PDF

)INDJlY '
STEEL & POWER

September 3, 2019
BSE Limited National Stock Exchange of India Limited

Corporate Relationship Department, Exchange Plaza, 501 Floor,
1st Floor, New Trading Ring, Plot No. C/1, G Block
Rotunda Building, P J Towers, Bandra-Kurla Complex, Bandra (E),
Dalal Sh·eet, Fort, Mumbai - 400 001 Mumbai-400051
Security Code : 532286 Symbol : JINDALSTEL
Dear Sir/ Madam,
Subject: Submission of the Annual Report for the financial year 2018-19 and Notice of 40th
Annual General Meeting (" AGM") alongwith addendum thereof
This is to inform you that the 401h AGM of Jindal Steel & Power Limited ("the Company") is
scheduled to be held on Friday, September 27, 2019 at O.P. Jindal Marg, Hisar, Haryana - 125
005 at 12:00 Noon. Pursuant to Regulation 30 read with Part A of Schedule III and Regulation 34
of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requil:ements) Regulations, 2015 ("Listing Regulations"), Please find enclosed herewith a copy
of the Annual Report of the Company for the financial year 2018-19 and Notice of 40U1 AGM
alongwith addendum thereof.
Pursuant to Section 91 of the Companies Act, 2013 ("the Act"), the register of members and
share h·ansfer books of the Company shall remain closed from Monday, September 23, 2019 to
Friday, September 27, 2019 (both days inclusive) for AGM purpose.
Pursuant to the provision of Section 108 of the Act read with the Companies (Management and
Adminish·ation) Rules, 2014, as amended, from time to time ("Rules") and Regulation 44 of the
Listing Regulations, the Company is pleased to provide to its members, the facility to cast their
vote through electronic means on all resolutions set forth in the Notice of the AGM including
addendum thereof, whose name is in the Register of Members / Beneficial Owners as on cut-off
date i.e., Friday, September 20, 2019 and the members as on that date are entitled to avail the
facility of remote e- voting, attend and vote at the meeting.
The Notice of AGM alongwith Addendum thereof and Annual Report for F.Y. 2018-19 can also
be accessed/ viewed/ downloaded from the website of the Company's at
www.jindalsteelpower.com.
Jindal Steel & Power Limited

Co rporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi 110 066
CIN: L27105HR1979PLC009913
T: +91 11 4146 2000 F: +91 11 2616 1271 W: www.jindalsteelpower.com E: jsplinfo@jindalsteel. com
Reg istered Office: 0. P. Jindal Marg, Hisar, 125 005, Haryana
)INDAY '
STEEL &POWER
Please note that the Annual Rep ort for the financial yeru· 2018-19 and Notice of the 40U' AGM
along w ith the addendum thereof, are being dispatched / sent to the shareholders of the
Company.
Submitted for your kind information and record please.

Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi 110 066
CIN: L27105HR1979PLC009913
T: +91 11 4146 2000 F: +91 11 2616 1271 W: www.jindalsteelpower.com E: jsplinfo@jindalsteel.com
Registered Office: 0 . P. Jindal Marg, Hisar, 125 005, Haryana
THE FURNACE FOR
INDIA’S GROWTH
JINDAL STEEL & POWER LIMITED
2018-19
ANNUAL REPORT
SPEED I EFFICIENCY I PROBITY

Contents
1 Strategic Report
Our Inspiration.......................................................................02
Our Guiding Light................................................................03
Chairman’s Insight................................................................04
Message from the Managing Director ....................06
A note from the Joint Managing Director..............08
JSPL: A Snap Shot.................................................................10
Our Steel Manufacturing, Power
2019
ANNUAL REPORT
Generation & Mining Facilities .....................................12

Our Margin-Strong Product Portfolio........................14
How we create value..........................................................16
Sustainability and responsibility at JSPL..................18
Board of Directors.................................................................20
STRATEGIC REPORT
2 Statutory Reports
Management Discussion & Analysis..........................21
Board’s Report........................................................................33
Annexures to Board’s Report..........................................39
Brief Profile of Directors.....................................................94
Business Responsibility Report.....................................98
3 Financial Statements
Standalone Financials.....................................................110
Consolidated Financials.................................................180
Form AOC-1..........................................................................249
To view
Annual Report 2019 Online,
visit: www.jindalsteelpower.com
Forward-looking statements
In this Annual Report, we have disclosed forward-looking information
to enable investors to comprehend our prospects and take investment
decisions. This report and other statements – written and oral – that
we periodically make contain forward-looking statements that set out
anticipated results based on the management’s plans and assumptions.
We have tried wherever possible to identify such statements by using
words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’,
‘believes’, and words of similar substance in connection with any discussion
of future performance. We cannot guarantee that these forward-looking
statements will be realised, although we believe we have been prudent in
assumptions. The achievements of results are subject to risks, uncertainties,
and even inaccurate assumptions. Should known or unknown risks
or uncertainties materialise, or should underlying assumptions prove
inaccurate, actual results could vary materially from those anticipated,
estimated, or projected. Readers should keep this in mind. We undertake
no obligation to publicly update any forward-looking statements, whether
as a result of new information, future events or otherwise.
1
THE FURNACE FOR

INDIA’S GROWTH
Our strategy is to create superior value for
stakeholders by meeting our customers’ needs,
maximising free cash flows from our world-class
assets, and allocating capital with discipline.
Over the years, our overarching philosophy has been on maximising our operational efficiencies, we are
to consistently gear our production capabilities on the path to benefit exponentially from sweating
towards creating a high value portfolio, rather out our assets and reaching our maximum
than focus mainly on volumes. Today, sixty five production capacity, across the board. With the
percent of our portfolio consists of margin-strong resulting improving free cash flows generated
long products, a unique position amongst Indian from dynamic organic growth hereon, we expect
peers. As India itself is on a transformation journey to further improve our ability to pare down debt,
to become a first world nation, JSPL’s portfolio is strengthen our balance sheet, and create superior
supremely suited to match the growth agenda of value for our stakeholders.
the world’s fastest growing large economy.
We have now reached a point of perfect equilibrium,
Fiscal 2019 has set the bar for our operational and where India’s growth story, our ability to maximise
financial performance, as we recorded the highest our operational performance, and our improving
ever production levels, sales, revenue, and EBITDA in financial strength, all align towards delivering
our history. sustainable value creation.
However, we consider this point as ground zero, and With accelerated growth in our free cash flows,
look at the next phase of our growth with ambition and a stronger balance sheet, we have the rights
and pragmatism. We have completed the latest of passage to become an enduring industrial
phase of our planned capital expenditure, and are powerhouse.
now poised to reap the benefits of our investments
over the next few years. As we continue to hone in
2
Our
2019
Inspiration
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STRATEGIC REPORT
Shri Om Prakash Jindal,

Founder Chairman
Shri O. P. Jindal lived his life As a visionary of outstanding integrity and dynamism
who succeeded in every endeavour he undertook,
with the belief that meaningful Shri O. P. Jindal was a philanthropist and a true Indian.
In his lifetime, he channeled his energies into building a
change in society requires professional organisation for modern India. A messiah of
change, he spread smiles and hopes wherever he went.
working upwards, from the He believed that growth should be inclusive, and made
bottom. By uplifting the it his life’s mission to uplift the underprivileged sections
of the society. He built an organisation that went beyond
weaker section of society, business, creating sustainable value for the community
at large. He left behind millions of smiles and a great
he believed that our society legacy of value and inspiration. At JSPL, we deeply cherish
his memories, and are committed to carrying his legacy
and country could achieve forward.
the impossible.
3
Our
Guiding Light
Smt. Savitri Jindal,

Chairperson Emeritus
An outstanding personality with Smt. Savitri Jindal finds life’s biggest contentment in
seeing our Founder Chairman’s dream transforming
strong values, into living reality. With new pride every day, she sees
JSPL spreading hope across the country with its welfare
Smt. Savitri Jindal is committed initiatives. She believes in aligning business priorities with
meaningful social intervention, creating a framework for
towards taking forward enduring value creation. An astute leader, she guides the
the values of our Founder ever-growing Group as it navigates diverse streams to
strengthen its position as a transnational conglomerate.
Chairman. We, at JSPL, are She motivates the Group to follow the values of ethical
corporate governance close to our Founder Chairman’s
inspired by her humane heart. She provides guidance and inspiration to us to
reach greater heights of glory. Smt. Jindal remains the
approach to entrepreneurship, driving force behind JSPL’s global pre-eminence in value
creation, not just for the shareholders, but also for the
which is clearly evident in her entire stakeholder ecosystem.
efforts to provide healthcare
facilities, education and
employability to those in need.
4
Chairman’s
2019
Insight
Our commendable
performance is the result
of our astute management
spanning many decades,
by a capable leadership
ANNUAL REPORT
team, working together

towards the unified
objective of making JSPL
a leading steel and power
STRATEGIC REPORT
company, and one of the

