which were deferred owing to the slowdown. JindalSteel&PowerLimited 6 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 9. JSPL, along with its subsidiaries, is in the right sectors, at the right time with the right mix of dedication and talent to emerge as the creator of next-generation steel and power on the strength of its advanced technologies, efficient cost structures, enduring focus on innovation, consistent investments to secure stable sources of raw materials and companywide consolidated management. In continuing with the vision of our founding Chairman late Shri O.P. Jindal, JSPL has always tried to reconcile corporate growth with community uplift. This spirit is reflected in our numerous social outreach programmes in the sphere of education, healthcare, livelihood creation, preservation of indigenous art, culture, sports and so on. It is pertinent to mention here that JSPL was recently conferred with the Corporate Social Responsibility Excellence Award by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in recognition of its significant contribution for promoting and propagating Corporate Social Responsibility (CSR) initiatives. JSPL has won many accolades for its CSR initiatives. Notable among them is the ‘Transforming Vision into Reality’ Award for 2009-10 that it bagged at the CSR Quest 2010 at Ranchi recently. Steel and power will remain relevant as the major drivers of infrastructure development and economic development, nationally and globally. JSPL, along with its subsidiaries, is in the right sectors, at the right time with the right mix of dedication and talent to emerge as the creator of next-generation steel and power on the strength of its advanced technologies, efficient cost structures, enduring focus on innovation, consistent investments to secure stable sources of raw materials and companywide consolidated management. This futuristic mindset is illustrated by the theme of this year’s report. It is relevant to mention in this context that we have undertaken rebranding initiatives with a new corporate identity to reposition ourselves as a dynamic Indian multinational. This new identity communicates a contemporary mindset, tremendous surge of energy and commitment to harness our energies to create enhanced stakeholder value. As we move ahead to the next frontier of growth and integrated excellence, I seek the support and encouragement of all our stakeholders, who made our journey since inception smooth and rewarding. Naveen Jindal AnnualReport2009-10 7 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 10. what we want to be Step into a journey through our world. JindalSteel&PowerLimited 8 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 11. Vision “To be a globally admired organisation that enhances the quality of life of all stakeholders through sustainable industrial and business development”. Mission We aspire to achieve business excellence through: • The spirit of entrepreneurship and innovation • Optimum utilisation of resources • Sustainable environment friendly procedures and practices • The highest ethics and standards • Hiring, developing and retaining the best people • Maximising returns to stakeholders • Positive impact on the communities we touch Values • Passion for People • Business Excellence • Integrity, Ownership and Sense of Belonging • Sustainable Development Strong pillars AnnualReport2009-10 9 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 12. CURREnT CaPaCITy • 3 MTPA integrated steel plant at Raigarh, Chhattisgarh • 1.4 MTPA sponge iron plant • 1.7 MTPA pig iron plant Comprises captive power plants, wind power plants as well as IPPs under Jindal Power Ltd, a company promoted by JSPL COaL TO LIqUID PROJECT • Ramchandi Promotional Coal Block in Odisha allotted by the Government of India • Estimated reserves of 1,500 million tonnes • Captive coal mine (6 MTPA capacity) at Dongamahua, Chhattisgarh; also set up a coal washery with 6 MTPA capacity • Captive coal mine of JPL at Tamnar extracting about 5.25 MTPA Plans to set up a 2 MTPA slag and flyash cement plant at Raigarh Business portfolio and expansion plansBusiness • Incorporated in 1979 • Installed capacity of 3 MTPA of steel, 358 MW captive power plant and 1,000 MW of independent power produced with captive coal and iron-ore mines • Mining 6 million tonne coal, the largest mining by a private company • Market leader in coal-based sponge iron industry in India • Offers a wide product basket catering to the steel market’s each and every need, which includes large sized parallel flange beams, 121 metre rails, coils and plates, sponge iron, semi finished steel, power and ferro alloys • The group includes Jindal Power Limited, Jindal Steel Bolivia and Jindal Cement Presence • Headquartered at New Delhi, India • Plants located at Raigarh in Chhattisgarh, Angul in Odisha and Patratu in Jharkhand; Machinery division is located in Raipur; Captive coal mines are located in Dongamahua and Tamnar, Chhattisgarh and Iron ore mines at Tensa, Odisha • Offices located at seven locations and six stockyards, ensuring pan-India footprint • Global presence in Brazil, Bolivia, Georgia, China, Mongolia, Mozambique, Democratic Republic of Congo, Indonesia, Madagascar, South Africa and the Sultanate of Oman • Listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India Steel Power Coal to Liquid / Oil & Gas mining Cement JindalSteel&PowerLimited 10 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 13. India Expansion plans • 12.5 MTPA integrated steel plant at Angul, Odisha • 11 MTPA integrated steel plant at Patratu, Jharkhand • 7 MTPA integrated steel plant at Raigarh, Chhattisgarh Bolivia plans • 1.7 MTPA integrated steel plant • 6 MTPA sponge iron plant • 10 MTPA iron ore pellet plant Captive power plants • 358 MW operational CPP for the steel plant at Raigarh • 540 MW CPP planned for further expansion • 810 MW CPP planned for the steel plant at Angul • 450 MW CPP planned for the steel plant at Bolivia Jindal Power Limited Project portfolio of 15,660 MW at various stages of planning, implementation and operation • 1,000 MW operational thermal power project at Tamnar in Raigarh • 10,480 MW new capacity under implementation • 4, 414 MW under planning • Production capacity of 80,000 barrels per day (4 MMTPA) • Technical tie-up with M/s Lurgi of Germany • Fixed Bed Dry Bottom Technology to be used • Total project cost: Rs. 420 billion (US$9 billion) Jindal PetrolEum Limited An affiliate company, M/s. GTL International (GTLI) owns the Palmar Block (total investments are 20 million dollars in 2 wells plus a production plant). GTLI is studying the deepening of existing wells and has already formed a mixed partnership with the Bolivian State company YPFB, named YPFB GTLI SAM, for exploring 4 blocks (Itacaray, Rio Beni, Almendro and Cupesito) • Captive iron ore mine at Tensa, Odisha, extracting about 3 MTPA • Also forayed into the exploration and mining of high value minerals (diamonds) in places like Chhattisgarh, Jharkhand and the Democratic Republic of Congo • Acquired the development rights for 20 billion tonne of EL Mutun Iron Ore Reserves in Bolivia Plant details • 1.25 MTPA Clinker • 0.5 MTPA Slag • 0.25 MTPA Flyash Cement production • 2 MTPA Key project features • Kiln capacity: 3,500 TPD • Construction period: 24 months AnnualReport2009-10 11 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 14. POST BaLanCE ShEET DEvELOPmEnT Through our 100% subsidiary Jindal Steel & Power (mauritius) Limited, mauritius (JSPLm) we acquired Shadeed Iron & Steel Co. LLC (SISCO), a company incorporated under the laws of the Sultanate of Oman. The project is under commissioning and is expected to commence commercial operations in the 1st quarter of fy 2011-2012. This is a significant acquisition for JSPL as the facility is engineered by Kobe Steel (Japan) and midrex (USa), leaders in the field of direct iron technology. The completed cost of the project is estimated to be US$525 million. we have recently acquired several coal and iron ore mines in africa and Bolivia. There is a strong demand for steel in the middle East and north african countries, with a supply shortfall estimated to be more than 15 million tonnes. SISCO is installing 1.5 mTPa gas-based hot Briquetted Iron (hBI) Plant at the industrial port area of Sohar, Oman to cater to this demand. (Rs. in crores) 11,151.82 10,913.37 2005-06 2006-07 2007-08 2008-09 2009-10 (Rs. in crores) 5,907.99 1,034.33 1,431.58 2,162.61 5,231.81 2005-06 2006-07 2007-08 2008-09 2009-10 (Rs. in crores) 3,634.56 572.94 702.99 1,236.96 3,007.15 2005-06 2006-07 2007-08 2008-09 2009-10 Total Income EBIDTA PAT 2,617.76 3,548.78 5459.87 Our performance over the years # JindalSteel&PowerLimited 12 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 15. (Rs.) 39.05* 37.21 45.66 80.34 194.63 2005-06 2006-07 2007-08 2008-09 2009-10 (%) 125* 300 360 400 550 2005-06 2006-07 2007-08 2008-09 2009-10 Earning Per ShareExports Dividend (Rs. in crores) 410.41 371.85 592.84 653.01 1021.37 2005-06 2006-07 2007-08 2008-09 2009-10 figures relating to 2009-10 and 2008-09 are consolidated and those relating to 2007-08, 2006-07 and 2005-06 are standalone. JSPL allotted 775,651,530 bonus shares of Re. 1 each on 19.09.2009 in the ratio of 5 bonus shares for each existing equity share of Re. 1 leading to an increase in the number of outstanding shares from 154,652,683 in 2008-09 to 931,234,082 in 2009-10. This has resulted in a lower EPS and dividend percentage. * # AnnualReport2009-10 13 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 16. In our quest for global competitiveness, we are creating capabilities that transcend boundaries. Creating timeless value JindalSteel&PowerLimited 14 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 17. Strengthening foundation Leveraging capabilities to offer premium grade steel to drive the Indian economy.Nurturing people Rearing talent; promising excellence and personal growth to employees. Protecting nature Restoring balance by creating a cleaner and greener environment. Realising hopes Reaching out to bring smiles, realise hopes and touch lives through meaningful social initiatives. Exploring riches Adding new dimensions to business through exploration of high value minerals, metals and precious stone. Expanding horizons Transcending the national boundary to make meaningful international collaborations. Shaping structures Commissioned India’s first plate mill, producing plates and coils of cutting edge quality. Building bases Providing impetus to the construction industry by offering extremely flexible and cost-effective