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Home › Dodgy Deals ›
Dodgy Deal
Jindal Steel & PowerIndia

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Last update: 2016-09-28 11:38:46

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Last update: 2016-09-28 11:38:46
Why this profile?
About
Sectors Coal Mining, Mining
Headquarters
Ownership

Jindal Steel & Power is listed at the BSE and at the NSE, both in India. The company was founded in 1969 by OP Jindal, the late father of the president Chairman Naveen Jidal. The promoter group Jindal Group holds 60% of its equity shares, 23% of its shares aree owned by Foreign Institutional Investors (FII). Around 100,000 individual public shareholders own approximately eight percent of its shares. The remaining nine percent shares are owned by others. Its list of shareholders can be found here.

Subsidiaries
Website http://www.jindalsteelpower.com

Jindal Steel and Power Limited (JSPL) is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure. It currently has 3,400 megawatt of operational coal power capacity. It has stakes in nine coal blocks in India, as well as in mines in Australia, Indonesia, South Africa and Mozambique. The company realised in 2014-2015 a turnover of USD3.14 billion, while employing about 14,000 people. JSPL is a part of the USD18 billion diversified Jindal Group conglo-merate.

JSPL has six major subsidiaries:

  • Jindal Power Limited which operates Jindal Tamnar Thermal Power Plant a 1000 megawatt coal-based thermal power plant in Raigarh district in state of Chhattisgarh. This plant is fully functional.
  • Jindal Shadeed Iron and Steel, Oman
  • Jindal Steel Bolivia
  • Jindal Steel and Power Mauritius
  • Jindal Africa Investments
  • Skyhigh Overseas
Impacts

Social and human rights impacts

In Mozambique problems arose with the resettlement process around its coal mines. When asked about governmental flaws in the pre-resettlement proces in October 2012 Jindal replied: "The government's speed is slow. They are not matching our speed. We are running at 100, they are running at 30". Jindal's power plant and mines in Chattisgarh are being resisted by local communities. Incidents of violence against protestors have been reported.Over 2,500 people still reside near the Chirodzi Coal Project's open-pit mine.

Despite the company's promise to resettle communities before mining commenced, resettlement has not taken place. The communities did not receive any form of compensation or substitute land for their sacrifices. Jindal continues to extract coal from land that is vital to the survival of residents and their families. The food insecurity that has resulted from Jindal's operations makes people vulnerable to poverty and hunger. Jindal uses dynamite to facilitate coal extraction at the site, resulting in coal dust clouds that severely impact the health of those living within a kilometer of the mine.


Environmental and climate impacts

All of Jindal's coal blocks in India, are in forested regions with high livelihood dependence from local communities and wildlife presence. Since early 2013, Jindal has been mining without an approved Environmental Impact Assessment (EIA), which is in direct violation of Mozambican Environmental Law. Nevertheless, Mozambique's president at that time, Armando Guebuza, inaugurated the mining project days after a large protest where community members physically attacked Jindal officials.


Other impacts

The group is under investigation for its role in the "Coalgate" scandal. Jindal has been accused of bribing the then Minister of State for Coal to secure mining rights in certain coal blocks. The Supreme Court, on August 25, 2014 ruled that coal blocks allocated by the government between 1993 and 2010 were illegal. Naveen Jindal, the head of the company, is also being investigated on charges of corruption, as part of the coal scam case. JSPL has also been accused of illegally diverting coal from its captive mines for commercial sale.