world’s highest value
creators.
Naveen Jindal
Chairman
Dear Shareholders, gone by, saw a strong opening in steel plant at Angul in Odisha. As
Steel prices, which continuously the Angul plant further maximises
2019 is a year of celebrations for
tapered off through the year. JSPL’s its operational efficiencies, and the
all of us at JSPL as we complete
standalone Sales turnover in FY2019 overseas business continues to show
glorious 30 years of our existence. It
rose by 58%. JSPL reported EBITDA encouraging growth, I expect that
was in 1989 that the visionary leader
at ` 6,017 crore up 51% YoY. The we will continue on this path.
Shri O. P. Jindal paved the way of
Company achieved a Consolidated
the growth trajectory that we have
Steel Sales of 6.93 MT in FY2019, up Long term value creation
traversed over the last 30 years. This
27% YoY and steel production of 6.96 Today, we have crossed an inflection
glorious journey of JSPL has come a
MT as opposed to 5.70 MT in FY2018. point, catapulting us into a future
long way, starting with 0.3 MTPA DRI
JSPL recorded its highest ever-annual trajectory that indeed looks promising.
plant at Raigarh to a conglomerate
revenue (Consolidated) of ` 39,388 Having just completed our current
with a multi-locational global
crore, 41% higher than the previous capital expenditure cycle, we are on
portfolio of Steel, Power and Mining
year. JSPL’s Consolidated EBITDA rose the path to achieve multi-fold growth,
assets. I would like to gratefully
by 30% compared to previous year both in our earnings and in our
acknowledge your continued support
FY2018 and stood at ` 8,406 crore vs. capability to generate free cash flows.
and encouragement throughout this
` 6,469 crore for FY2018. At the same time, we are well placed
exciting journey. In the year 2019 JSPL
also improved its position by 3 points on many fronts to keep winning in
JSPL has continued on the upward the marketplace. Our long term value
to now rank 22nd amongst the list of
trend, quarter after quarter through creation is based on strong foundation
World Class Steel Makers in the World,
strong operational focus, execution that we have built. To begin with,
by World Steel Dynamics in 2018.
rigor and decisive actions to adjust our plants are located in strategic
to the ever changing economic locations, in close proximity to raw
In FY2019, we continue the growth
environment. In FY2019 we quickly materials. Additionally, our product
momentum with record production
adapted our plans to the market portfolio contains a comprehensive
and robust sales. On a full year basis,
volatility and ensured that we diversified long products portfolio
JSPL’s Standalone Steel production
continue to focus on value added with several unique high value
rose 31% in the FY2019 to 5.25 MT
products and niche markets that we added products. We are also amongst
as opposed to 4.02 MT in FY2018,
serve. The growth during the last fiscal the lowest cost producers of steel
while sales during FY2019 increased
was largely driven by production and power in India. Finally, with an
to 5.12 MT, up by 36% YoY. The year
ramp up at our 6 MTPA integrated experienced board of directors and
5
April 2019 October 2018 July 2018 May 2018 April 2018
JSPL completes CARE reaffirms stable JSPL records highest ICRA upgrades JSPL’s JSPL posts highest ever
delivery of its first outlook credit rating for ever first quarter credit rating to stable monthly crude steel
ever Rail order to Jindal Power Ltd. domestic steel outlook production, and
Railways, 4 months production of 1.23 JSPL credit rating
ahead of schedule million tons, and upgraded to Investment
highest ever Pellet Grade with ‘Stable’ Outlook
production at Barbil
best-in-class management at the dedicated approach should vastly Looking ahead

helm, we are geared up for the next improve the operational governance Looking into the future, we feel
phase of sustainable growth and of each operating site. confident about our prospects as we
delivering sustainable long term value see multiple avenues of growth and
to our shareholders. People excellence margin expansion. With an economy
I feel a great sense of pride to see the yearning for power and steel to build
Financial prudence and capital way we all came together last year its infrastructure, we are confident that
allocation to turn out a stellar performance. I the fundamentals underpinning the
When it comes to financial prudence, see it both as an acknowledgment sectors will support further growth
our philosophy can be summarised of our ongoing efforts to strengthen in the coming years. With our new
through the words of Shakespeare, our work culture and a pledge to do capacities coming on stream, we
“Neither a lender, nor a borrower be”, more. The passion and commitment expect our free cash flow generation
and in this vein, one of the key long of our Human Capital are the key capability to steadily improve. We
term strategies for JSPL is to become business enablers for JSPL. Our remain committed to improving on
a debt free company. Over the past employees have worked assiduously productivity with an impetus on cost
few years, we have pared down our to deliver innovation and value to our reduction and efficiency improvement.
consolidated debt from peak levels customers. Our performance in FY2019 With a focus on bringing down our
of ` 47,000 crore to ` 39,000 crore in is a manifestation of hard work and debts to comfortable levels, JSPL
FY2019. As the capacity utilisation of dedication of our employees. We have stands to become an enduring, high
our current assets improves and we substantially invested in leadership quality industrial institution within the
continue to optimise our operational development and building a deep marketplace.
efficiencies, we are confident in our talent pipeline. We are constantly
ability to systematically continue researching the best practices to adopt I would like to thank our employees,
on this path of debt reduction. We for the workplace, and I am pleased to vendors, lenders, and shareholders
want to become a financially strong spearhead our new Diversity & Inclusion for their continuous faith and
company that any intrinsic investor Council. We have also initiated some support of our brands and products. I
would be happy to own. key programs, such as The Next Step, look forward to furthering our legacy
HR Sarthi, Young Leaders’ Programme, of long term value creation and
Moving towards plural leadership and Recognition Prior to learning (RPL), having you all joining in with us on
To build a sustainable business, we Total Productivity Maintenance (TPM) an exciting journey ahead.
need to continuously strengthen and so on to encourage employee
our steering capabilities by placing engagement. Sincerely,
the right leadership team to focus Naveen Jindal
on each of our businesses in a Corporate Social Responsibility
MPNaveenJindal
dedicated way. For doing this we have Your Company views its corporate
bifurcated our leadership teams into social responsibility as a routine NaveenJindalMP
a Strategic Governance Structure and aspect of its business agenda, rather NaveenJindalMP
an Operational Governance Structure. than just a legal obligation. CSR for
The Strategic Governance Structure JSPL is an integral part of its business
includes a core management team, strategy, which includes creating an
a group executive committee, and a organisation intended to maximise
senior management team, where as in wealth of shareholders and establish
the operational governance structure, productive and lasting relationship
each business segment is considered with all stakeholders, with an emphasis
and operated as a separate business on fulfilling our responsibility towards
unit, unique to its location. This the entire community and society.
6
Message from the