H-Beams. Connecting places Revolutionised the railways sector by introducing the world’s longest rails, for the first time in India. Spreading light Embarking on a journey towards establishing a ‘Power Sufficient India’. AnnualReport2009-10 15 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 18. Developing holistic excellence We are enhancing innovative capabilities and we are delivering products that integrate resources and customers globally. JindalSteel&PowerLimited 16 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 19. Rails We pioneered the manufacture of 121 metre long track rails in the Indian sub-continent. The world’s longest track rails are a testimony of our manufacturing capabilities, thanks to our ceaseless drive for innovation. These ‘A’ class rails ranging from 13 m to 121 m length will make the introduction of high speed rails in India, a reality. We are equipped with state-of-the-art facilities that enable continuous on-line inspection and quality control. This aids compliance of specifications laid down by the Indian Railways and international bodies. JSPL is also a preferred supplier for Crane Rails, which find widespread usage in EOT Cranes as well as Gantry Crane operations. Sectoral use Rail tracks for high speed trains, sidings of power plants, refineries, cement, fertiliser and steel plants. Crane rails for ports and harbours, factories, mines, launch pads and shipyards. Parallel flange sections We pioneered the production of medium-size and large-size Hot Rolled Parallel Flange Beams (H-Beams) and Column Sections in India. As per Indian and international standards, these sections are superior in terms of strength, efficiency, higher axial and bending load bearing capacity, workability and economy, compared with obsolete tapered flange beams. JSPL’s Parallel Flange Beams and Columns enable complex fabrications in high volumes due to inherent functional advantages of these sections. In addition, we enhanced technical innovation and advancement by offering H-Beams that are unmatched in quality, performance and cost effectiveness. JSPL today rolls 32 different series and 91 different variants (unit-weights) of H-Beams and Columns in 150 mm to 900 mm size (UB and UC, NPB/IPE, WPB/HE sections). Sectoral use Refineries, metro rail projects, airports, flyovers, power plants, shopping malls, high rise buildings, stadiums, steel plant and industrial sheds. AnnualReport2009-10 17 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 20. Wire rods We manufacture superior wire rods with technology from Morgan, USA and equipped with advanced rolling equipment, such as reducing and sizing mill (RSM), high speed shear, pinch rolls and laying heads, along with controlled temperature rolling and controlled cooling to meet the processing requirements of various steel grades. This results in improved mechanical properties due to finer and more uniform grain size, suitable for rapid spheroidised annealing or high-yield strength with optimal scale weight and type. JSPL offers wire rods (ranging from 5.2 mm-22.00 mm diameter) in a wide range of steel grades. Plates and coils We are equipped with India’s first ‘one of a kind’ advanced plate mill that produces plates and coils of 3.5 metres and 3 metres width, for the first time in the private sector. These flat products enjoy premium quality owing to sound steel refining properties and very close rolling tolerances. Sectoral use General engineering, structural fabrication, hi-tensile and micro- alloyed grades, pressure vessel and boilers, bridges and flyovers, corrosion resistant applications, railway wagons, oil & gas pipe lines and shipbuilding. Fabricated sections Manufacturing of sections H-beam, I-type beam and Box beam is as per user’s specifications. Our fabrication sections meet the quality standards demanded by the industry. Plates for the beams come from our plate mill and are thoroughly inspected through various quality checks, fully backed by mill certificates. Sectoral use Large support columns and beams for the manufacture and process plants, airports, high rise buildings, power plants, stadiums and flyovers, among others. JindalSteel&PowerLimited 18 NoticeReview of Operations Directors’ ReportJSPL Overview
  • 21. Semi-finished products We annually produce about three million tonnes of semi-finished products, which are primarily used for captive use. We possess about 0.75 million tonne annual capacity in rail and universal beam mill and one million tonne annual capacity in plate and stackle mill. Sectoral use JSPL’s products find application in the Indian pipe industry, as well as various leading integrated mills and rolling facilities in Europe, South East Asia, West Asia and the Middle East. Sponge iron Ferro chrome Power We possess the world’s largest coal-based sponge iron manufacturing facility, emerging as the market leader in India’s coal-based sponge iron industry. This is owing to our efficient backward integration as India’s only sponge iron manufacturer, with captive raw material resources and power generation capacity and product quality. The manufacturing capacity of 1.37 MTPA and metallic iron content of more than 81% uses Direct Reduced Iron Process (DRI) method of production and utilises 10 indigenously developed rotary kilns (6 kilns of 300 TPD and 4 kilns of 500 TPD). Our high-grade chrome ore is one of the prerequisites for making ferro chrome, which is sourced from the captive chrome ore mines in Odisha’s Sukinda Valley. The ferro chrome plant (36,000 TPA production capacity) is fully equipped with a modern laboratory, complete with state-of-the-art testing facilities in line with international standards. To contribute significantly to India’s growing need for power, we commenced power generation over a decade ago. We operate a 358 MW power plant on the premises of our steel plant in Raigarh. We have operationalised a 24 MW wind energy plant at Satara in Maharashtra. AnnualReport2009-10 19 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 22. Enhancing capabilities Our extensive operations harmonize quality excellence, superior technology and safer practices, aligned to international norms. JindalSteel&PowerLimited 20 Notice Directors’ ReportJSPL Overview Review of Operations
  • 23. Iron ore mine 3 MTPA Coal mine 6 MTPA Sponge Iron (coal based) 1.37 MTPA Hot Metal (Pig Iron) 1.65 MTPA Total Steel 3 MTPA * Rails and Structurals 0.75 MTPA * Plates and Coils 1 MTPA * Slabs, Rounds, Blooms and Billets, 1.25 MTPA Captive Power Plant 358 MW Wind Power Plant 24 MW Operational capabilities • Recorded highest production at DRI I and II, Coke Oven, Sinter plant, Blast Furnace I and II, SMS II, Plate Mill and Power Plant • Introduced facilities like bell less top charging and coal dust injection in the mini-blast furnace to enhance productivity • Reduced alumina through washing of iron ore fines • Injected lime fines and sand to control EAF slag condition • Commenced breakout prediction system at slab caster • Modified cross transfer of billet caster to improve productivity • Modified fume extraction system in EAF, which has improved furnace availability as well as improvement of furnace floor environment • Substituted imported limestone and costly limestone with indigenous Dolomitic limestone and stabilisation of its use in EAF • Undertook process development activities for achieving high productivity and reduction in coke rate • Used increased volume of hot metal through launder for improvement in productivity and energy consumption at EAF • Upgraded lamellar cooling for increasing cooling at plate mill • Fabricated various structurals mostly used by power plants using our own plates • Developed 3,500 wide plates, 165 mm square billets and universal beam (457x152 mm); also developed casted round sections (162, 200, 220, 255, 305 mm diameter) in our steel melt shop, using indigenous technology • Installed Solar Power Generator of capacity 20 KW and 5 KW on the roof tops of TG Building and Guest House respectively as a part of Renewable Energy Development 2009-10 in retrospect AnnualReport2009-10 21 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 24. Research and development • Used bio-diesel as a substitute of imported coking coal to reduce fuel cost • Reduced accretion in DRI Kilns to enhance productivity • Eliminated longitudinal web crack in Beam Blank casting to enhance product quality • Substituted cast iron coke door and Gas main header with heat-resistant steel plates developed and rolled in the plant • Eliminated internal crack in Boron treated steel for seamless pipe application • Effect of washing of iron ore on sinter quality and parameters of Blast Furnace • Developed low-carbon micro alloyed plate with reference to mechanical properties, grain size and plate surface quality • Developed fly ash brick with Gypsum and Hydrated lime • Conducted study of the effect of spinel and chrome ore fines on accretion formation in DRI • Modified design modification of COMBI caster tundish to reduce tundish skull weight in collaboration with IIT Kanpur • Conducted successful trial run of Break Out Prediction System (BOPS), developed in-house, for the first time in India JindalSteel&PowerLimited Quality excellence At JSPL, we focus on delivering consistent product quality, catering to customer requirements and leading to repeat purchase. All products undergo stringent quality tests to address multiple quality parameters at various stages. Some of the equipment used at various stages of the production process comprises- X-Ray fluorescence (raw material stage), Optical emission (steel, in-process and semis) and Universal Testing (finished products), among others. Rail and Universal Beam Mill22 Notice Directors’ ReportJSPL Overview Review of Operations
  • 25. Technology that enhances trust At JSPL, we work with superior knowledge and expertise available in the industry globally. Some of the world-class technologies comprise Steel Melting Shop (BSE, Germany), Coal Gasification Plant(Lurgi, South Africa), Direct Reduced Iron (Danieli, Italy), among others. Safer practices Safer industry practices represent a ‘way- of-life’ at JSPL. Each day, we devise plans and make sustained efforts to make our work places safer and more conducive for operations. Some of the relevant initiatives comprise: regular training programmes to enhance safety awareness; stringent monitoring to improve compliance; prevention of water stagnation; scrap yard developed to put all scrap/ wastes at an identified place; waste bins at required locations for waste collection; collected waste is segregated for systematic disposal; and propagation of safety and environment messages through hoardings and banners. Coal to Gas plant at Iron Ore Pelletisation plant, Barbil Training on safety awareness AnnualReport2009-10 23 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 26. Reinforcing extended footprint We are leveraging multi-locational opportunities on the strength of our strategically located advanced facilities and a secured raw material base. JindalSteel&PowerLimited 24 Notice Directors’ ReportJSPL Overview Review of Operations
