Jindal Steel and Power (JSPL) has made announcement that the company envisages to float a wholly-owned subsidiary company, named Jindal Petroleum.

According to the sources, the proposed unit of the JSPL would look after the domestic and international oil and natural gas operations of the conglomerate.

Also, the company has take over exploration rights to one oil block in Rajasthan, four blocks in Georgia and three blocks in Peru, which will form part of its new arm. 

Recently, the company along with Namibia-based Enigma Oil and Gas Exploration (EOGE), secured exploration rights to three onshore oil blocks in the Maraon and Huallaga basins in northern Peru.

The largest stainless steel producer of India, Jindal Stainless Ltd would invest Rs 10,000-11,000 crore in the next five years to expand its steel business. The company would increase its production capacity and establish new steel plants in the coming years. It also intends to provide value added services and steel products as per its expansion plans. The company would come in the form of a new corporate entity. It has changed its logo and name to JSL Ltd. 

A new corporate identity, including a changed logo, was unveiled here on Wednesday by the country’s largest  producer of stainless steel, Jindal Stainless Ltd (JSL).

Commenting on the occasion,,Ratan Jindal, vice-chairman and managing director, JSL, said, “Taking our domestic leadership forward, it is our natural progression into diversified business areas of Energy, Mines & Minerals, Ferro Alloys, Precision Strips, Architectural applications, Public Infrastructure and lifestyle. JSL will continue to follow its vision and commitment towards providing excellence and expertise and build on our history of innovation, leadership and customer intensive approach.”

The government wants to decrease the steel prices in the domestic market. It has ruled out any possibility of price band on the steel products.

The Steel Secretary, P K Rastogi said that global price of steel is decreasing and its benefit must be delivered in the domestic market of the country. He said that government wants to play the role of facilitator in the price mechanism of steel products. He expressed views in the sidelines of CII Steel Tube summit in New Delhi.

The world’s largest steel producer Arcelor Mittal has expressed interest to set up plants in India. The company, in a statement said that it will make investment in India. It also revealed that cost overturn and Singur like issues will not deter it from investing in India.

ArcelorMittal’s chairman & CEO, Laxmi Mittal said Singur like cases may happen in any part of the world. People can oppose a particular project but the investment issue is linked to the overall growth of the country.

The government will soon revise the export duty structure of steel products. The new prices would be considered after judging the current market conditions. The government has also decided to resolve the conflict between miners and steel makers over iron ore prices.