2019
Managing Director
ANNUAL REPORT
`
39,388 crore
STRATEGIC REPORT
Consolidated Revenue for FY2019
V R Sharma
Managing Director
Dear Shareholders, possibility of the trade war further in crude steel production by almost 5%.
intensifying between the US and In India, steel demand in the first half
At the outset, I am pleased to inform China, India’s preparedness and of the FY2019 was more stable than
you that the FY2019 was a good competitiveness in the world market in the second half and there has been
year for us. We executed well on our will be further tested in coming days. a distinct decline in the automotive
strategic plans and delivered a strong sector and other sectors in the second
overall financial performance that Despite this, India is set to become the half of the year. One of the key issues has
left our balance sheet in an overall second largest steel producer in the been the financial liquidity squeeze in
stronger position by the end of the world. While global steel production the system, and we hope that structural
year. What’s really commendable and steel capacity has improved, policy actions will be undertaken to
is that we turned out a good show global steel demand is likely to be ensure that increased credit flow is
despite tough market conditions. muted. However, the rising global restored, and that private investment
To appreciate this fully, I would protectionism could lead to some is encouraged and mobilised to revive
like to give you an overview of the countries re-directing their imports the economy.
environment in which we operated. from India. Global trade protectionism
rose in the last few months of FY2019, After the GDP growth rate climbed up
Navigating through a challenging with USA and China announcing to 8% levels in Q1 FY2019, economic
environment retaliatory tariffs. Unlike the US, the activity slowed down once again
During 2018, we witnessed a EU tariffs could be more worrying for in Q2, and became entrenched in
noticeable slowdown in global Indian steelmakers, given that export Q3 due to deceleration in public
growth, primarily due to the decline volumes by Indian players to the EU spending and private consumption.
in trade and manufacturing activity are over five times of the volumes Industrial growth also decelerated
across most industrial sectors; exported to the USA. Moreover, there led by a slowdown in manufacturing
increased trade tensions among is also a visible redirection of impacted activity. However, services sector
major economies; and tightening steel volumes from countries such as activity remained resilient, supported
of financial conditions and policy Japan and South-Korea, with whom primarily by construction, financial
uncertainty in many economies. India has Free Trade Agreements (FTA). services, public administration
Global economic conditions are and defence. Thankfully, despite a
at a very delicate stage. The US- Although the global growth in steel challenging year, the Indian economy
China trade war has no clear signs demand remains positive, the YoY continued to remain the world’s fastest
of resolution; the US economy is growth rate is indeed slowing down. growing large economy. Nevertheless,
beginning to show early signs of Just like any other industry, the steel during the fiscal, the overall economic
deceleration; the Chinese economy industry is subjected to the effects scenario remained under stress
is in a serious slowdown trajectory; of important changes in the global relatively speaking, with GDP growth
and with a ‘hard’ Brexit becoming economy. The extra downturns with slowing down gradually each quarter
a serious possibility - we’re in for a decreasing market prices in 2018 was to 5.8% for Q4 FY2019, making annual
challenging time globally. With a accompanied by a substantial increase GDP growth of 6.8% for FY2019.
7
With this economic backdrop, I am Our performance in FY2019 recorded 1.71 MT production of crude
glad to see that a spate of policy Against this complicated backdrop steel as against previous high of 1.67
reforms to develop and propel the of dynamics in the steel and other MT in FY2018. DRI production went up
economy have been introduced, industries, FY2019 has been a year of by 1.4%, to stand at 1.55 MT. Moreover,
with more on the anvil. The growth in resurgence for JSPL. Our experience Rebar Mill at Oman achieved
savings, the increasing formalisation spanning three decades of multiple production of 1.15 MT during the
of the economy, rapidly growing economic cycles, and well tested year – a leap of 18% over the previous
digitisation across various economic and proven counter strategies for year’s production. We are continuously
activities; and the continuing down cycles have served us well improving our capacity utilisation and
entrepreneurship and aspirations of over the years. With this familiarity upgrading quality of Jindal Panther
the population is driving both demand and understanding, we delivered a Rebars being manufactured at this
as well as innovation in the industrial commendable financial performance facility to make them even better
and services sectors of the economy. for the year under review, while also aligned to global standards. Also, our
These attributes, along with a well emerging as a key steel player among value-added round billets production
monitored regulatory mechanisms, is the top producers in India. saw a remarkable jump of 21.5% over
keeping India’s economy resilient. previous year.
Steel
Industry trends and JSPL In conclusion, we feel very encouraged
FY2019 was a year of record-breaking about our future. Over the last five
As primary producers in the domestic performance. Your Company posted
steel market ramp up their production, years, we’ve witnessed manifold
the highest ever steel production and growth across all our businesses,
coupled with a rise in imports and annual revenues in its history, marked
a fall in exports, we expect the be it Steel, Power, Oman or Pellets.
by a standalone revenue growth What’s really exciting is that all our
availability of steel in the market to of 58% and consolidated revenue
increase. Currently 17% (23Mt) of major capex made for this investment
growth of 41%. The fourth quarter cycle is completed, and we now have
the domestic steel capacity is under of FY2019 saw the highest ever steel
consolidation. Post consolidation, we the luxury of scaling our operations
production across all the locations, significantly hereon, as we milk
expect approximately 65% (90Mt) including Raigarh, Angul and Oman,
of steel capacity will essentially be our assets and create operating
for JSPL. We successfully overcame leverage. We are also fortunate that
controlled by the top six players, who many challenges to emerge as one
currently control 55% (78Mt) of the our strong portfolio leanings towards
of the three large private sector steel long products is aptly suited to the
total supply. More than 10% of internal companies that have remained solvent
demand was met by imports in infrastructure growth story of India.
and productive. Your Company’s Our portfolio also is home to premium
FY2019, as domestic prices remained market share improved among top 6
consistently higher than export prices. products that enjoy higher value and
(Major) domestic steel producers and margins, which further insulates us
Imports from FTA countries such as also the sales outpaced the market
South Korea, Japan and Indonesia from the competitive vagaries of the
growth rate. A series of factors propelled industry.
increased significantly due to zero our positive performance, but mainly,
duty, while Chinese exports to India it was our focus on operational and I am happy to inform you that your
declined. Going forward, we expect cost efficiencies, and the alignment of Company is in good space to continue
some volatility in raw material supply our strong product mix with market its journey towards becoming an
for steel production in FY2020. Supply demand that guided us through safely. enduring and financially strong
volatility in domestic iron ore has also industrial house. We are well placed
led to some price volatility, which is Power in front of a sizeable opportunity in
in contrast to the international iron Despite a challenging environment which our upside potential is waiting
ore price trend. In the near term, and low coal availability, the Company to be exploited. As we progress in
there will also be some uncertainty was able to generate 10,396 million this journey, I wish to extend my
surrounding the supply of domestic units in FY2019. During the year the gratitude to all stakeholders that are
iron ore, and we suspect that, as major cash profit stood at ` 816 crore, up playing a part in a great turnaround
non-captive mining leases lapse by by 5% than the previous year, largely story of value creation called JSPL.
March 2020, there may be a shortage because of our concerted focus on
of iron ore post FY2020. The lapsing of driving efficiencies across our plants. Yours sincerely,
large mine capacity could potentially V R Sharma
create a demand-supply imbalance in Global Business
iron ore. In case of this disruption, JSPL Our Oman business was on a clear
will need to be better prepared with upswing during FY2019. EBIDTA for
secured and continuous supply from this period stood at US$ 181 Million.
the marketplace. During the year, your Company
8
A note from the

2019
Joint Managing Director

It gives me immense
pleasure to state that we
have had an extremely
ANNUAL REPORT
good year, both in terms

of turnover and margins.
FY2019 has been a year
of resurgence for JSPL in
terms of operational and
STRATEGIC REPORT
business performance,
and we have emerged
amongst the few top
steel producers in India.
Naushad Akhter Ansari
Jt. Managing Director
Dear Shareholders, This year, our business achieved style is steadily improving liquidity.
an Investment Grade status, this We have been able to manage our
I would like to focus on explaining
speaks volume about our efforts on cash to cash cycles better; assert
the key strategic initiatives we are
strengthening the balance sheet. As more control over our inventory/
in the midst of implementing, and
this endeavour continues unabated, receivable cycles with no overdue
how they will impact us positively. To
we are also now focusing on payments; and allow for a more
do this, I would like to first highlight
enhancing value added grade sales, to cogent cash allocation in lieu of any
what our key aims are for the coming
increase throughput per hour, which in arbitrary cash allocation. However,
years. In brief, we have three key
turn will help us maximise our EBITDA we are also aggressively setting new
strategic objectives that will reshape
per MT. With an aim to continuously targets in terms of sales, production
JSPL:
improve the efficiency of our plants and EBITDA improvements, and our
1. Increase capacity across the and waste elimination, we have teams are working tirelessly to meet
board to improve utilisation and initiated pathbreaking programmes them. Generating cash for sustainable
to attain near to full capacity for such as ‘JinPro’ – our project to moniter operations remains a challenge, and
maximising EBITDA. and maximise operational efficiency. there is still room for improvement
Additionally, we are also paying strong when it comes to the efficiency
2. Transform our balance sheet by attention to our cash management of our energy consumption, yield
continuing on our deleveraging by planning our production in improvement, OEE and OTIF.
journey by focusing on enhancing accordance with cash velocity and
internal cash generation. EBITDA maximisation. We also plan to continue our path
of steady and un-compromised
3. Increase our customer and market
At JSPL, our adherence to financial deleveraging. We are steadily
focus to create a larger pipeline of
prudence is a large factor influencing improving our position to rely more
long term orders.
the success of our strategies. Our on our own organic cash generation
strict working capital management capabilities to pare-down debt, rather
9
than be dependent purely on fund-

based loan reduction strategies.
Staying on track with our aim
Staying on track with our aim to
to reshape JSPL, I am pleased
reshape JSPL, I am pleased to say that
the Angul ramp-up is well on stream
to say that the Angul ramp up is
with improved bar-mill and plate-mill well on stream with improved
utilisation. A new product ‘ROUND’
has been introduced in Patraty Bar Mill and Plate Mill utilisation.
and Angul, and we look forward
to great results from this addition
to our portfolio. As we speak, JSPL
has completed its first historical Rail
Order successfully, with hopefully
more such orders in the pipeline
fructifying. Finally, the augmentation Pleasing our customers is at the centre segments of our portfolio. We will
of our capacity at Oman was of everything that we do. Continuing also focus on the most optimal and
completed as per schedule, and to prioritise customer centricity, we cost-effective logistics solutions with
couldn’t have arrived at a better time. plan to further enhance the JSPL it comes to delivery, and the securing
brand, to build trust in our products of raw materials.
During FY2019, we have renewed and services. We aim to have a higher
the aggressive and proactive I am sure that in time, with the
rate of OTIF order completions
management of our overseas assets support of all our employees and
and continue to drive JinPro - our
to make them sustainable businesses, external stakeholders, your Company
operational efficiency projects.
and are in the midst of a rigorous will become one of the strongest
Moreover, we are also refocusing
project evaluation process. With peers in the industry. I look forward to
our efforts on skill improvement,
respect to our global ventures, we working with each of you in keeping
employee relations, engagement and
plan to take appropriate corporate our actions true and results strong.
satisfaction to cater our customers
actions with them to de-risk and better. Priority action items include
de-leverage our parent business. improving our speed of delivery, Yours sincerely,
This year, all our SBUs demonstrated complete delivery of orders, and Naushad Akhter Ansari
strong secular sales growth. While improving the ration of our long-term
our sales outpaced market growth, orders versus short term orders, with
our overall market share improved the aim of having approximately 40%
within the top six major domestic of our orders be long term.
steel producers. Most hearteningly,
the sales for our value-added finished Going forward, we are determined
steel products grew by 50% YoY. This to keep improving our EBITDA to
will surely strengthen our ability sustain our robust business model.
to keep protecting and enhancing We also aim to improve our capacity
our EBITDA margins and volumes. utilisation. We see this happening
For operational leverage, we plan through the ramp up of production
to create viable business models on at our Angul Plant, with a strong
a standalone basis. To do this, we focus on throughput Rs./Hr for
plan to ramp up our production at EBITDA maximisation across the
Mozambique and restart production product range, and by focusing on
in Australia. the value-added products across all
`
8,406 crore
Consolidated EBITDA for FY2019