  • 27. Chhattisgarh faCILITIES UnDER ImPLEmEnTaTIOn • 2 MTPA coal gasification and gas based DRI • 3 MTPA steel making facilities • 0.7 MTPA medium and light section mill is expected to be commissioned in 2010 • 540 MW power plant is expected to be commissioned by March 2011 RESOURCES • Existing coal mines at Raigarh, having about 200 MT reserves • Existing iron ore mines at Sundergarh, Odisha • Prospecting license for new iron ore mine in Bailadila, recommended by the government of Chhattisgarh (estimated reserves of 80 MT) ROaDmaP • Coal gasifier • Vertical Shaft Kilns for sponge iron production (with syn gas) • 2 MTPA cement plant • Pre-fabrication of pressure vessels • 6 strand billet caster at indigenously developed combi caster • Installation of additional de-dusting system at Steel Melt Shop • 0.7 MTPA medium and light section mill for rolling 100 to 300 MM beams and channels with a provision to extend up to 400 MM. With the commissioning of this mill together with rail and universal beam mill, it would be possible to roll 100-900 MM wide structurals at Raigarh works. It would also have the capability to roll 100 to 150 MM angles • New straightening machine at RUBM Process of steel melting Continuous Casters AnnualReport2009-10 25 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 28. Jharkhand faCILITIES • JSPL plans to establish a steel plant of 11 MTPA capacity and a captive power plant with a generation capacity of 2,600 MW in phases • Setting up a 6 MTPA steel plant, a 1,609 MW captive power plant (CPP) at Patratu, a 5 MTPA steel plant and a 1,000 MW CPP at Asanboni. • Independent power plants of 1,320 MW near Dumka and 1,320 MW near Godda are also being set up. ROaDmaP • Setting up a 3 MTPA integrated steel plant at Patratu, Jharkhand. The facility will have two rebar mills of 1 MTPA each, a Wire Rod Mill of 0.6 MTPA, Coke Oven of 1.5 MTPA, a Sinter Plant of 4.27 MTPA and a Blast furnace of 3 MTPA. • Major orders for various equipment have been finalised. • The first unit of 0.6 MTPA Wire Rod Mill was commissioned on 29th March, 2010 and was dedicated to the nation by Shri Virbhadra Singh, Hon’ble Steel Minister, Government of India, Shri Subodh Kant Sahay, Hon’ble Minister for Food Processing Industries, Government of India and Shri Shibu Soren, Former Chief Minister of Jharkhand . • A Bar Mill of 1 MTPA capacity is expected to be commissioned by December, 2010. The integrated steel plant is expected to be commissioned by 2012. DEvELOPmEnTS • JSPL’s 0.6 MTPA wire rod mill plant at Patratu is equipped with latest technology from Morgan, USA including Reducing and Sizing Mill (RSM), high speed shear, pinch rolls and laying heads, along with controlled temperature rolling and controlled cooling to meet the processing requirements of various steel grades. • JSPL’s re-bar unit started equipment erection for re-heating furnace, cooling bed area and electrical equipment. JSPL expects to commission the unit by end of 2010. OThER maJOR faCILITIES Coke Oven, Blast Furnace, Sinter Plant and Steel Melting Shop Overview of Wire Rod Mill at Patratu, Jharkhand JindalSteel&PowerLimited 26 Notice Directors’ ReportJSPL Overview Review of Operations
  • 29. faCILITIES aT anGUL, ODISha • Setting up of a 6 MTPA integrated steel plant at Angul in Odisha in a phased manner. • Of the 4,331 acres required for the project, 4,000 acres have been acquired. • Orders have been placed for equipment and civil structure. • The first phase of the integrated steel plant is expected to be commissioned by 2012. • A captive power plant of 810 MW at Angul is also being set up. RESOURCES fOR ThE anGUL PROJECT • A coal mine with estimated geological reserves of 228 MT has been allotted for the Angul project. • An iron ore mine, to be allotted as per an MoU with the Government of Odisha. • JSPL is setting up a coal gasification unit for its upcoming 6 MTPA steel facility in Angul, Odisha using the ‘fixed-bed dry bottom coal gasification’ technology from Lurgi GmbH (Frankfurt, Germany). The Syngas produced at this plant will replace natural gas used in the process of steel manufacture. DEvELOPmEnTS aT BaRBIL • Commercial production of the pellet plant commenced at Barbil in December, 2009. • As JSPL is actively engaged in the promotion of alternative fuels, at Barbil, the pellet production will be through coal gasification, replacing fuel. This is an innovative initiative, first-of-its-kind in the world, using circulating fluidised bed technology for coal gasification. Odisha 4.5 MTPA capacity Pellet Plant at Barbil, Odisha AnnualReport2009-10 27 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 30. Nurturing boundless talent Our human resource development model is closely aligned to our vision to emerge as a globally acclaimed organisation with a passionate zeal to enhance people competence. JindalSteel&PowerLimited 28 Notice Directors’ ReportJSPL Overview Review of Operations
  • 31. At JSPL, people play a pivotal role in fostering a culture of excellence and meritocracy. We are institutionalising robust processes, people policies, systems and procedures through a Business Partnership Model. Our people initiative encompasses the following: PROJECT ‘UTTKaRSha’ JSPL has partnered with Hewitt Associates for a leadership capability development project called ‘Uttkarsha’. As part of the project, we identify high performing and potential leaders through a talent mapping process that is validated through our development centre and the 360 degree feedback by Hewitt Associates and Dr. T.V. Rao Learning Systems. We have coached 55 senior leaders on a one- on-one basis up till now. Programmes like Leadership in Pipeline and MDP-1&2 have been launched for the development of high potential employees in the senior and middle management. The average training duration comprised five person-days in 2009-10. ORGanISaTIOnaL TRanSfORmaTIOn We have partnered with McKinsey Associates to enhance a culture of professionalism, leading to a transformed organisation. We undertook several initiatives for complete clarity on roles and responsibilities and critical processes, documented well established and effective tools and processes and formed management committees to enhance ownership and accountability. The management committee(s) facilitates collective and superior decision-making. JInDaL LEaD manaGEmEnT GROUP: yOUnG LEaDERShIP DEvELOPmEnT PLan Fifteen young and best talents from top management schools have been recruited as future leaders and trained to develop a robust leadership pipeline. TaLEnT aCqUISITIOn Talent acquisition has remained the most critical and focused HR aspect in terms of lateral and fresh hiring. At JSPL, we have not just recruited the right talent to catalyse organisational growth, but also introduced the Psychometric Test and Competency Based Interview to accelerate talent acquisition. KnOwLEDGE manaGEmEnT PORTaL This was launched to harness abundant knowledge assets either in tacit (experience, learning from failure, thumb rules, among others) or explicit (literature, reports, failure analysis, among others) form and to organise and transform the acquired knowledge for relevant use. E-LEaRnInG (Gyan-DRIShTI PORTaL) This was launched to offer a holistic learning that utilises various electronic media to fully or partially deliver training. It allows learners to monitor their pace in a single-window interface. The learner can access the repository on various modules. The steel, mining and power technical module has been uploaded for the use of concerned employees, and we are developing the Off-the- Shelf Programme for a different group of employees. SPOnSORED manaGEmEnT PROGRammES JSPL commenced a company sponsored Executive Post Graduate Program in management and has also issued professional membership policy to expedite the process of learning and knowledge accretion. IT InfRaSTRUCTURE JSPL’s Human Resource Information System has facilitated access to critical organisational data, expediting decision-making. HR training in progress AnnualReport2009-10 29 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 32. Instilling overarching vision Inspired by the vision of embracing new ideas in all aspects of business and performance, our group is moving beyond predefined boundaries with forethought, adaptability and innovation. Notice Directors’ ReportJSPL Overview Review of Operations JindalSteel&PowerLimited 30
  • 33. Jindal Power Limited Driven by JSPL’s vision and ideologies, Jindal Power Limited (JPL), a company promoted by Jindal Steel & Power Limited has been contributing to the growing needs of power in the country since its inception. JPL has earned the distinction of setting up India’s first mega power project in the private sector at Tamnar in Raigarh, Chhattisgarh. The Company has successfully commissioned a 1,000 MW (4x250 MW) Power Plant. Notable highlights of the plant are: • A 7 km conveyer pipeline has been set up for coal transportation between the captive coal mines and the plant. • The Company has constructed a 258 km, 400 KV Double Circuit transmission line from the plant to the PGCIL sub- station at Raipur through which power can be sold anywhere in India. • An 18 m high dam over the Kurket River, 25 km away from the project site, takes care of the plant’s water requirements. POWER 1,000 MW Thermal Power Plant at Tamnar, Raigarh Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials AnnualReport2009-10 31
