History of JSW Steel Ltd.
1994
- The Comp. was incorporated on March 15, & the Certificate of Commencement of Business was received on July 8. The Comp. is engaged in the business of integrated steel. It was promoted by the assisted sector by Jindal Iron and Steel Co. limited & Karnataka State Industrial Investment & Development Corporation Ltd.
- The Comp. undertook to set up an integrated steel plant with a capacity of 1.25 million TPA of hot rolled coils at Village Toranagallu, Dist. Bellary, Karnataka rich in iron ore reserves.
- As per the MOU entered into with KSIIDC, it was to be provided with grid support, approvals for construction of railway siding etc.
- The Comp. entered into a technical arrangement with Voest Alpine Industrieanlagenbau [VAIs], for technical details with respect to productivity, iron ore technical details etc.
- M/s. Metallurgical & Engineering Consultants [Indias] limited MECON were appointed as the principal consultants for entire project M/s. MECON were responsible for feasibility study, overall design of plant etc.
- A Joint Venture Comp. Jindal Tractebel Power Comp. limited was set up for supply of power of 2 x 130 MW of power.
- Another Joint Venture Jindal Praxair Oxygen Co. [Ps] limited was also set up for supply of Oxygen. Till the power supply is adequate, two standby generators of 2500 KVA were installed for uninterrupted power supply.
- 2 x 11.5 MW diesel power plant was to be set up for supply to the steel plant.
1995
- The Comp. proposed to make the following changes: To set up a pellet plant with a capacity of 3 million TPA; It was also proposed to add balancing facilities to improve the product quality besides additional value added output; In the BOF the Continuous Casting shops and also in the integrated production chain, corresponding marginal investments were proposed, linked to enhancement of capacity by 25%; The Comp. proposed to invest in the equity capital of joint venture viz. M/s. Praxair Inc., USA & with Tractebel of Belgium.
- The Comp. issued 3175,00,000-14% secured redeemable partly convertible debentures of Rs 40 each as follows:
- [As] On firm allotment basis: 450,00,000 debentures to promoters and their associates. 505,00,000 debentures to financial institutions. 158,60,000 debentures to Indian Mutual Funds. 87,50,000 debentures to FIIs. 275,00,000 debentures to NRIs/OCBs.
- [Bs] On preferential allotment basis: 150,00,000 debentures to shareholders of promoter companies [only 81,68,500 debentures taken ups]. 12,50,000 debentures to employees of Comp. & promoter companies [only 4,28,500 debentures taken ups]. 211,40,000 debentures to Indian Mutual Funds [158,60,000 debentures taken ups]. 175,00,000 debentures to FIIs [only 17,50,000 debentures taken ups]. 100,00,000 debentures to NRIs & OCBs [64,25,500 debentures taken ups]. 37,50,000 debentures to Financial Institutions/banks [only 5,00,000 debentures taken ups].
- Balance 1012,50,000 debentures along with 463,92,500 debentures unsubscribed under preferential quota was issued to the public.
- Part A of Rs 20 was automatically converted into two equity shares of Rs 10 each at par on date of allotment i.e. 15.4.1995.
- Part B of Rs 20 was to be redeemed at par in four equal annual instalments at the end of 6th, 7th, 8th and 9th year respectively from the date of allotment.
- 53,35,150 No. of equity shares of Rs 10 each issued, subscribed 53,46,64,850 No. of equity shares of Rs 10 each were issued in 1995 of which 399,664,850 No. of equity shares were reserved for allotment on a firm basis to promoters & their associates. Balance 135,000,000 shares were issued to the public. 635,000,000 No. of equity shares allotted on conversion of PCDs.
- The Comp. has issued 13.5 Crore Equity Shares of Rs. 10/- per share at par, aggregating Rs. 135 Crore & 27.25 Crore 14% Secured Redeemable Partly Convertible Debentures of Rs.40/- each for cash at paraggregating Rs. 1090 Crore.
- Praxair has entered into a Joint venture with Jindal Vijayanagar Steel to build & operate world largest cryogenic air separation plants for supply of oxygen, nitrogen & argon to Jindal integrated steel facility in Bellary in Karnataka.
1996
- The first Corex unit is slated for commissioning by October '97. The Contract for second unit of Corex has been signed with VAI & this unit will be commissioned by April-May 1998.
1997
- The BOF and CCP Units were to be commissioned by September/October to synchronize with the commissioning of first unit of Corex.
- The Comp. has entered into a Joint venture with M/s. Mysore Minerals Limited [A Government of Karnataka Undertakings] the Lease-holder of Thimmappanagudi deposits, to form Jindal Mysore Minerals Mining Comp. Private Ltd., a new joint venture Comp. a Memorandum of Understanding to this effect has been signed with Mysore Minerals Limited on 17th January.
- The State-owned Mysore Minerals Ltd & Jindal Vijaynagar Steel Ltd have entered into an MoU under which a joint venture will be formed to explore, develop & mine iron ore in Bellary district.