10
:
2019
JSPL
A Snap Shot
Our Philosophy
Jindal Steel & Power Limited is an
industrial powerhouse and one of the
leaders in the Indian steel industry with Vision
ANNUAL REPORT
a significant global presence. It operates To be a globally admired organisation

that enhances the quality of life of
the largest coal-based sponge iron all stakeholders through sustainable
industrial and business development.
plant in the world and has substantial
presence in domestic power, mining and
infrastructure sectors. The Company’s
STRATEGIC REPORT
geographical footprints span across

Mission
Asia, Africa, Australia and the Middle We aspire to achieve business
East. The Company produces economical excellence through:
and efficient steel and power through yy The spirit of entrepreneurship and
innovation
backward and forward integration. The yy Optimum utilisation of resources
Company’s product portfolio spans across yy Sustainable environment friendly
procedures and practices
the steel value chain from widest flat yy The highest ethics and standards
products to a whole range of long products yy Hiring, developing and retaining the
and rails. JSPL exports its diversified best people
product portfolio to 22+ countries. yy Maximising returns to stakeholders

yy Positive impact on the communities
we touch
Making A Difference...
yy India’s only private manufacturer of Rails and Long Rails
yy India’s first and only manufacturer of Head Hardened Rail
yy India’s largest Blast Furnace with a volume of 4554 m3
Core Values
yy India’s largest 2.75 MTPA New Electric Oxygen Furnace
yy Passion for People
(NEOF)
yy Ownership
yy India’s most advanced Plate Mill capable of producing
upto 5-meter wide plates–the widest ever built in India yy Sustainable Development
yy India’s largest 9 MTPA Pelletisation complex yy Sense of Belonging
yy World’s first and largest Syngas-based DRI plant and Coal yy Integrity
Gasification Plant for steel-making based on Swadeshi coal
yy Business Excellence
yy World's largest 1.5 MTPA Rebar Mill
yy Loyalty
11
Our Business Verticals
Steel Power Global

JSPL's domestic steel business produces JSPL's domestic power business generates JSPL's international steel business produces
economical and efficient steel through economical and efficient electricity a range of products out of its state-of-the-
backward and forward integration. The through captive power production and art facilities in Oman; and has strategically
Company owns and operates state of the independent production facilities located located mines and mineral assets globally
art facilities in Chhattisgarh, Odisha and in Chhattisgarh and Odisha. in Australia, Indonesia, Mozambique, South
Jharkhand, and an extensive product Africa, Namibia, Botswana, Cameroon, and
portfolio that caters to the various needs of Madagascar amongst others.
the steel market.
8.6 MTPA 3400 2.4 MTPA

Steel IPP Steel
3.11 MTPA 1634 IRON MAKING

Iron ore CPP
1.80 MTPA
9 MTPA HBI
Pellet Plant
FINISHED STEEL
IRON MAKING
1.40 MTPA
3.12 MTPA BRM
DRI
5.33 MTPA
BF
0.60 MTPA
WRM
FINISHED STEEL
0.75 MTPA
RUBM
0.60 MTPA
MLSM
2.20 MTPA
Plate Mill
3.80 MTPA
BRM
12
Our Steel Manufacturing, Power

2019
Generation & Mining Facilities
JSPL has a global presence

in attractive markets that
are resource rich and well
ANNUAL REPORT
connected with evacuation

infrastructure.
STRATEGIC REPORT
Jeraldaburu
Patratu
Tamnar
Barbil
Raigarh Angul
Tensa
Bailadila
Coal mine Iron ore mine CPP IPP Steel Plant

13
Oman
Cameroon
Indonesia
Namibia Mozambique
Botswana
South Africa Australia
Coal mine Iron ore mine CPP IPP Steel Plant
22
(HBI) routes catering to its 11 MTPA Alongside contributing to India's
Liquid Steelmaking capacities across growth story the Company is driving
three locations in India and abroad. an ambitious global expansion plan
Countries The Company has a well-spread out with its sights set on emerging as
installed finished steel capacity of 7.95 a leading trans-national business
MTPA prudently spread over Bar Mills, group. The Company continues to
JSPL’s growing export footprint Plate Mills, Rail and Universal Beam Mill capitalise on opportunities in high
(RUBM), Medium & Light Structural growth markets, expanding its core
JSPL’s business operations span across Mill (MLSM), and Wire Rod Mill. areas and diversifying into new
the states of Chhattisgarh, Odisha and businesses. JSPL’s global operations
Jharkhand in India, where it operates JSPL’s captive iron ore mines at Tensa, include a 2.4 MTPA integrated steel
some of India’s most advanced steel Odisha have a production capacity of complex at Sohar, Oman and 6.6
manufacturing and power generation 3.11 MTPA. MTPA coal-mining operations spread
capacities of global scale. across South Africa, Mozambique
The Company owns and operates and Australia. The Company’s export
JSPL has created cutting-edge combined power generation portfolio is continuously growing,
capacities to produce up to 10.25 capacities of 5034 MW including with an existing export footprint in 22
MTPA Iron through a judicious mix the 3400 MW O.P. Jindal Super countries.
of Direct Reduced Iron (DRI), Blast Thermal Power complex at Tamnar,
Furnace and Hot Briquetted Iron Chhattisgarh.
14
Our Margin-Strong
2019
Product Portfolio
From the widest flat products to a whole range of long products, JSPL has a unique product portfolio that caters to markets
across the steel value chain. Pioneering the production of Hot Rolled Parallel Flange Beams and Columns in India, JSPL also
introduced the world’s longest 121-metre long rails, and is the first to manufacture Head Hardened Rails for high-speed trains
and metros in India. The Company’s plate mill at Angul is capable of producing 5-meter-wide plates – the widest in the
India. JSPL manufactures high strength Jindal Panther TMT Rebars equipped to withstand shock loading and cyclic loading
ANNUAL REPORT
condition making them an ideal choice for buildings in high seismic zones. In addition, JSPL also manufactures customised
steel products like Weld Mesh and Cut & Bend Rebars aimed to speed up the construction process.
Rails Parallel Flange

Beams & Columns
STRATEGIC REPORT
Track Rail: IRS 52, UIC 60(E1&E2), UIC 54E Sections: UB, UC, NPB, WPB, IPE and HE series.
Crane Rails: CR 80, CR 100 Size range: 180 to 900mm
LONG PRODUCTS
Channels Angles
Sizes: 75mm to 400mm Sizes: 50mm to 250mm
Wire Rods Jindal Panther

TMT Rebars
Grades: MS, MC & HC, EQ, Boron and other Alloy Steel Grades: 500, 500D, 550, 550D, 600 and CRS
Size range: 5.2mm, 5.5mm to 22mm Size range: 6mm to 40mm, 45*, 50*
FLAT PRODUCTS
Plates Coils
Width: 1500mm to 4900mm Width: 1500mm to 2500mm

Thickness: 5mm to 150mm Thickness: 5mm to 25mm
15
6.96 MTPA
Consolidated Steel Production, FY2019
35%
Flat & Other Special Grade Plates at
Products Angul plant
We have developed steel grades for various
critical applications such as boilers, ship
building, and petroleum pipes; including
high strength grades for automotive
and earth movers; structural steel for oil
exploration platforms; grades for making
warships, ballistic launch applications, and
65% bullet proof vehicles; and stainless steel low
thickness plates for nuclear applications.
Long
Products
Fabricated Cut and Bend

Structures
INNOVATIVE PRODUCTS
Sections: H-type Beam, Box Sections and Star Columns

Crane Rails: Depth 350mm - 3000mm,
Flange Width: 250mm - 1000mm,
Length: 3 to 18 meters Customized and Ready to use TMT Rebars
Speed Floor Welded Wire Mesh
Available Joist Depth: 200mm, 250mm, Width: 1200mm to 3200mm

300mm, 400mm Length: 2000mm to 6000mm
16
How we
2019
create value
Inputs
ANNUAL REPORT
With a timeless business

philosophy, JSPL is primed to
not merely survive, but to win
in a marketplace marked by
frenetic changes. The Company’s
STRATEGIC REPORT
success can essentially be

attributed to its resolve to People
Our people are our most important assets. We
innovate, set new standards, aim to resource the organisation with a capable,
enhance capabilities, enrich engaged and productive workforce and are
committed to ensuring no harm comes to any of
lives, and to ensure that it stays our people. Our simplified organisation model
allows us to design structures and roles that provide
true to its haloed value system. clear accountability and appropriate authority to
get our work done.
JSPL is very much a future
Financial
ready corporation, poised to We allocate our financial resources where they can
become the most preferred steel be put to work most effectively to deliver optimal
financial returns for our shareholders.
manufacturer in the country.
Intellectual
Our use our technical and marketing knowledge
to ensure we invest our efforts and capital in key
leverage points in the ‘mine to market’ value chain.
Natural Resources
We are major users of water and energy. We work
Our strategic objectives diligently to use new technologies that have the
potential to significantly reduce our environmental
footprint.
1. Increase capacity across the
board to improve utilisation and Ore Reserves and Mineral Resources
to attain near to full capacity for We have an extensive resource base across a wide
maximising EBITDA. geographic footprint, providing a range of options
for delivering value over the long term.
2. Transform our balance sheet by Relationships with our stakeholders
continuing on our deleveraging Open and honest engagement with our stakeholders
journey by focusing on enhancing is critical to the sustainability of our business. We
engage with a wide range of stakeholders to ensure
internal cash generation. effective two-way relationships.
3. Increase our customer and Plant and equipment
market focus to create a larger We form strong relationships with major suppliers
pipeline of long term orders. to deliver tailored equipment and other solutions
to enable best in class operating performance and
cost effectiveness.
17
We create value by… Outputs