  • 34. ThERmaL JPL has signed an MoU with the State Government of Jharkhand to set up a 2,640 MW thermal power plant. This step will catalyse growth and the development for the mineral-rich region. JSPL plans to add 2,400 MW to the existing capacity of the 1,000 MW thermal power plant at Tamnar with around Rs. 13,410-crore investment. hyDRO POwER With its sights set to usher in a powerful future for the nation, JPL has signed agreements to develop the 4,000 MW Etalin Hydroelectric Project, 500 MW Attunli Hydroelectric Project and 1,600 MW Subansiri Middle in Arunachal Pradesh in a joint venture with the Hydro Power Development Corporation of Arunachal Pradesh Limited (A Government of Arunachal Pradesh Enterprise) on a Build, Own, Operate and Transfer (BOOT) basis. We believe that the 4,000 MW Etalin Hydroelectric Project will be India’s largest hydro project. All the projects are run-of-the-river hydroelectric projects and will complement the state’s power supply. We also plan to build a 454 MW hydro power plant at Chainpur Seti in Nepal. As part of its diversification process, in 2008, the Group has forayed into the oil and gas sector, operating under Jindal Petroleum Limited. The company has acquired five oil and gas blocks in Georgia. Mr. Naveen Jindal led a delegation to Georgia to sign contracts with the Government of Georgia for exploration and production, indicating the importance of petroleum business. The company has so far invested US$60 million (Rs. 280 crore) and would be investing over US$300 million during the next three years. • Downstream business: Jindal Petroleum Limited is considering venturing into refining and marketing of various petroleum products. • midstream business: The company is also planning to set up transportation as well as storage facilities for crude oil and natural gas. Jindal Petroleum Limited PETROLEUM 18 m high dam on River Kurket 7 km long Conveyor Pipeline JindalSteel&PowerLimited 32 Notice Directors’ ReportJSPL Overview Review of Operations
  • 35. Jindal Steel Bolivia STEEL BOLIVIA Jindal Cement The Company plans to diversify its business operations to set up a 2 million tonne annual capacity slag and flyash cement plant at Raigarh, Chhattisgarh. The plant is proximate to the existing steel unit at Raigarh, about 2 km away and plans backward integration by utilising slag from the blast furnace and fly ash from its power plant. A projected kiln capacity of 3,500 TPD has also been targeted and the construction will take 24 months. The project will be completed in two phases. In the first phase, the construction of a 0.5 MTPA slag grinding unit and in the second phase, the construction of a 2 MTPA cement plant will be completed. The Company’s penchant for global growth is evident from the diversified interests undertaken and implemented with precision. • The Company has acquired the development rights for the 20 billion tonne of El Mutun iron ore reserves in Bolivia, and plans to invest US$2.1 billion in the next few years. • It will set up an integrated 1.7 MTPA steel plant, a 6 MTPA sponge iron and a 10 MTPA iron ore pellet plant in Bolivia. This will be the largest investment by an Indian company in South America and also the largest investment by a foreign company on a single project in this country. • The other affiliated company M/s. GTL International in Bolivia is currently engaged in the development of PALMAR FIELD, having estimated recoverable reserve of 24.7 BCF Gas and 0.87 MMBBL of condensate. M/s. GTLI has already completed drilling of one well having 3,500 m depth and expects to commence the supply of 6 mmcfd of “Natural Gas” and 120 bbl of “Condensate” shortly. The drilling of the second well is in process. GTLI owns the Palmar Block (total investments till now is 20 million dollars in 2 wells plus a production plant). The recent discovery of a deeper productive zone in a neighbouring field (Iquiri zone in the Rio Grande Field) enhances the potential for the Palmar Field, as that zone is as well present within the Palmar concession. GTLI is studying the deepening of existing wells in order to test that formation. GTLI has already formed a mixed partnership with the Bolivian State company YPFB, named YPFB GTLI SAM, for exploring 4 blocks (Itacaray, Rio Beni, Almendro and Cupesito). Mr. Naveen Jindal, EVC & MD, JSPL visiting the El Mutun Iron Ore reserves in Bolivia AnnualReport2009-10 33 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 36. Our social commitment is a part of our corporate philosophy to foster a society of mutual respect, engagement and collaboration. Notice Directors’ ReportJSPL Overview Review of Operations Envisioning a humane world JindalSteel&PowerLimited 34
  • 37. Chhattisgarh To bring about a positive difference in the millions of lives in these underprivileged regions, JSPL has adopted 40 villages and contributes to holistic regional development. In RETROSPECT, 2009 -10 Education • O. P. Jindal English medium primary school was constructed at a cost of Rs 30 lac with a 240-children capacity. • Government Middle School Dhourabhata was renovated. • 109 teachers were enlisted for 30 schools to meet teacher deficiency, benefiting around 8,000 students. • Financial support was provided to 20 meritorious students. • 190 ST/SC/BPL boys and girls were provided computer training. • Additional classrooms were constructed for regional schools. • RK Mission School, Raigarh was renovated. • Renovation and repairs were conducted at several schools. • 25 computer sets were distributed to five different schools to set up computer labs. • Project CHETNA benefited 324 women in adult education. • Project NAUNIHAL coaches rural school children to prepare them for annual examinations. • Distributed school uniforms, bags and cycles to 1,500 girls of primary, middle and high schools. • Workshops were organised to improve teaching skills. health • A mobile medical van was commissioned to provide in-situ medical help to villagers; approximately 14,317 persons were examined, treated and provided free medicines. • More than 300 BPL patients were sponsored for treatment at the O.P. Jindal Hospital & Research Centre. • 534 persons were operated for family planning under the National Population Control Program. • 80 persons were operated for cataract under Blindness Eradication Program in adopted villages. • 157 hydrocoele operations were carried out in collaboration with the government hospital at OPJHRC. • 196 critical cases were financially assisted to undergo heart, kidney and surgery operations at India’s various hospitals. O.P. Jindal Institute of Technology at Punjipathra, Chhattisgarh Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials AnnualReport2009-10 35
  • 38. Infrastructure • ASHA the Hope – O.P. Jindal Vocational & Rehabilitation Centre for the physically handicapped was constructed at Patrapali. • A new OPD building was constructed in the district hospital, Raigarh. • The ITI building at Kunjemura is currently under construction. • 4 km of road in tribal area (Sharda Mandir to Amgaon) was repaired. • Potable drinking water sources were developed. • 9 ponds were constructed, excavated and renovated. • 3 community halls and vocational training centres were constructed. • 5 RCC water tanks and 2 Sintex water tanks were provided in adopted villages. • A 1.6 km road stretch was constructed along the Kelo River (Marine drive) at Raigarh. Livelihood programs • 165 SHG members are being provided vocational training for skill enhancement in various disciplines. • 9 differently-abled persons were provided financial support for self employment ventures. • 41 women were trained in mushroom cultivation and food processing under project UTTHAAN. • A stitching and tailoring program (SAMRIDDHI) has commenced, benefiting 240 women. Sports, art & culture • Rural youth clubs were commissioned and local tournaments were organised. • All India Body Building Competition was organised at O.P. Jindal School campus Kunjemura, Tamnar. • A Kabaddi tournament was organised at Patrapali, Raigarh. • Various sports kits like cricket, football and carom were provided to youth clubs. • Heritage buildings were renovated in adopted villages and financial help was extended for spiritual functions. asha the hope - O.P. Jindal vocational & Rehabilitation Centre • By opening a school and rehabilitation centre for special children, JSPL has added another dimension to its CSR activities. Around 2,782 special children have been registered and are being treated and imparted vocational training. The services being provided comprise physiotherapy, occupational therapy, special education, speech therapy and audiometry, computer training, music and recreational therapy, counselling and guidance. • Besides institution-based services, the OPJV & RC also aims at 100% coverage and empowerment of persons with disabilities through sustainable community programmes. • 67 differently-abled persons were provided assistive devices (tricycle, wheel chairs, hearing aid, among others). • 6,061 animals were treated in rural animal husbandry camps. • 23,680 persons were treated and provided free medicines in community health centres. Stitching Training Centre at Raigarh, Chhattisgarh Special Education at ASHA THE HOPE, O.P. Jindal Vocational & Rehabilitation Centre, Raigarh JindalSteel&PowerLimited 36 Notice Directors’ ReportJSPL Overview Review of Operations
  • 39. Odisha CSR initiatives at JSPL Angul are conceptualised around a holistic development strategy with a long-term and unwavering perspective. The basic thrust of this strategy is to bring about an integrated socio- economic transformation, addressing different sections of community in terms of caste, creed, age, gender and occupation. We stimulated social business enterprises through public-private partnership, promoting sustainable livelihoods and micro-entrepreneurship. Tribal Girls High School at Bonai, Tensa, Odisha AnnualReport2009-10 37 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 40. In RETROSPECT, 2009 -10 Rehabilitation and resettlement 78 families across villages in Deojhar Panchayat were each provided with 4,300 square feet of land to rebuild their homes. Education • A 250-student tribal high school was constructed. • Financial assistance was provided to residential schools, together with assistance to meritorious and disadvantaged students. • The O.P. Jindal School (10+2), a co-educational school with all modern facilities at Barbil has 570 students. • Adopted Dhableswar High School, Deojhar, added class rooms, staff quarters, teachers, drinking water facilities, pipe connection, toilets, among others; also adopted ITI Barbil under public private partnership. • Barbil College and Joda Women’s College were renovated with modern facilities. healthcare • A mobile dispensary caters to 15 villages, touching over 15,000 lives. • Around seven to eight health camps were conducted annually, benefiting over 30 villages, together with specialised camps that treat eye, gynaecological and dental cases. Livelihood • PDF members attended the Employees Skill Development Programme at Barbil Government ITI. • 55 PDF members were employed and had undergone training at ITI Barbil for skill development. Society development • Installed 11 deep bore wells with submersible pumps for piped water supply covering five villages (220 families), 18 hand pumps covering eight villages (640 families) and dug wells covering two villages (30 families). • Initiated electrification projects at Kitbeda, Sialijoda, Gobardhanpur, Deojhar, Mahadevnasa and Kuldum areas by liasioning with NESCO officials. R&R Colony at Angul, Odisha Practical classes at JITS, Angul, Odisha JindalSteel&PowerLimited 38 Notice Directors’ ReportJSPL Overview Review of Operations