- JVSL had commissioned the first phase of roughing mill of its hot strip mill in March 1997
1998
- The contract for second unit of Corex was signed with VAI. - Jindal Vijayanagar Steel is setting up a mega integrated steel plant in Toranagallu.
- JVSL has formed a joint venture company, Vijayanagar Minerals Ltd, with Mysore Minerals, to explore & prospect for mines in the region.
- JVSL is setting up a steel plant to produce 1.6 million tonnes per annum [mtpas] of Hot Rolled [HRs] coils using the COREX technology for making liquid metal & a Basic Oxygen Furnace [BOFs] to make steel, at Vijayanagar, in Karnataka. - The first corex module of Jindal Vijayanagar Steel Plant with a capacity of 8,00,000 tonne would be commissioned by next month. Promoted by Jindal group, the plant set up at Tornagallu in the iron rich Bellary-Hospet in Karnataka.
- The Jindal group was also setting up a joint venture with the British Steel to manufacture organic coated steel products.
- JVSL is the first integrated steel plant to be set up after liberalisation.
- The First unit of oxygen plant is scheduled to be commissioned in third quarter & the second unit by First quarter of 1999 so as to synchronize with the commissioning date of steel plant, in stages.
- The Corex Plant was commissioned on Oct 5, making JVSL the first company in the world to use the technology.
- The Government has given the Comp. a mine belt in Sironi in AP, which is expected to take there to five years to develop. - JVSL has also entered into joint ventures with Tractebel & Praxair for setting up power & oxygen plants, respectively, as forward and backward integration thrusts.
1999
- The Comp. has entered into an agreement with the Steel Authority of India for procuring slab.
- According to JVSL managing director JK Tandon, the Comp. is in advanced stage of negotiations with L&T over the proposal to set up the grinding unit in the complex.
- Jindal is talking to various cement manufacturers to get them to set up factories in the vicinity to make use of this by-product.
- The Comp. acquired 60 per cent stake in a city-based joint venture company, Chemicon.
- It recently entered into an agreement with Saint-Gobain Glass India to install an air separation plant for supply of nitrogen and hydrogen to Saint-Gobain float glass unit at Chennai.
- The Comp. has entered into an agreement with the Steel Authority of India for procuring slab.
- Jindal Praxair has also entered into a take-or-pay agreement with JVSL for its gas supply.
2000
- Jindal Vijaynagar Steel limited which has its plant located at Bellary in Karnataka, has become the first steel Comp. in India to implement a total integrated resource planning solution for its business process.
- Jindal Vijaynagar Steel limited [JVSLs] has signed a memorandum of understanding [MoUs] with the Thyssen promoted-Indo German International Pvt. limited for securitising of hot-rolled [HRs] coil steel.
- The Comp. has signed a tripartite agreement with CDSL & Karvy Consultants Ltd.
- The Comp. has signed a Memorandum of Understanding [MoUs] with miners in & around the company captive mines located in the Bellary Hospet region in Karnataka. The MoU has been signed for supplying iron ore fines for company pelletisation plant.
- The Comp. has deferred its plans to float a $125-million global depository receipt issue to retire highcost debt.
- The Comp. has appointed Andersen Consulting with a view to undertaking a financial restructuring in its corex steel plan in Karnataka.
- The Comp. has entered the highly-lucrative liquefied petroleum gas sheets segment after extending its focus in hot-rolled coils [HRCs] from south to western India.
2002
-Krishna Deshika appointed as Comp. Secretary of Jindal Vijayanagar Steel.
-Jindal Vijaynagar Steel Ltd has informed the following changes in Company Directorate: Mr B S Patil IAS has resigned as Director & Mr KK Misra IAS has been appointed as Additional Director on the Board of Comp. w e f August 23, 2002.
2003
--Jindal Vijayanagar Steel Ltd has informed the Exchange that Mr S David Chandrasekaran has been nominated on the Board of Comp. w.e.f. June 5, 2003 by LIC of India in place of Mr. B R Sethi.
-1. Approved the appointment of consultants & valuers to evaluate & advise on the Proposal for consolidation of its steel business with that of Jindal Iron and Steel Comp. Ltd.
2. Approved the appointment of ICICI Securities Ltd & M/s RSM and Co as Consultants & the appointment of Deloitte Haskins and Sells and ICICI Securities as valuers in this regard.
3. Approved Prepayment & settlement of outstanding dues of Rs 3834.40 million to some of unsecured foreign lenders subject to compliance of certain terms & conditions.
-1s] Dr. B N Singh was appointed as Additional Director and as Jt. Managing Director and CEO 2s] Mr. U Mahesh Rao resigned as Director from the Board of Comp. .
-Jindal Vijayanagar Steel Ltd has delisted equity shares from the Cochin Stock Exchange Ltd and Mangalore Stock Exchange
2005
-Jindal Vijaynagar Steel Ltd [JVSLs] approves merger of Euro Ikon Iron and Steel Pvt Ltd, Euro Coke and Energy Pvt Ltd, & JSW Power Ltd
2006
-JSW gets new CEO
2008