Financiers
Institution type
Finance type
Year
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

New Adani mine project puts remote Indian villages at the coalface

2021-09-15 | Adani Watch
BankTrack news BankTrack blog Partner news Partner blog

Exclusive: Jindal Steel & Power hires adviser for foreign loan recast

2016-08-23 | VCCircle
BankTrack news BankTrack blog Partner news Partner blog

Court orders trial of UPA Minister Rao, ex-CM Koda, Jindal in coal block case

2016-04-30 | The Indian Express
BankTrack news BankTrack blog Partner news Partner blog

JSPL denies allegations in coal block scam case

2016-04-29 | The Hindu Business Line
BankTrack news BankTrack blog Partner news Partner blog

Coal scam: ED files money laundering case against ex-MoS Rao, Naveen Jindal

2014-05-06 | New Delhi | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Indian coal activist wins Goldman Prize

2014-05-01 | The Goldman Environmental Price
BankTrack news BankTrack blog Partner news Partner blog

Nine firms submit preliminary bids for Odisha ultra mega power project

2013-11-25 | Live Mint
BankTrack news BankTrack blog Partner news Partner blog

Big firms hit as Ministry de-allocates 11 coal blocks

2013-11-22 | The Hindu Business Line
BankTrack news BankTrack blog Partner news Partner blog

Coal mining clampdown to boost imports by steelmakers

2013-11-08 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Gujarat miners in tears: 3 more weeks without pay

2013-10-01 | Illawarra Mercury
BankTrack news BankTrack blog Partner news Partner blog

Auditor questions Gujarat NRE coking coal’s ‘ability to survive’

2013-09-30 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Villagers denounce public hearing on setting up coal mines in Chhattisgarh

2013-09-26 | The Hindu
BankTrack news BankTrack blog Partner news Partner blog

A public hearing against the public in Chhattisgarh

2013-09-25 | The Hindu
BankTrack news BankTrack blog Partner news Partner blog

Naveen Jindal led Jindal Steel faces probe for selling captive coal from Chhattisgarh mine

2013-09-02 | The Economic Times
private BankTrack news BankTrack blog Partner news Partner blog

A GOVERNMENT WITHOUT SHAME, A PEOPLE WITHOUT HOPE

2013-08-27 | Ja Justica Ambiental
BankTrack news BankTrack blog Partner news Partner blog

Environmental activist shot and wounded in Chhattisgarh

2012-07-08 | The Hindu
Resources
Documents
Links
2016-04-30 00:00:00

Jindal Steel & Power sustainability report 2014-2015

Annual report
2016-04-30 00:00:00 | Jindal Steel & Powerl
2015-04-01 00:00:00

Jindal Steel & Power annual report 2014-2015

Annual report
2015-04-01 00:00:00
2014-04-30 00:00:00

Jindal Steel & Power annual report 2013-2014

Annual report
2014-04-30 00:00:00
2013-12-10 00:00:00

Dirty Profits II

Report on Companies and Financial Institutions Benefiting from Violations of Human Rights
NGO document
2013-12-10 00:00:00 | Facing Finance
2013-03-12 00:00:00

Coal Kills

An Assessment of Death and Diseasecaused by India’s Dirtiest Energy Source
NGO document
2013-03-12 00:00:00 | Urban Emissions in partnership with the Conservation Action Trust and Greenpeace India
2013-01-01 00:00:00

Jindal Steel & Power annual report 2012-2013

Annual report
2013-01-01 00:00:00
2012-05-23 00:00:00

What is a house without food?

NGO document
2012-05-23 00:00:00 | Human Rights Watch

Jindal Steel & Power

Company website
Updates

2016

2016-04-30 00:00:00 | Court orders trial of UPA Minister Rao, ex-CM Koda, Jindal in coal block case

Stating that "facts and circumstances" brought on record prima facie "establishes the hatching of a criminal conspiracy after careful calculation and minute planning", a Delhi special court ordered former Minister of State for Coal Dasari Narayan Rao, former Congress MP and industrialist Naveen Jindal, former Jharkhand Chief Minister Madhu Koda and 12 others to be put on trial. They face charges of criminal breach of trust and criminal conspiracy in a 2008 allocation of a coal block in Jharkhand (source: The Indian Express).

2016-03-11 00:00:00 | Payment failure: Crisil cuts JSPL rating to "default"

Three weeks after it slashed the credit rating of Jindal Steel and Power (JSPL) to below investment grade, Crisil (Standard & Poor's Indian credit rating agency) has downgraded the firm to "default" grade (source: Crisil).

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