  • 41. Jharkhand At Patratu, community engagements are undertaken through various programmes. In RETROSPECT, 2009 -10 women’s empowerment • JSPL in collaboration with ‘JHARCRAFT’ commenced its embroidery training centres. Jharcraft Department of Industries, Government of Jharkhand, has established a corporation named ‘JHARCRAFT’ for the development of handlooms, handicrafts and Silk “JHARCRAFT” in Ranchi. • JSPL provides training to 150 women in Kantha and Zardouzi stitches in five villages of Patratu. • 38 SHGs have been formed and monitored. • JSPL trains SHGs in the making and marketing of papads. health • Village health camps were regularly organised in all operational areas of JSPL; cataract operation of rural people was conducted. • 4 mega health camps were organised. • 20 patients were provided referral services. • Mosquito nets were distributed to control malaria. Drinking water and sanitation • Model toilets were constructed. • Hand-pumps were installed. • Soak pits were constructed. Sports • Inter-village sports competitions (kabaddi, cricket, football) were organised. Education • Benches and desks were distributed in 10 schools in our operational area. • Competitive books were distributed in our surrounding villages. • Inter-school educational competition was organised. • Inter-school athletic meet was organised. • Science exhibition and bal mela were organised. Jharcraft at Patratu, Jharkhand Health Camp at Patratu, Jharkhand AnnualReport2009-10 39 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 42. We share a responsibility to the planet because in its sustainability lies the key to our continued wellbeing. Making a greener difference JindalSteel&PowerLimited 40 Notice Directors’ ReportJSPL Overview Review of Operations
  • 43. In a world endangered by resource depletion and global warming, environmental protection remains crucial. The need to protect our environment and conserve resources is explicitly communicated through JSPL’s mission and vision statements. JSPL is committed to help protect the environment and foster a resource- sensitive society through its various polices and practices. JSPL’s Environment management Department (EmD) comprises a multi- disciplinary team of professional and technical staff. The laboratory helps JSPL monitor levels of atmospheric pollution and also perform multiple research activities. The following equipment are used: EDxRf, Combustion flue Gas analyzer, Stack monitoring Kits, high volume Sampler and Respirable Dust Samplers, ph meter, Spectrophotometer, Turbidity meter, autoclave, Laminar flow, mercury analyzer, flame Photometer, CO monitor and personal heat stress monitors. for testing water qualities, a microbiological laboratory has also been constructed recently. Children’s park within the Raigarh Steel Plant Green investments AnnualReport2009-10 41 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 44. EmISSIOn COnTROL mEaSURES • Coke oven plant: Waste gases are burnt completely and the heat generated is used in Waste Heat Recovery Boilers (WHRB) for power generation. • Sinter plant: A centralised de-dusting system with an Electrostatic Precipitator has been installed for dust control in raw material handling area. A high capacity ESP also exists to control process emissions. • Blast furnace: Blast furnace is cleaned through cyclone and two-stage venturi scrubber (Gas Cleaning Plant). Pulse jet and invertible bag filters have been installed to control emission from stock house and junction points. • SmS (Eaf & Ladle furnace): The gases are sucked through Fume Extraction System and taken after combustion chamber for converting CO to CO2. Thereafter, the gases are passed through a cooling system, forced draft cooler, spark arrester to control coarse dust and subsequently through high efficiency bag filters to separate particulates. • DRI kilns: Dust Settling Chambers and ESPs (Electrostatic Precipitators) have been installed to control process emissions. Fugitive dust is controlled through multiple point suction hoods attached to bag filters. • Power plant: The flue gas from boilers is passed through ESPs and discharged through stack. • Saf: The emissions from furnace are drawn into high capacity dust extraction system, where the particulates are trapped and treated gas is passed through a chimney. • Other fugitive emissions: The fugitive emissions, caused through non-process activities (haul roads and stockyards), are managed through good housekeeping practices and regular dust suppression through water sprinkling. EffLUEnT COnTROL mEaSURES • Coke oven quenching: The wastewater generated during quenching is taken to settling tanks. After settling, the water is reused for quenching. • Sinter plant: Blow-down water is used in sinter nodulising. • Blast furnace: Dust laden wastewater is treated in effluent treatment plants and treated water is recycled back to the process. • SmS: The wastewater is taken to a settling tank and outlet water of the tank is reused. The blow-down water is used in slag granulation. • Rolling mill: Process wastewater is skimmed for oil and scale and then recycled back to the plant. No wastewater is discharged. • DRI: A cooling close-circuit effluent-recycling system has been installed. Wastewater from cooling section is taken to the hot water well, from where it is taken to the cooling tower and then to the cold water well, from where it is recycled back to process. Environment Management within the Steel Plant at Raigarh, Chhattisgarh JindalSteel&PowerLimited 42 Notice Directors’ ReportJSPL Overview Review of Operations
  • 45. • Power plant: DM plant wastewater is treated in a neutralisation pit. Following treatment, the water is reused for wet ash handling system. • Submerged arc furnace: Wastewater is reused for slag cooling and dust suppression. • Sewage treatment plants: Three sewage treatment plants have been installed. The treated water is reused in greenery development. • Garage, DG set and compressor houses: Oil separators were provided; clean water is further treated in STP. SOLID waSTE manaGEmEnT • In order to generate bio-gas from cow dung, two bio- gas plants were constructed for use in cooking and other domestic needs. • The vermi-composite plant allows conversion of organic waste to manure by using earthworms. The resultant manure is used for the purpose of gardening. • Power is generated from coal rejects, fines and char through fluidised combustion boilers. Waste heat of the sponge iron plant is being used in the boiler for power generation. • The blast furnace waste gas is used as an alternative fuel in the reheating furnace, DRI and coal dryer. • SMS slag is used for road-making, while that from the blast furnace is used for making cement. • All construction activities at JSPL are done through fly ash bricks. OThER InITIaTIvES • 100% effluent recycling to conserve water. • Installation of flow meters in all make-up water lines to optimise water consumption through close monitoring. • Establishment of water reservoirs to harvest 29 lac m3 rainwater. • Use of waste material from the washery and sponge iron unit as a fuel in waste heat recovery boilers to generate power and conserve coal. • Conducting energy audit to implement energy-saving actions. • In the sponge iron unit, the temperature of the after burn chamber (ABC) is being maintained at 950-960°C for burning of unburnt carbon, so that maximum steam and power can be generated. • Large-scale bio-diversified afforestation and horticulture activities are conducted annually. Till now, more than 1 million plantations have been done and due to proper maintenance, over 85% survival rate is achieved. • An extended green cover across all units, covering almost 20 per cent of the area, with a target of planting three million tree saplings. • A number of nurseries like Sanjivani Nursery, Vasundhara Nursery, Taru Mitra Nursery and Green Wood have been established, together with gardens for employees and their children. • Established and maintained the Kamla Nehru Park in Raigarh (Chhattisgarh) with a Rs. 25 lacs investment. It has various exotic birds. • Sanjeeveni Botanical Park, has been established where rare plants, foliage, cactus and herbal plants are collected. Serene living environment at the plant in Raigarh, Chhattisgarh AnnualReport2009-10 43 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 46. Recognition and awards • Corporate Social Responsibility Excellence Award was conferred on Jindal Steel & Power Limited by ASSOCHAM for promoting and propagating Corporate Social Responsibility (CSR) initiatives • JSPL was accorded with the ‘Think Odisha Leadership Award’ for the third year consecutively for its excellence in the field of Corporate Social Responsibility. The Company received the award for bringing about outstanding changes in the field of ‘Peripheral Development’ • ‘Transforming Vision into Reality’ award for 2009-10 was awarded to JSPL at the CSR Quest 2010 at Ranchi • JSPL won the Golden Peacock Innovation Management Award 2010 • JSPL commended with ‘Strong Commitment to HR Excellence’ at CII NATIONAL HR EXCELLENCE AWARD 2009 organised at New Delhi • Mr. Naveen Jindal, EVC & MD, JSPL was awarded the ‘Distinguished Alumni Award’ for 2010 by the University of Texas at Dallas for his contribution to public service, being a responsible corporate citizen and guiding his company to become a global player. • Jindal Steel & Power Limited was selected as the top Indian company in the Iron and Steel sector for the Dun & Bradstreet – Rolta Corporate Awards 2009 • JSPL was rated as one of the 50 best Blue Chip companies in India by Dalal Street Investment Journal • Mr. Naveen Jindal received the CNBC’s Most Promising Entrant into the Big League at IBLA 2009 award for Jindal Steel & Power Limited • Jindal Steel & Power Limited accorded the Forbes Asia’s ‘Fabulous 50’ international award for being the best of Asia Pacific’s biggest listed companies showing long term profitability, sales and earnings growth as well as projected earnings and stock price gains • JSPL was rated among one of the highest wealth creators for investors in the last five years by Dalal Street Journal • National Energy Conservation Award 2009 (Top Rank Award in Integrated Steel Sector) • Golden Peacock Innovation Award 2009: Organised by the Institute of Directors • Winner of ‘Shrishti Green Cube Award 2009’: Organised by Shrishti foundation, New Delhi • Greentech Safety Award 2009: Gold Award: Organised by Shrishti Foundation • SAIL HR Excellence Award 2009: Organised by SAIL and IIM-A • Mega India Excellence Award 2009 (for Best Company in Corporate Social Responsibility): Organised by Plan • ‘Good Green Governance (G-Cube)’ Awards 2009-10: Organised by Srishti Foundation Man Media, Sunday India and IIPM JindalSteel&PowerLimited 44 Notice Directors’ ReportJSPL Overview Review of Operations
