Sajjan Jindal wins international steel industry award

October 8th, 2009 KOLKATA - JSW Steel, part of the Sajjan Jindal-owned JSW Group, aims to raise Rs.6,600 crore through debt for financing its Rs.11,000-crore steel project in West Bengal's Salboni, a senior official said here Thursday. "Sixty to 65 percent of the total project cost will be funded through debt.

October 6th, 2009 NEW DELHI - Prolonged delays in acquiring land for industrial projects could endanger potential investments worth $100 billion in India, according to an industry lobby report. "Delays in land acquisition procedures for industrial projects are threatening to endanger investments worth $100 billion all over the country in near term," said the report of the Associated Chambers of Commerce and Industry (Assocham).

September 17th, 2009 BHUBANESWAR - The Orissa government, which Thursday reviewed the progress of 14 greenfield projects underway in the state, said most of the companies setting up these projects have not completed land acquisition. "Acquiring land is the biggest problem before these mega projects.

September 13th, 2009 NEW DELHI - Gold prices may go up further during the forthcoming festive season to touch Rs.18,000 per 10 gram, according to the Associated Chambers of Commerce and Industry of India(Assocham). Gold has seen a huge build-up in the exchange traded funds (ETF) in the last few weeks and will gain further momentum in view of festive demand and low international production, Assocham said in a report.

August 4th, 2009 NEW DELHI - To bring transparency in the realty sector, Associated Chambers of Commerce and Industry of India (Assocham) has suggested that it be made mandatory for real estate developers to open escrow accounts. Escrow accounts offer a safe avenue to buyers of property since payments for purchase of an apartment or similar real estate are deposited in them and paid to the developer only after the project is complete and the possession handed over.

July 29th, 2009 MUMBAI - Jindal Steel and Power Wednesday reported a 25 percent dip in net profit to Rs.300 crore for the first quarter this fiscal as compared to Rs.402.3 crore in the same period last year. The total income decreased 16 percent to Rs.1,592.6 crore from Rs.1,902.7 crore, the company said in a regulatory statement.

July 9th, 2009 NEW DELHI - State-run steelmaker Steel Authority of India Ltd (SAIL) Thursday announced its SAIL HR Excellence Awards for seven Indian manufacturing firms including Tata Motors and Jindal Steel. The SAIL has instituted the award to commemorate its 50th year of production.

July 1st, 2009 NEW DELHI - The Associated Chambers of Commerce and Industry of India (Assocham) has urged Railways Minister Mamata Banerjee to make adequate provisions for construction of two dedicated freight corridors in her rail budget proposals. "The minister should clearly spell out her plans as to how she intends to acquire over 10,000 hectares of land for construction of two freight corridors, one for Delhi to Mumbai and the other one from Delhi to Kolkata," Assocham president Sajjan Jindal said here Wednesday.

June 18th, 2009 NEW DELHI - Medical tourism can fetch India up to Rs.8,000 crore in foreign exchange by 2012, nearly double than current figures, according to an industry lobby. "Currently, the earnings accrued through medical tourism annually are estimated to be around Rs.4,500 crore," said Sajjan Jindal, president of Associated Chambers of Commerce and Industry of India (Assocham) in a statement Thursday.

June 11th, 2009 NEW DELHI - The Associated Chambers of Commerce and Industry (Assocham) Wednesday called on the government to bring down tax on household purchases to less than 20 percent from over 45 percent now to spur domestic demand. "Although the annual income of an average Indian is growing significantly, it is not resulting in increased savings because the government takes away over 45 percent on household purchases in terms of indirect taxes alone," Assocham president Sajjan Jindal said in a statement.

May 22nd, 2009 NEW DELHI - Non-judicious use of pesticides is leading to an annual loss of more than Rs.100,000 crore (Rs.1,000 billion/$21 billion) in the agricultural sector, according to the Associated Chambers of Commerce and Industry (Assocham). 'Poor and inadequate use of pesticides is the primary cause of poor yield of Indian crops due to which a great deal of agriculture production has been suffering,' said Assocham president Sajjan Jindal in a statement.

April 22nd, 2009 NEW DELHI - JSW Steel, one of the leading steel makers in the country, will invest Rs.3,000 crore in 2009-10 to expand its production capacity, a top official said here Wednesday. 'We are planning to invest Rs.3,000 crore in the current financial year to expand our production capacity,' Sajjan Jindal, vice-chairman and managing director of JSW Steel, told reporters on the sidelines of a business meet.

March 26th, 2009 NEW DELHI - With India moving towards deflation, demand creation will be a major challenge for policymakers as well as industry, a leading industry lobby group said Thursday. 'With inflation at 0.27 percent - the lowest in the last 30 years - it's clear now that India is fast heading towards deflation,' Associated Chambers of Commerce and Industry of India (Assocham) president Sajjan Jindal said.

March 3rd, 2009 RANCHI - Hundreds of farmers staged a protest here Monday against the acquisition of land for projects envisaged by aluminium major Hindalco, and steel manufacturer Jindal Steel and Power. 'We will lay down our lives but will not give an inch of land to Jindal Steel and Hindalco,' the protesters shouted as they marched to the governor's residence to lodge their protest.

January 27th, 2009 MUMBAI - Private steel manufacturer Jindal Steel Wednesday announced standalone net loss of around Rs.1.28 billion (Rs.127.5 crore) for the quarter ended Dec 31, as against a profit of near Rs.3.56 billion (Rs.355.37 crore) in the year-ago period. In a regulatory statement, the company said its standalone net income was Rs.28.27 billion (Rs.2,826.74 crore), a marginal rise of 0.14 percent from around Rs.28.23 billion (Rs.2,822.74 crore) registered in the corresponding period last fiscal.