Outlasting commoditisation We create and sustain jobs, help communities to develop
We do this by producing ever stronger and more new skills, support education, build infrastructure, and help
durable steel, a more diversified and specialised portfolio improve healthcare for our employees, their families and
of products and grades, and shorter innovation cycles, the local communities around our mines. It is through our
which enable enhanced flexibility in mill capacity and core business activities – employing people, paying taxes
prioritise reliable delivery and service to downstream to governments and procuring from host communities –
partners or customers.
that we make the most significant and sustainably positive
Being customer-centric contribution to India and our other host countries.
At JSPL, we seek to innovate by understanding Our outputs are the products that meet the growing
our customers’ needs and emerging trends. The demands of India and world’s economies. Steel and
capabilities required to succeed in this category power production activities also result in the unavoidable
include extensive product and process innovation
and specialised technical services that keep our disturbance of land, generation of mineral residue, as well
customer satisfied. as atmospheric and water emissions, all of which we strive
to minimise through our conservationist approach.
Being an innovator
At JSPL, we have established a multidisciplinary R&D
department that is sufficiently agile to adapt to changing
market tastes and regulatory constraints. We practice
high-quality needs-based customer segmentation that
can guide customer-centric innovation and product
planning.
Being a supply chain expert
At JSPL, we take a demand oriented approach to
streamlining our supply chain, in the process creating value
for our customers by offering them greater flexibility in lead
times and order sizes as well as a source for metals in many
geographic regions. We have a dedicated supply chain
management team to oversee raw materials, inventories, Key Highlights FY2019
customer project deadlines, and transportation and
distribution.
` 39,388 crore ` 8406 crore
Being a cost leader
Highest Ever Annual Highest Ever Consolidated
At JSPL, we believe in offering our customers the best EBITDA, Up 30% YoY
Consolidated Revenue,
value for the products they demand. To achieve this,
Up 41% YoY
we believe in being a cost leader through high-level
monitoring of budgets and using key performance
indicators. To keep expenses as low as possible, we are
also exploring the idea of divesting noncore capabilities, 6.96 MTPA 6.93 MTPA
and simultaneously in investing in our core capabilities: Highest Ever Consolidated Consolidated Steel Sales,
the technologies, processes, and employee know-how Steel Production, Up 22% YoY Up 27% YoY
that enable us to deliver a quality product at the lowest
cost.
Preserving the environment
By its very nature, the steel industry churns out ` 4,144 crore 1.71 MTPA
products that lead to CO2 emissions. At JSPL, we adopt Net debt reduced in FY2019 Jindal Shadeed recorded
multiple strategies to ensure our minimal carbon (on constant currency basis) ever highest production of
footprint, while also taking pro-active steps to enhance Crude Steel
our surrounding environment.
Contributing to stakeholders
We take corporate social responsibility (CSR) seriously
30,000 tonnes ` 13.72 crore
and intend to increase corporate value in order to Size of Bagged Additional Total CSR Spend by JSPL
win the trust of all of our stakeholders. To achieve Order For Indian Railways, in FY2019
this goal, we believe sustained growth that balances Feb 2019
quality and scale is essential.
18
Sustainability and
2019
Responsibility at JSPL
JSPL believes in building social capital in the community by facilitating social investments based on community
partnership and ownership mode. We wish to promote the concept of ‘Leadership with trust’ by working with local
communities and other stakeholders for ensuring continuous and smooth operations. In order to further cement this
partnership between civil society, government and business, JSPL pursues a responsible collaboration in implementation
of social development models for building synergetic partnership. Formation of such synergetic partnerships is ensured
ANNUAL REPORT
by JSPL taking the following thoughtful steps:

The Sustainability Division at JSPL is committed to the following goals:
yy Ensuring that the relevant communities benefit by JSPL proactively responding to their needs
yy Building and strengthening the community based institutions
yy Working in partnership with civil society organisations (CSOs) and in convergence with the government bodies to
widen the reach and leverage each partner’s individual experience and expertise
STRATEGIC REPORT
yy Providing required assistance during times of disasters

yy Encouraging its employees to volunteer
Our contribution in FY2019
Health & Nutrition Drinking Water & Sanitation
26,453 +12 Lakh

Adolescent girls benefited from Kishori Express: an People provided with safe and clean drinking water
initiative to control anemia facilities
33,425 lives
Impacted by HIV & AIDS prevention initiatives like
awareness drives and ICTCs
+5 Lakh
People in the communities around

our facilities benefited from
various linage programs such as
NABARD, BACO, ICDS, and CREDA
19
Education Skill Building
20,380 children 17,158 youngsters

Supported for receiving a quality education Received vocational training through the OP Jindal
Community College (OPJCC), adding to the national skill
546 students pool
Received either the OP Jindal Star Scholarship or the
JEWEL Scholarship 132 teachers
Given aid to provide a quality education, befitting 13,794
children programs and through world class universities
Community Infrastructure Social Inclusion
42,750 lives +10,206 families

Impacted though Community Infrastructure facilities for Around our facilities benefitted from various Natural
better quality of life Resource Management programs
1170 enterprises
Across 158 villages became members of our Self Help
Groups, increasing their family income
+9,000 farmers and +10,000 women

Gained skills to run enterprises through skill development,
training programs on scientific methods of farming
20
Board of Directors
2019
JINDAL STEEL & POWER LIMITED ANNUAL REPORT
Mr. Naveen Jindal Mrs. Shallu Jindal Mr. Ram Vinay Shahi Mr. Arun Kumar
STRATEGIC REPORT
Chairman-Executive Director Non-Executive Director Independent Director Purwar

Independent Director
Mr. Sudershan Kumar Mr. Hardip Singh Wirk Mr. V. R. Sharma Mr. N. A. Ansari
Garg Independent Director Managing Director Joint Managing Director
JSPL is a professionally managed

organisation, with a Board that
consists of highly experienced
and well qualified technocrats.
The Board understands its
responsibility towards Corporate
Governance, taking care of
shareholders’ interest, CSR
Mr. Dinesh Kumar Mr. Anjan Barua initiatives and leading the team to
Saraogi Nominee Director-SBI achieve business excellence.
Whole-time Director
21
Management Discussion
& Analysis
GLOBAL ECONOMY
According to World Economic Outlook, global growth peaked to nearly 4% in 2017, and then softened to 3.6% in 2018. It is
projected to decline further to 3.3% in 2019, owing to the escalation of US-China trade tensions, decline in business confidence,
tightening of financial conditions and higher policy uncertainty across many economies. The growth in Advanced Economies
is projected to decelerate from 2.2% in 2018 to 1.8% in 2019, primarily due to the downwards revision for the euro area.
World GDP, Growth YoY (%)

4.5 4.4 4.8
3.6 3.6
3.3
2.2 1.8 1.7
World Advance Emerging Market &

Economics Developing Economies
2018 2019P 2020P

(Source: IMF’s World Economic Outlook (WEO), April 2019)
UNITED STATES OF AMERICA (US) The global economy - in

With the unwinding of fiscal stimulus; the impact of the
Government shutdown; and lower fiscal spending, the US particular the global growth
economy is expected to decline from 2.3% in 2019 to 1.9%
in 2020. The economy’s robust domestic demand growth
powerhouse, China - is
is facilitating higher imports, thereby contributing to the rebalancing, leading to an
widening of the current account deficit.
increasing role for India.
UNITED KINGDOM (UK) India’s contribution has
UK’s projected growth of 1.2% and 1.4% in 2019 and
2020, respectively is surrounded by the uncertainty of become much more valuable
the Brexit outcome. The real prospects of a no-deal ‘hard’
Brexit is further expected to disrupt cross-border supply
to the global economy.
chains, escalating trade costs and adversely impacting
economies of UK and the European Union. in China, recession in Turkey and sanctions-driven
contraction in Iran. On the other hand, India’s economy is
EURO ZONE expected to clock between 6.5% to 7.5% growth in both
2019 and 2020, supported by the continued recovery
The Euro Zone is expected to degrow from 1.8% in 2018 to of investment, healthy consumption driven by an
1.3% in 2019, due to a perceptible slowdown in Germany, expansionary monetary policy, and fueled impetus from
owing to soft private consumption, weak industrial production various fiscal stimulus.
following the introduction of revised auto emission standards,
and subdued foreign demand. Italy also faces weak domestic
BRENT CRUDE OIL PRICE
demand, while France is subject to the negative impact of
street protests and long enduring union strikes. Amidst growing concerns over US sanctions against
Iran, oil prices surpassed its highest level of $80 since
EMERGING MARKETS & DEVELOPING November 2014. However, oil prices plummeted to their
lowest level since second half of 2017, mainly due to
ECONOMIES (EMDES)
record US oil production growth, weaker global economic
EMDEs growth too is expected to tick down to 4.4% growth and temporary waivers for Iran oil imports.
in 2019 from 4.5% in 2018, reflected by lower growth
Source: IMF World Economic Outlook April 2019
22
2019
& Analysis Contd..
Indian Economy INFLATION