  • 47. Key performance indicators (Rs. in crores except otherwise stated) 2009-10 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-2001 INCOME STATEMENT Consolidated Standalone Consolidated Standalone Standalone Standalone Standalone Standalone Standalone Standalone Standalone Standalone Domestic Sales 11209.12 7485.17 10634.98 7436.16 5478.62 3326.95 2506.10 2120.83 1309.69 989.57 572.18 510.25 Exports 410.41 410.41 1021.37 1021.37 653.01 592.84 371.85 329.04 83.10 3.61 3.37 0.24 Other Income 60.28 117.31 38.64 122.52 49.12 28.97 27.51 17.43 11.25 8.50 5.86 7.05 Gross Sales & Other Income 11679.81 8012.89 11694.99 8580.05 6180.75 3948.76 2905.46 2467.30 1403.94 1001.68 581.41 517.54 Net Sales & Other Income 11151.82 7484.90 10913.37 7799.43 5459.87 3548.78 2617.76 2271.03 1272.86 889.11 516.69 455.12 Operating Profits (PBIDT) 5907.99 2612.13 5231.81 2603.82 2162.61 1431.58 1034.33 907.54 511.78 350.90 209.56 181.68 Profit After Tax (PAT) 3634.56 1479.68 3007.15 1536.48 1236.96 702.99 572.94 515.70 305.46 145.08 107.55 101.25 Cash Profit 4759.96 2107.07 4193.57 2074.61 1768.10 1174.21 858.41 765.76 434.25 267.15 152 19 133.41 BALANCE SHEET Gross Block 21109.48 15249.49 14927.77 9680.92 6579.42 5866.87 4389.32 2875.98 1966.97 1504.00 1128.27 782.09 Net Block 17844.40 13139.34 12686.28 8063.91 5396.31 5085.12 3846.99 2514.22 1719.97 1324.69 1006.63 698.68 Share Capital Equity 93.12 93.12 15.47 15.47 15.40 15.40 15.40 15.40 15.40 14.63 12.90 12.71 Preference - - - - - - - - - 10.00 71.00 71.00 Net Worth 10386.61 6720.64 7021.16 5385.11 3722.12 2475.17 1837.92 1317 37 853.87 571.17 463.41 412.47 Borrowings 8604.29 8383.26 8113.31 4962.65 3863.35 3507.72 2745.37 1495.86 1025.96 885.26 697.51 404.53 SIGNIFICANT RATIOS Operating Profit to Net Sales (%) 53 35 48 33 40 41 40 40 40 39 41 40 Net Profit to Net Sales (%) 33 20 28 20 23 20 22 23 24 16 21 22 Total Debt to Equity Ratio 0.83 1.25 1.16 0.92 1.03 1.40 1.49 1.13 1.09 1.41 1.49 1.04 Return on Capital Employed (%) 30 16 33 24 25 21 22 28 24 27 18 22 Return on Net Worth (%) 35 22 43 29 33 28 31 39 36 25 23 25 PER EQUITY SHARES (Of Re. 1/* each) Book Value (Rs.) 111.54 72.17 454.00 348.21 241.76 160.77 119.40 85.60 55.40 39.00 36.00 32.60 EPS (Annualised) (Rs.) 39.05** 15.90** 194.63 99.44 80.34 45.66 37.21 33.50 20.04 10.40 7.60 7.20 Dividend Rate (%) 125** 125** 550 550 400 360 300 300 200 125 70 50 Pursuant to the resolution passed at the EGm held on 27.12.2007 the Company’s Equity Shares of the face value of Rs. 5/- each have been sub-divided into Equity Shares of the face value of Re. 1/- each. The Book value & EPS for previous years have been re-stated taking into account the shares split. JSPL allotted 775,651,530 bonus shares of Re. 1 each on 19.09.2009 in the ratio of 5 bonus shares for each existing equity share of Re. 1 leading to an increase in number of outstanding shares from 154,652,683 in 2008-09 to 931,234,082 in 2009-10. This has resulted in a lower EPS and Dividend percentage. * ** AnnualReport2009-10 45 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials
  • 48. Board of Directors Shri vikrant Gujral Group Vice Chairman & Head Global Ventures Shri S. ananthakrishnan Nominee Director - IDBI Bank Ltd. Shri hardip Singh wirk Director - Independent Shri arun Kumar Purwar Director - Independent Shri anand Goel Jt. Managing Director Shri Ratan Jindal Director Smt. Savitri Jindal Chairperson Shri naveen Jindal Executive Vice Chairman & Managing Director Shri Sushil maroo Director Shri R.v. Shahi Director - Independent Shri a.K. mukherji Whole time Director Shri haigreve Khaitan Director - Independent Shri arun Kumar Additional Director - Independent Shri Rahul mehra Director - Independent JindalSteel&PowerLimited 46 Notice Directors’ ReportJSPL Overview Review of Operations
  • 49. Other key officials Shri P.S. Rana Executive Director Fabrication, Raigarh Shri Rajesh Jha Executive Director Angul Shri n.D. Rao Executive Director Mines Shri v.R. Sharma Dy. MD & CEO (Steel Business) Shri K.K. Sinha Director - Group HR Shri John C. Elmore Director - Strategy & Business Coordination Shri G.D.S. Sohal Executive Director Zimbabwe Shri Jasper marais Director, Coal Gasification Shri D.n. abrol Executive Director Raw Materials Shri n.a. ansari Executive Director Patratu Shri D.K. Saraogi Executive President JSIS, Oman Shri J.B. Karamchandani President (Architectural Cell) Shri Praveen Purang Management Adviser (SCM) Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials AnnualReport2009-10 47
  • 50. JindalSteel&PowerLimited 48 JSPL Overview NoticeReview of Operations Directors’ Report To, The Members, Jindal Steel & Power Limited Notice is hereby given that 31st Annual General Meeting of the members of the Company will be held on Tuesday, the 28th September, 2010 at 12.00 noon at the Registered Office of the Company at O.P. Jindal Marg, Hisar – 125 005, Haryana, to transact the following business : ORDINARY BUSINESS 1. To receive, consider and adopt the Balance Sheet as at 31st March, 2010 and Profit & Loss Account for the financial year ended on that date and the Reports of Directors and Auditors thereon. 2. To declare final dividend on equity shares. 3. To appoint a Director in place of Shri Naveen Jindal who retires by rotation and being eligible offers himself for re-appointment. 4. To appoint a Director in place of Shri Vikrant Gujral who retires by rotation and being eligible offers himself for re-appointment. 5. To appoint a Director in place of Shri Ram Vinay Shahi who retires by rotation and being eligible offers himself for re-appointment. 6. To appoint a Director in place of Shri Arun Kumar Mukherji who retires by rotation and being eligible offers himself for re-appointment. 7. To appoint M/s S.S. Kothari Mehta & Co., Chartered Accountants (Firm registration No. 0000756N) as Auditors of the Company to hold office from the conclusion of this meeting to the conclusion of the next Annual General Meeting and to fix their remuneration. SPECIAL BUSINESS 8. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT in accordance with the provisions of Section 257 and all other applicable provisions, if any, of the Companies Act, 1956, Shri Arun Kumar, be and is hereby appointed as Director of the Company, liable to retire by rotation.” 9. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 293(1)(d) of the Companies Act, 1956 (including any statutory modification or re-enactment thereof, for the time being in force) and Articles of Association of the Company, consent of the Company be and is hereby given to the Board of Directors of the Company to borrow moneys whether rupee loans or foreign currency loans or other external commercial borrowings (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) from the Banks and/ or Financial/ Lending Institutions or from any other sources, such as, Foreign Banks, Foreign Investment/ Financial Institutions or Funds or other Bodies, Jindal Steel & Power Limited O.P. Jindal Marg, Hisar - 125 005, Haryana Notice
  • 51. AnnualReport2009-10 49 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials Authorities/ Entities located in India or abroad whether by way of cash credit, working capital, term loans, advances in any form, bill discounting or other forms of credit, issue of Non-Convertible Debentures/ Fully Convertible Debentures/ Partly Convertible Debentures with or without detachable or non-detachable warrants or warrants of any other kind, bonds, external commercial borrowings or other debt instruments or otherwise and whether unsecured or secured by mortgage, charge, hypothecation or pledge on the Company’s assets and properties whether moveable or immoveable or stock-in-trade (including raw materials, stores, spare parts and components or stock in transit), work-in-progress and book debts of the Company on such terms and conditions as may be considered suitable by the Board of Directors upto a limit the outstanding of which should not exceed, at any given time, Rs. 35,000 Crores (Rupees thirty five thousand crores only). RESOLVED FURTHER THAT for the purpose of giving effect to this resolution the Board be and is hereby authorised to do all such acts, deeds, matters and things, as it may, in its absolute discretion, deem necessary, proper or desirable, delegate all or any of these powers to any Committee of Directors or Managing Director or Wholetime Director or Director of the Company and to settle any question, difficulty or doubt that may arise in this regard, to finalise and execute all such deeds, documents and writings as it may deem necessary, desirable, expedient or proper.” 10. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT consent of the Company be and is hereby given in terms of Section 293(1)(a) and all other applicable provisions, if any, of the Companies Act, 1956 to the Board of Directors to mortgage/ hypothecate and/ or create charge/ pledge, etc. in addition to the mortgages/ hypothecations/ charges/ pledges created by the Company, in such form and manner and with such ranking and at such time and on such terms as the Board may determine, on all or any of the moveable and/ or immoveable properties of the Company, both present and future and/ or the whole or any part of the undertaking(s) of the Company in favour of the Banks, Financial Institutions, Bodies Corporate, Persons or any other Lending Institutions whether situated in India or abroad, Agents and/ or Trustees for securing any loans, advances, working capital facilities, bill discounting, or any other financial assistance, fully/ partly convertible debentures and/ or secured non convertible debentures with or without detachable or non-detachable warrants or secured premium notes, floating rate notes/ bonds or any other secured debt instruments or external commercial borrowings in any form together with interest, further interest thereon, compound interest in case of default, accumulated interest, all other costs, charges and expenses payable by the Company upto a limit of Rs. 35,000 Crores (Rupees thirty five thousand crores only) in terms of Section 293(1)(d) of the Companies Act, 1956 and the documents be finalised and executed by the Company in their favour containing such specific terms and conditions and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between the Board of Directors and the Lenders/ Trustees. RESOLVED FURTHER THAT for the purpose of giving effect to this resolution the Board be and is hereby authorised to do all such acts, deeds, matters and things, as it may in its absolute discretion deem necessary, proper or desirable, delegate all or any of these powers to a Committee of Directors or Managing Director or Wholetime Director or Director of the Company and to settle any question, difficulty or doubt that may arise in this regard, to finalise and execute all such deeds, documents and writings as it may deem necessary, desirable, expedient or proper.” 11. To consider and, if thought fit, to pass with or without modification(s) the following resolution as a Special Resolution: “RESOLVED BY WAY OF SPECIAL RESOLUTION THAT in accordance with the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956, Foreign Exchange Management Act, 1999 (including any regulation, statutory modification(s) or re-enactment(s) thereof for the time being in force including but not limited to Foreign Exchange Management (Transfer or Issue of Securities by a Person Resident Outside India) Regulation, 2000, the Issue
  • 52. JindalSteel&PowerLimited 50 JSPL Overview NoticeReview of Operations Directors’ Report of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993 and also the provisions of any other applicable laws, rules, regulations and in accordance with relevant provisions of Memorandum and Articles of Association of the Company and subject to the approval, consent, permission and/ or sanction of the Ministry of Finance (MOF), Government of India (GOI), the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Stock Exchange(s) and/ or any other appropriate authorities, institutions or bodies, as may be necessary and subject to such conditions and modifications as may be prescribed in granting such approvals, consents and permissions, which may be agreed to by the Board of Directors of the Company (hereinafter referred to as the “Board” which terms shall include a Committee of Directors), the consent of the Company be and is hereby accorded to the Board to offer, issue and allot, in one or more tranches, any securities including Global Depository Receipts (“GDR”) and/ or American Depository Receipts (“ADR”) and/ or Foreign Currency Convertible Bonds (“FCCB”) and/ or Convertible Bonds/ Debentures and/ or Euro–Convertible Bonds whether cumulative/ redeemable/ partly/ fully convertible and/ or securities partly or fully convertible into equity shares and/ or securities linked to equity shares and/ or any instruments or securities with or without detachable warrants, or such other types of securities representing either equity shares and/ or convertible securities, (hereinafter collectively referred to as “Securities”) in India or in one or more foreign market(s) to be subscribed in foreign currency(ies)/ Indian Rupees by Foreign/ Domestic Investors, including Non-Residents, Foreign Institutional Investors, Non-Resident Indians, Foreign Nationals, Corporate Bodies, Banks, Institutions, Mutual Funds or such other eligible entities or persons as may be decided by the Board in accordance with applicable laws, whether or not such persons/ entities/ investors are members of the Company, through Prospectus, Offering Letter, Circular Memorandum or through any other mode, from time to time, as may be deemed appropriate by the Board on such terms and conditions as the Board may, in its sole and absolute discretion, deem fit upto USD 750 million equivalent to approximately Rs. 3,750 Crores (with a right to the Board to retain additional allotment, such amount of subscription not exceeding 25% of the amount of initial offer of each tranche as the Board may deem fit) on such terms and conditions including pricing (subject to the minimum pricing norms prescribed by SEBI, RBI and/ or any other authorities), as the Board may in its sole and absolute discretion decide including the form and all other terms and conditions and matters connected therewith and wherever necessary in consultation with the lead managers, underwriters, stabilisation agents, guarantors, financial and/ or legal advisors, depositors, custodians, principal/ paying/ transfer/ conversion agents, listing agents, registrars and issue such Securities in any market and/or to the persons as may be deemed fit by the Board so as to enable the Company to get listed at any Stock Exchange(s) in India and/ or Singapore and/ or any other overseas Stock Exchange(s). RESOLVED FURTHER THAT these securities will be disposed off by the Board in its absolute discretion in such manner as the Board may deem fit and proper. RESOLVED FURTHER THAT without prejudice to the generality of the above and subject to the applicable laws, the aforesaid issue of the Securities may have all or any terms or combination of terms in accordance with normal practices including but not limited to conditions relating to payment of interest, dividend, premium or redemption or early redemption at the option of the Company and/ or to the holder(s) of the Securities and other debt-service payment whatsoever and all such terms as are provided in offerings of this nature, including terms for issue of additional equity shares, of variation of interest payment and/ or variation of the price and/ or the period of conversions of Securities into equity shares or issue of equity shares during the duration of the Securities and/ or voting rights or options for early redemption of Securities, and the Board is empowered to finalise and approve the same or any modification thereof. RESOLVED FURTHER THAT the Company and/ or any agency or body authorised by the Board may issue depository receipts representing the underlying equity shares or other Securities or FCCBs in registered form with such features and attributes as are prevalent in international capital markets for instruments of this nature and provide for the tradability or free transferability thereof as per the international practices and regulations and under the forms and
  • 53. AnnualReport2009-10 51 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials practices prevalent in the international markets including filing any registration statement and any other document and any amendment thereto with any relevant authority(ies) for securities listing and trading in the overseas Stock/ Securities Exchange(s). RESOLVED FURTHER THAT the Board be and is hereby authorised to issue and allot such number of equity shares as may be required to be issued and allotted upon conversion of any Securities referred above or as may be necessary in accordance with the terms of the offering(s). RESOLVED FURTHER THAT subject to the applicable laws, the Board, as and when it deems fit and proper, be and is hereby also authorised to issue and allot equity shares (including equity shares issued and allotted upon conversion of any Securities) with differential rights including differential rights as to dividend and/ or voting. RESOLVED FURTHER THAT the Securities issued in foreign markets shall be deemed to have been made abroad and/ or in the market and/ or at the place of issue of the Securities in the international market and may be governed by applicable foreign laws. RESOLVED FURTHER THAT for the purpose of giving effect to any issue or allotment of Securities or instruments representing the same, the Board be and is hereby authorised to determine the form, terms and timing of the offering(s), including the class of investors to whom the Securities are to be allotted, number of Securities to be allotted in each tranche, issue price, face value, premium amount of issue/ conversion of Securities/ redemption of Securities, rate of interest, redemption period, utilisation of issue proceeds, listing on one or more Stock Exchange(s) abroad/ India as the Board in its sole and absolute discretion may deem fit and to make and accept any modifications in the proposal as may be required by the authorities involved in such issues and on behalf of the Company, to do all such acts, deeds, matters and things as it may, at its sole and absolute discretion, deem necessary or desirable for such purpose, including without limitation the appointment of Registrars, Book-runners, Lead-Managers, Trustees, Agents, Bankers, Global Co-coordinators, Custodians, Depositories, Consultants, Solicitors, Accountants, or such other Agencies, entering into arrangements for underwriting, marketing, listing, trading, depository and such other arrangements and agreements, as may be necessary and to issue any Offer document(s) and sign all deeds, documents and to pay and remunerate all agencies/ intermediaries by way of commission, brokerage, fees, charges, out of pocket expenses and the like as may be involved or connected in such offerings of Securities, with power on behalf of the Company to settle any question, difficulty or doubt that may arise in regard to any such issue, offer or allotment of Securities and in complying with any regulations, as it may in its sole and absolute discretion deem fit, without being required to seek any further consent or approval of the members or otherwise to the end and intent that the members shall be deemed to have given their approval thereto expressly by the authority of this Resolution. RESOLVED FURTHER THAT the Board be and is hereby authorised to delegate all or any of the powers herein conferred to any Committee of Directors or Wholetime Director(s), Directors or any other Officer(s) of the Company to give effect to the aforesaid Resolution. RESOLVED FURTHER THAT all the acts, deeds and things already done by the Board in this regard be and are hereby confirmed, approved and ratified.” 12. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 198, 269, 309, 310 and all other applicable provisions, if any, Schedule XIII to the Companies Act, 1956 and Article 139 of Articles of Association of the Company, the Company hereby approves the reappointment of Shri Anand Goel as Joint Managing Director of the Company for a period of five years with effect from 01st August, 2010 on the following terms and conditions: (a) Basic salary of Rs. 5,37,633/- (Rupees five lacs thirty seven thousand six hundred thirty three only) per month.