According to Central Statistics Organisation (CSO) estimates, India maintained its macroeconomic resilience by curbing
India continues to remain the fastest growing ‘large’ economy inflation within 4%, thereby maintaining a manageable
globally, despite a slight moderation in its GDP growth from current account deficit to GDP ratio.
7.2% in 2017-18 to 6.8% in 2018-19. This moderation in growth
ANNUAL REPORT
is due to lower growth in ‘Agriculture and allied’, ‘Trade, hotel, WHOLESALE PRICE INDEX (WPI)
transport, storage, communication and services related to During 2018-19, WPI inflation stood higher at 4.3% vis-à-
broadcasting’ and ‘Public administration & Defence’ sectors. vis 3.0% last year due to broad-based increase in inflation
Lower rabi crop acreage in 2018-19 as compared to last year in all groups, except in food prices.
trimmed India’s agriculture performance. On the demand side,
lower growth of GDP in 2018-19 was accounted by decline in CONSUMER PRICE INDEX (CPI)
growth of government final consumption, change in stocks
The CPI inflation consistently declined for the fifth
STATUTORY REPORTS
and contraction in valuables. Indian economy has been

always driven by strong consumption. The share of private successive year. During 2018-19, CPI stood at 3.5% as
consumption to GDP continues to remain high. Additionally, compared to 4.0% last year.
the consumption pattern is gradually transforming over time
from essentials to luxuries.
WPI & CPI Inflation (%)
India’s GDP Growth (%) 5.6 4.7 4 4.3
8 8.2 3 3.5
7.2 7 1.7
6.8
-3.7
2015-16 2016-17 2017-18 2018-19
WPI Inflation CPI (Combined) Inflation

2015-16 2016-17 2017-18 2018-19* 2019-20** (average) (average)
(Source: CSO and IMF; *Provisional Estimates & **Projected) REPO RATE
CURRENT ACCOUNT DEFICIT (CAD) During 2018-19, the Monetary Policy Committee (MPC)
India’s CAD widened from 1.9% of GDP in 2017-18 to 2.6% in reduced the policy repo rate from 6.5% to 6.25%. Further,
April-December 2018 primarily due to rise in international RBI reduced the key repo rate by 0.35 bps to 5.45% in its
crude oil prices. During 2018-19, India’s trade deficit latest review on August 7, 2019.
mounted by 13.5% year-on-year (YoY) to US$ 184 billion.
INDEX OF INDUSTRIAL PRODUCTION (IIP)
FOREX RESERVES Mirroring GDP growth, IIP growth slowed to 3.6% in 2018-19
During 2018-19, India’s forex reserves declined by 2.7% as against 4.4% in 2017-18. IIP growth was adversely impacted
YoY to US$ 412.9 billion, mainly due to Reserve Bank of by capital goods (-8.7% in FY2019 vs. 9.9% in FY2018) and
India’s intervention to modulate exchange rate volatility. consumer durables sector (-5.1 in FY2019 vs. 3.9% in FY2018).
Forex Reserves (US$ billion) OUTLOOK

The year 2019-20 has delivered a decisive political
mandate for the incumbent government, which augurs
424.5 well for producing sustained economic growth. After a
412.9 deceleration in the growth momentum in 2018-19, the
Indian economy is expected to grow by around 7% going
360.2 370 forward, reflecting a recovery in the economy. Additionally,
there are signs of continuing resolution of stressed assets
in the banking sector as reflected in the decline in NPA
to gross advances ratio, which should push the capex
cycle. The outlook for the Indian economy appears to be
promising in 2019-20, with prospects of uptick in private
2015-16 2016-17 2017-18 2018-19
investment and sustained consumption growth.
23
& Analysis Contd..
THE STEEL INDUSTRY Developed Economies

Global Steel Industry Steel demand in developed economies is expected to
decelerate to 0.3% in 2019, reflecting a deteriorating
The global crude steel production in 2018 stood at 1,808.4 trade environment. The US steel demand is expected to
MTPA, growing by 4.5% as compared to 2017. Europe, slow down with the waning effect of fiscal stimulus and
America, Africa, the Commonwealth of Independent a monetary policy normalisation. The EU steel demand is
States (CIS), Middle East, Asia and Oceania recorded likely to be hindered by deteriorating trade environment
increase in Crude steel production. China, India, Japan, and uncertainty over Brexit. The Japan steel industry is
and the USA continued to be the top four countries in likely to contract owing to moderation of construction
crude steel production in 2018, producing more than 67% activities and decelerating exports. Steel demand in Korea
of the world’s total steel output. is likely witness a declining trend due to toughened real
estate market policies and weakened export markets.
CRUDE STEEL PRODUCTION (MT)
Share of crude steel production in 2017 Emerging Economies
Steel demand in the emerging economies (excluding
33% 50% China) is anticipated to grow by 2.9% and 4.6% in 2019
and 2020, respectively. The steel demand in India is likely
RoW China
to grow by over 7% in 2019 and 2020, owing to a wide
range of continuing infrastructure projects. Developing Asia
(excluding China) is likely to be the fastest growing region in
the steel industry with 6.5% and 6.4% growth in 2019 and
2020, respectively. The demand for steel in the GCC region
5% during 2019 is expected to contract on account of low oil
prices and fiscal consolidation suppressing construction
Russia activities. However, GCC region is likely to witness a minor
6.1% 5.9% recovery in 2020. Iran’s steel demand is expected to contract
in 2019 owing to reinstatement of US sanctions, causing a
Japan India recession in the economy. -
KEY CHALLENGES OF GLOBAL STEEL

Share of crude steel production in 2018 Short term Challenges:
yy Slowdown in Automobile & Construction Industry
32.3% 51.3% yy Deteriorating trade environment and uncertainty over
RoW China Brexit
yy US levying high duties on Chinese steel thereby,
concern of redirected imports in india.
yy Unprecedented Increase in Steel production in China
Long term Challenges:

4.8%
yy Economies or countries restraining on global free trade
Russia policies
5.8% 5.9% yy China (World’s largest producer and consumer of steel)
impacted by economic rebalancing and trade tensions
Japan India
with the USA leading to slowing investment and
sluggish manufacturing performance
yy Prolonged deceleration in major economies
Outlook Indian Steel Industry

Global steel production is anticipated to grow in 2019 in both As per Ministry of Steel, India is the second largest crude
developed and developing economies, despite a slowing steel producer globally, with a capacity of over 138 million
global economy, uncertainty over the trade environment tonnes. According to Joint Plant Committee, India’s
and highly volatile capital markets. As per the World Steel production of total finished steel grew by 3.7% YoY to
Association forecast, global steel demand is expected to 131.6 million tonnes in 2017-18.
touch 1,735 MT in 2019, with an increase of 1.3% over 2018.
24
2019
& Analysis Contd..
Production of Total Finished Steel yy Facilitate investment in overseas asset

(Alloy/Stainless + Non Alloy) (MT) acquisitions of raw materials
yy Enhance domestic steel demand
131.6 Objectives: The National Steel Policy aims at

120.1 126.9
ANNUAL REPORT
achieving the following objectives:

104.6 106.6
yy Build a globally competitive industry
yy Increase per Capita Steel Consumption to 160
Kgs by 2030-31
yy To domestically meet entire demand of high-grade
automotive steel, electrical steel, special steels and
alloys for strategic applications by 2030-31
STATUTORY REPORTS
yy Increase domestic availability of washed coking