  • 54. JindalSteel&PowerLimited 52 JSPL Overview NoticeReview of Operations Directors’ Report (b) Performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as may be determined by the Board, from time to time. RESOLVED FURTHER THAT the terms of remuneration as mentioned herein above will also be payable to Shri Anand Goel, Joint Managing Director for the period from 01st April, 2010 upto 31st July, 2010 being revision of salary as per Company’s Policy. RESOLVED FURTHER THAT notwithstanding anything to the contrary contained hereinabove, where in any financial year during the currency of his tenure, the Company has no profits or its profits are inadequate, the Company will pay remuneration by way of basic salary, performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as specified above.” 13. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 198, 309, 310 and all other applicable provisions, if any, and Schedule XIII to the Companies Act, 1956, the Company hereby approves the revision of remuneration of Shri Vikrant Gujral, Group Vice Chairman & Head Global Ventures of the Company with effect from 01st April, 2010 in the following manner: (a) Basic salary of Rs. 4,56,992/- (Rupees four lacs fifty six thousand nine hundred and ninety two only) per month. (b) Management incentive, performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as may be determined by the Board, from time to time. RESOLVED FURTHER THAT notwithstanding anything to the contrary contained hereinabove, where in any financial year during the currency of his tenure, the Company has no profits or its profits are inadequate, the Company will pay remuneration by way of basic salary, management incentive, performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as specified above.” 14. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 198, 309, 310 and all other applicable provisions, if any, and Schedule XIII to the Companies Act, 1956, the Company hereby approves the revision of remuneration of Shri Arun Kumar Mukherji, Wholetime Director of the Company with effect from 01st April, 2010 in the following manner: (a) Basic salary of Rs. 2,40,000/- (Rupees two lacs forty thousand only) per month. (b) Performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as may be determined by the Board, from time to time. RESOLVED FURTHER THAT notwithstanding anything to the contrary contained hereinabove, where in any financial year during the currency of his tenure, the Company has no profits or its profits are inadequate, the Company will pay remuneration by way of basic salary, performance based target variable pay, benefits, perquisites, allowances, reimbursements and facilities as specified above.” 15. To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 198, 309, 310 and all other applicable provisions, if any, and Schedule XIII to the Companies Act, 1956, approval of the shareholders be and is hereby given to the increase in the individual variable pay of Shri Vikrant Gujral, Group Vice Chairman and Head Global Ventures, Shri Anand Goel, Joint Managing Director and Shri Arun Kumar Mukherji, Wholetime Director to Rs. 11,40,480/-, Rs. 13,82,400/- and Rs. 5,76,000/- respectively and group variable pay of Shri Anand Goel to Rs. 15,55,200/- for the financial year 2009-10.”
  • 55. AnnualReport2009-10 53 Corporate Governance Report Standalone Financials Management Discussion and Analysis Report Consolidated & Subsidiary Financials a) Basic Salary : Rs. 6,45,840/- (Rupees six lacs forty five thousand eight hundred forty only) per annum. b) Flexible Compensation Plan* : Rs. 8,91,264/- (Rupees eight lacs ninety one thousand two hundred sixty four only) per annum. c) Employer’s Contribution to Provident Fund : Rs. 77,496/- (Rupees seventy seven thousand four hundred ninety six only) per annum. d) Target Variable Pay which shall not be less than Rs. 2,26,000/- (Rupees two lacs twenty six thousand only) and not more than Rs. 3,00,000/- (Rupees three lacs only) per annum based on performance of the employee and the Company’s business. He shall also be entitled to following perquisites: e) Perquisites : i) Gratuity amount of Rs. 31,068/- (Rupees thirty one thousand sixty eight only) per annum. ii) Mediclaim Insurance coverage for self and family for which premium amounting to Rs. 9,000/- (Rupees nine thousand only) per annum will be paid by the Company. iii) Group Personal Accident Insurance coverage for which premium amounting to Rs. 4,512/- (Rupees four thousand five hundred twelve only) per annum will be paid by the Company. iv) Encashment of earned leave – maximum for 30 days i.e. Rs. 53,820/- (Rupees fifty three thousand eight hundred twenty only) being one month’s basic pay. * The Flexible Compensation Plan (FCP) consists of the following components with liberty to choose one or more of them, to the extent of its full amount or a part thereof. Allowances/ Reimbursements Maximum Entitlement (per annum) House Rent Allowance Rs. 3,22,920/- (Rupees three lacs twenty two thousand nine hundred twenty only) Corporate Attire Reimbursement Rs. 21,600/- (Rupees twenty one thousand six hundred only) Children Hostel Allowance Rs. 7,200/- (Rupees seven thousand two hundred only) Children Education Allowance Rs. 2,400/- (Rupees two thousand four hundred only) Professional Pursuit Reimbursement Rs. 18,000/- (Rupees eighteen thousand only) Medical Reimbursement Rs. 15,000/- (Rupees fifteen thousand only) Leave Travel Allowance Rs. 1,00,000/- (Rupees one lac only) Cost of Car (Notional Value) Rs. 1,00,000/- (Rupees one lac only) Fuel Reimbursement Rs. 84,000/- (Rupees eighty four thousand only) Insurance / Maintenance of Car Rs. 15,000/- (Rupees fifteen thousand only) Special allowance Rs. 2,05,144/- (Rupees two lacs five thousand one hundred forty four only). This amount may increase depending upon the choice of above components. 16. To consider and, if thought fit, to pass with or without modifications, the following resolution as a Special Resolution: “RESOLVED BY WAY OF SPECIAL RESOLUTION THAT pursuant to the provisions of Section 314 and other applicable provisions, if any, of the Companies Act, 1956 read with Director’s Relatives (Office or Place of Profit) Rules, 2003 and subject to approval of Central Government, the salary of Shri Paras Goel, Asst. General Manager–Sales and Marketing be and is hereby revised w.e.f. 01st April, 2010 as per details given below:
  • 56. JindalSteel&PowerLimited 54 JSPL Overview NoticeReview of Operations Directors’ Report RESOLVED FURTHER THAT Shri Naveen Jindal, Executive Vice Chairman & Managing Director and Shri Vikrant Gujral, Group Vice Chairman and Head Global Ventures of the Company be and are hereby authorised severally to change terms of his appointment including his designation and remuneration. RESOLVED FURTHER THAT in accordance with standing practice of the Company, the salary of Shri Paras Goel may be revised from 01st April every year and next such revision may take effect from 01st April, 2011. RESOLVED FURTHER THAT Shri Sushil Maroo, Director and Shri T. K. Sadhu, Company Secretary be and are hereby authorised severally to apply to and seek approval of Central Government to the increase in the remuneration of Shri Paras Goel and take such other steps and do all such things as may be deemed necessary for giving effect to this Resolution. RESOLVED FURTHER THAT the Sub-Committee of Directors be and is hereby authorised to alter, change or modify any of the above mentioned terms of remuneration as may be directed or advised by the Central Government while considering approval under Section 314 of the Companies Act, 1956 without seeking any further approval from shareholders.” By order of the Board Date: 31st July, 2010 Place : New Delhi Registered Office: O.P. Jindal Marg, T.K. Sadhu Hisar – 125 005, Haryana Company Secretary Notes: 1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER. 2. A blank proxy form is sent herewith. 3. The instrument appointing proxy should be deposited at the Registered Office of the Company not less than 48 hours before the commencement of the meeting. 4. An Explanatory Statement pursuant to Section 173 (2) of the Companies Act, 1956, in respect of items 8 to 16 of the Notice is annexed hereto. 5. All documents referred to in the accompanying Notice and Explanatory Statement are open to inspection at the Registered Office of the Company during office hours on all working days up to the date of Annual General Meeting between 11:00 AM and 01:00 PM. EXPLANATORY STATEMENT PURSUANT TO SECTION 173 (2) OF THE COMPANIES ACT, 1956 RESOLUTION NO. 8: Shri Arun Kumar was appointed as Additional Director by Board of Directors through resolution by circulation on 29th September, 2009. As per provisions of Section 260 of the Companies Act, 1956, he holds office as Additional Director upto the ensuing Annual General Meeting. The Company has received notice along with Rs. 500/- from a member proposing his candidature for appointment as a Director liable to retire by rotation in terms of Section 257 of the Companies Act, 1956. The Board considered this matter in their meeting held on 04th May, 2010 and recommends the resolution for your approval. Shri Arun Kumar is interested in the Resolution.