coal to reduce import dependence on coking
2014-15 2015-16 2016-17 2017-18 2018-19 coal from ~85% to ~65% by 2030-31
(Source: Joint Planning Commission) yy To have a wider presence globally in value
added/ high grade steel
The Indian steel industry contributes nearly 2% to the yy Encourage industry to be a world leader in energy
country’s GDP with an output multiplier of 1.4 on GDP and efficient steel production in an environmentally
employment multiplier of 6.8. sustainable manner.
yy Establish domestic industry as a cost-effective
Government Initiatives and quality steel producer
An export duty of 30% has been levied on iron ore (fe<58%) yy Attain global standards in Industrial Safety and
to ensure continued supply to the domestic steel industry. Health
The Government’s focus on infrastructure and road
projects is further fueling the demand for steel. Also, a likely yy To substantially reduce the carbon footprint of
acceleration in India’s rural economy and infrastructure is the steel industry
further expected to lead to growth in demand for steel. 2. EXPORT PROMOTION (DUTY EXEMPTION
SCHEMES) OF IRON & STEEL PRODUCTS
The Ministry of Steel is facilitating setting up of an industry
driven Steel Research and Technology Mission of India The scheme enables exporters to import relevant
(SRTMI), in association with the public and private sector raw material and other inputs in required quantities,
steel companies, to spearhead research and development duty free for production of the export product.
activities in the iron and steel industry. This initiative is Quantities of import are allowed as per standard
funded with an initial corpus of ` 200 crore (US$ ~30 million). input output norms (SION) prescribed by DGFT
or as per self-declared norms by the exporters
The Union Cabinet has also approved the National Steel subject to ratification of the DGFT. Ministry of Steel
Policy (NSP) 2017, with the idea of creating a globally also helps DGFT to fix new norms (Standard Input-
competitive steel industry in India. Output Norms) and/or to review existing norms in
consultation with industry experts and consultants.
1. NSP 2017 – VISION, MISSION & OBJECTIVES
Vision: To create a technologically advanced and The Road Ahead
globally competitive steel industry that promotes
economic growth. The Indian steel industry has entered a new development
phase, post de-regulation, riding high on a resilient
Mission: To provide environment for attaining: economy and rising demand for steel. India’s per capita steel
yy Self-sufficiency in steel production by providing consumption is 69kg as compared to world average of 214
policy support and guidance to private kg. The industry foresees tremendous scope for growth due
manufacturers, MSME steel producers, CPSEs and to India’s comparatively low per capita steel consumption.
encourage adequate capacity additions The steel consumption is expected to rise due to increased
infrastructure construction and thriving automobile and
yy Development of globally competitive steel
railways sectors. Additionally, The New Industrial Policy
manufacturing capabilities
Regime provides opportunities for growth of Iron and Steel in
yy Cost-efficient production and domestic availability private sector. The Government has also announced a policy
of iron ore, coking coal and natural gas. for providing preference to domestically manufactured
Iron and Steel products in Government procurement. The
25
& Analysis Contd..
Ministry of Steel is playing the role of a facilitator, providing

broad directions and assistance to new and existing steel
The Indian steel industry
plants, in the liberalised scenario. With the Indian economy
poised for its next wave of growth under the reforms being
contributes nearly 2% to
unleashed in the last one year, there is ample opportunity for the country’s GDP with an
the Indian steel industry to consistently grow by 6-7% p.a.
output multiplier of 1.4
THE POWER SECTOR on GDP and employment
According to Central Electricity Authority, the total installed
power generation capacity of the country stood at 3,56,818 multiplier of 6.8.
MW in May 2019. This included 2,26,279 MW of thermal
power generation capacity, 45,399 MW of hydro power
generation, and 78,359 MW of renewable energy generation
capacity. Renewable energy includes wind, solar and CEMENT AND CONSTRUCTION
biomass-based electricity. India is the world’s third largest India is the second largest producer of cement in the world.
producer and the fourth largest consumer of electricity. Ever since it was deregulated in 1982, the Indian cement
The demand for electricity is driven by sustained economic industry has attracted huge investments, both from Indian
growth and the drive to provide continuous power to all. as well as foreign investors. According to data released by
the Department of Industrial Policy and Promotion (DIPP),
Power Installed Capacities as on May 2019 cement and gypsum products attracted Foreign Direct
Investment (FDI) worth US$ 5.28 billion between April
Particulars Installed % Share 2000 and March 2018. As per IBEF, cement production
Capacity (MW) capacity stood at 502 million tonnes per year (MTPA) in
Hydro 45,399 12.7% 2018. Capacity addition of 20 million tonnes per annum
Thermal 226,279 63.4% (MTPA) is expected in FY2019 to FY2021. In Budget 2018-19,
Coal 194,445 54.5% Government of India announced setting up of an Affordable
Lignite 6,260 1.8% Housing Fund of ` 25,000 crore (US$ 3.86 billion) under the
Gas 24,937 7.0% National Housing Bank (NHB), which will be utilised for
Oil 638 0.2% easing credit to home-buyers. The move is expected to
Renewable Energy Sources 78,359 22.0% boost the demand of cement from the housing segment.
Nuclear 6,780 1.9% Due to the increasing demand in various sectors such as
Source: Central Electricity Authority housing, transport, commercial construction and industrial
construction, cement industry is expected to reach 550-
Government initiatives such as 24x7 power, power to all 600 Million Tonnes Per Annum (MTPA) by the year 2025. A
households and UDAY, which has improved the viability large number of foreign players are also expected to enter
of many discoms to buy more power to serve and more the cement sector, owing to the profit margins and steady
customers. This in itself has helped the sector witness demand.
robust growth.
As per Central Electricity Authority estimates, total power

THE JSPL EDGE
generation (thermal, hydel and nuclear combined) is As a part of US$ 22 billion group, Jindal Steel and Power
expected to grow 6.5% in 2019-20, almost double of last Limited (JSPL/the Company) is one of the leaders in the
year’s 3.5% growth. India’s goal of ensuring ‘24x7 electricity Indian steel industry, with a significant global presence.
supply for all’ will require doubling the installed power The Company has substantial presence in domestic
generation capacity. The government targets to increase power, mining and infrastructure sectors. The Company’s
renewable capacity to 175GW in FY2022, and further to geographical footprints span across Asia, Africa, Australia
275GW in FY2027 from current 78 GW. Electricity demand and the Middle East. It produces steel and power both
in the country has increased rapidly and is expected to rise economically and efficiently, through a highly integrated
further in the years to come. Electrification is increasing approach that captures the entire value chain. The
with the support of the government schemes like DDUGJY Company’s product portfolio spans across multiple steel
(Deendayal Upadhyaya Gram Jyoti Yojana) and IPDS categories, from the widest flat products to a whole range
(Integrated Power Development Scheme). The government of long products and longest of the rails. JSPL exports its
has also delicensed the electrical machinery industry and diversified product portfolio to more than 22 countries.
allowed 100% foreign direct investment (FDI) in the sector.
India’s power sector is expected to attract investments worth
` 11.56 trillion between 2017 and 2022 in thermal, hydro,
nuclear and renewable segments.
26
2019
& Analysis Contd..
Product Portfolio With no further need of any capacity expansion, JSPL can
Steel Products Construction Construction tap the untapped capacities fueling its next wave of growth.
Solutions Materials
TMT Bar Fabricated Light Weight Divesting Overseas Assets
Steel Sections Aggregate (LWA) JSPL is actively scouting for opportunities to monetise its
ANNUAL REPORT
Rails and Heads Speed floor Jindal Global non-core assets (Oman and Mauritius business), which will
Hardened Rails Road Stabilisers further help the Company to deleverage its balance sheet.
Parallel Flange TMT Welded Jindal Panther
Beams and Mesh Cement Debt Reduction Roadmap
Column
Angles and Cut and Fly-Ash Bricks The Company intends to trim debt approximately ` 12,000
Channels Blends crore by FY2020. JSPL has already deleveraged ` 4,000 crore
Plates Light Gauge from operational initiatives through operational cash flows
STATUTORY REPORTS
Structures in FY2019 and further targets to pare debt worth ` 8,000

Coils Insulated Dry crore in FY2020.
Wall Panels
Wire Rods EPS Panels Net Debt to EBITDA: Key Driver of Business
Cast Round and
Billets Net Debt to EBITDA FY2019 FY2018
Standalone Basis ~3.0x 5.36x
Consolidated Basis 4.65x 6.55x
Core Capacities
JSPL’s operational efficiencies, focus on deleveraging its
Core Capacities Global and Domestic balance sheet, and debt reduction roadmap have resulted
Steel 8.6 MTPA Steel in achieving an impressive net debt to EBITDA in FY2019.
3.11 MTPA Iron Ore The Company strives to make significant progress for
9 MTPA Pellet Plant further improving its Net Debt to EBITDA and create value
Power 3,400 MW (IPP) for its stakeholders.
1,634 MW (CPP)
Global Ventures 2.4 MTPA (Steel)
Credit Rating
JSPL domestic credit rating is “BBB- Outlook Stable” for the
Strong Product Portfolio Backed by long-term debt/facilities/non-convertible debentures and
A3 for short term debt/ facilities rated by Credit Analysis
Extensive Sales and Distribution Network & Research Ltd. (CARE), CRISIL and ICRA Limited. However,
JSPL has a unique product portfolio (widest flat products credit rating for priority term loan (long term bank facility)
to a whole range of long products) that caters to markets is rated “BBB Outlook Stable” by CARE and “BBB- Outlook
across the steel value chain. The Company’s product Stable” by CRISIL and ICRA Limited.
portfolio has a Pan India presence, thanks to its extensive
sales and distribution network. Additionally, JSPL exports
its products to 22+ countries.
VERTICAL SPECIFIC PERFORMANCE
Steel
Cost Leadership 1) Standalone:
JSPL is amongst the lowest cost producers of steel and During FY2019, production of crude steel was 5.25
power in India. The Company’s 3,400 MW IPP is set up at MT as against 4.02 MT in FY2018, whereas the sales
extremely competitive project cost. of various steel products during FY2019, was 5.12 MT
as compared to 3.77 MT in FY2018.
Adequate Capacity to Serve the Next
2) Consolidated:
Wave of Growth
Capacity Capacity Production Untapped During FY2019, production of crude steel was 6.96
(FY2019) (FY2019) Capacity MT, as against 5.70 MT in FY2018, whereas the sales
Potential of various steel products during FY2019, was 6.93 MT
Steel: India 8.6 MTPA 5.25 MTPA 64% as compared to 5.44 MT in FY2018.
Steel: Oman 2.4 MTPA 1.71 MTPA 40%
Pellet 9.0 MTPA 7.08 MTPA 27%
27
& Analysis Contd..
Power MOZAMBIQUE OPERATIONS

During FY2019, the power generation was 10,396 MU as JSPL Mozambique Minerals Limitada (JMML), an indirect
against 10,905 MU in FY2018. subsidiary of JSPL, owns and operates an open cast coking
and thermal coal mine located in Chirodzi, Mozambique.
The Govt. of Mozambique allotted 25 years of Mining
Global Ventures concession in Dec-10 to Jindal Mozambique. The open
OMAN OPERATIONS cast coal mine has proven reserve of c.700 MT and mining
JSIS was acquired in 2010 as a 1.5 MTPA Direct Reduced Iron is ramping up gradually. The coal mine is in Mozambique’s
(DRI) capacity at Sohar Industrial Port Area in Oman. The coal-rich Moatize region. JMML has its own rolling stock to
Company successfully commissioned a 2 MTPA Integrated export the coal through Beira Port using Sena Railway Line.
Steel Plant (ISP) in July 2014 by adding a 2 MTPA Steel The mining area is under a lease period valid until 2035.
Melting Shop (SMS) facility, using technology from M/s
Danielle Italy. The SMS was commissioned in 23 months Operational Highlights
from the date of commencement of the site work. yy JMML has clocked an EBITDA of USD 12.63 million for
the FY2019
The capacities were progressively expanded to current
yy Operational wash plant capacity is rated at 2.8 MTPA
capacity of 1.8 MTPA DRI, 2.4 MTPA Steel Melting Shop (SMS)
and 1.4 MTPA Rebar Mill. A few highlights of JSIS are as below: yy Higher than usual coking coal prices for the FY2019
has led to a better realisation.
yy Largest Integrated Steel Plant in Oman
yy 4th largest steel maker in Arabian Peninsula, largest Outlook
amongst private players. yy JMML has been focusing on process efficiency and
yy Only Vacuum Degassified Steel manufacturer in the region production capacity enhancement for the past few
years. The company is set to ramp up production
Operational Highlights multifold in the coming year.
yy Commissioning of Caster #2 done on 12th Dec’18.,
Increased the SMS capacity to 2.4 MTPA from 2 MTPA. AUSTRALIA OPERATIONS
yy Oman steel production increased by 2.14% in FY2019. Wollongong Coal Limited (“WCL”) is an Australian mining
Oman produced 1.71 MT of steel during FY2019, as company, which owns and operates Russel Vale Colliery
compared to 1.67 MT in FY2018. (RVC) and Wongawilli Colliery (WWC) in the Southern
Coalfields Region of New South Wales, Australia.
yy Oman steel sales increased by 8% in FY2019. Oman
sold 1.81 MT of steel during FY2019, as compared to
In October 2013, JSPML acquired a majority stake and
1.67 MT in FY2018.
management control in Wollongong Coal Limited (formerly
yy Value Added Steel like Rebar and Round production Gujarat NRE Coking Coal Ltd or GNCCL), a company registered
increased by 17.68% and 21.50% respectively. in Australia and incorporated in October 2004 by Gujarat NRE
yy Achieved ever highest yearly production of Rebar 1.15 Coke Limited (GNCL). The shareholding in the Company has
MT in FY2019 surpassing the 0.97 MT in FY2018. increased since then by way of rights issue. Currently, JSPL
yy Rebar sales were up by 17.55% during FY2019 (to 1.14 holds 60.38% stake in WCL through its subsidiary, JSPML.
Million tons)
Both mines are in close proximity to the Port Kembla Coal
Achievements Terminal (PKCT) with RVC connected via road and WWC
yy Consecutive 2nd time winners of HM Cup Award – 2017 connected via rail. PKCT is privately owned and operated
and 2018 by six stakeholders including WCL.
yy Business Excellence award winners of Mohammed Bin
Rashid Award -2018 Operational Highlights
yy Conferred with Sultan Qaboos Award for Industrial yy The Company has produced ~0.34 million tons in FY2019
excellence - 2016 with a sale turnover of ~AUD 63 million as against a
production and sales turnover of ~0.19 million tons and
Outlook ~ AUD 27 mn respectively in the previous financial year.
With inflated iron ore pellet prices and coal prices, as well yy WWC recommenced operations between August 2016
as decline in steel prices, the spread has been declining and May 2017 in the mine using Wongawilli method of
steeply as compared to FY2019, this is reflected in reduced partial pillar extraction and then again between August
profit margins for the company and the entire street 2018 and up to March 2019. However, due to age of
sector. The company plans to steadily increase its volumes the mine and increasing geological and operational
and produce more value added products.
28
2019
& Analysis Contd..
uncertainties, which could pose a risk, it was decided spending coinciding with the Company’s huge untapped
to cease all operations and put the Wongawilli Colliery capacities, diversified product portfolio, operational
under care and maintenance. excellence, divesture plans of non-core assets and focus on
debt reduction roadmap. JSPL is poised to stay the course in
Outlook executing its strategies and create value for its stakeholders.
ANNUAL REPORT
yy The Company is focused on obtaining the mining

approvals for RVC and is also in the process of preparing Steel
for long-term approvals for further mining in the WWC. Going forward, Apart from sweating the assets fully, JSPL is
also focusing on Throughput Rs/Hr for EBITDA maximisation
SOUTH AFRICA OPERATIONS across all product range along with Value Added Products
Jindal Mining SA (Pty.) Limited, is a 73.94% owned indirect across all segment of products. Moreover, we are also
subsidiary of JSPML, which in turn is a 100% subsidiary of focused on creating an optimal and cost effective logistic
STATUTORY REPORTS
JSPL. Kiepersol Colliery is situated 35km southwest of the solution through delivery upon PTLs vision, iron ore
town of Piet Retief, Mpumalanga, South Africa with captive securitisation for Indian operations and securing metallic for
Railway Siding around 35 km from the mine and a distance Oman operations.
of 337 km Railway Siding to Port distance.
Power
The colliery was acquired in July 2009 with a proven
reserve of 22MT. Currently three sections in two seams The power sector scenario is undergoing a turnaround for
are operating. Two of these sections are operated in- the stressed power plants due to some very progressive
steps initiated by Ministry of Power, Government of India.
house while contractor operates one section; all with
The approvals by Cabinet Committee on Economic Affairs
Mechanised underground mining through Bord & Pillar
on various recommendations of High Level Empowered
extraction method.
Committee will go a long way to mitigate the stress in
Operational Highlights thermal power sector. The recent approval by Ministry
of Power to make it mandatory for discoms to open and
yy Two stage wash plant with capacity of 1.2 MTPA maintain adequate Letter of Credit (LC) as Payment Security
yy All equipments for mining, washing and transport is Mechanism under Power Purchase Agreements will bring
owned in-house discipline and make the power sector viable. The power
yy Infrastructure owned includes main and site offices, purchase initiatives under aggregation scheme taken up
stores, workshops, clinic, training centre and guest by Ministry of Power have paved the way for tying up of
houses in Piet Retief. idle capacities in the thermal power sector. Jindal Power has
yy The Company went into Business Rescue in June 2018 emerged as one of the lowest bidders for supply of about
along with its parent, Eastern Solid Fuels (ESF) and 500 MW power for a period of three years under 2,500 MW
another company, Jindal Africa Investments (JAIPL). aggregation scheme of NHPC. In addition, another pooling
Since then, both ESF and JAIPL have come out of scheme is envisaged by Ministry of Power for aggregation
Business Rescue while JMSA is gradually turning around. of another 2500 MW. Under this scheme most of the
surplus capacity of Jindal Power is expected to be tied up.
Outlook
JMSA’s primary focus is to ramp up the production and Global Ventures
come out of Business Rescue in FY2020. As part of International Portfolio Rationalisation plan,
renewed focus has been brought to the mines and minerals
BUSINESS OUTLOOK assets across Australia, Asia and Africa. The Assets are being
rationalised and monetised keeping in view their long-term
Indian steel demand is likely to be robust, as global raw viability, raw material security for JSPL and the profitability
material supply constraints will support steel prices. JSPL is of each of these businesses. The Group has been evaluating
set to benefit from the overall improvement in the steel mix each asset with a view of either divesting it or building it to
and the rise in production, which will provide additional add to the bottom-line.
cushion to the Company from lower steel prices. Moreover,
ramp up in production at Angul plant will boost higher
volumes facilitating cost savings for the Company. JSPL is
in sweet spot with government’s thrust on infrastructure
29
& Analysis Contd..
FINANCIAL REVIEW Human capital is one of the key resources for JSPL which
ensures business sustainability and continuous growth.
Consolidated
Cognisant of the importance of human resource (HR),
(` In crore) the Company constantly works towards building a safe,
Particulars FY 2018-19 FY 2017-18 conducive and productive environment for all its employees
Total Income 39,387.82 27,844.25 at all operations. Regular and periodic skill and personnel
EBITDA 8,405.57 6,469.11 development training are provided to all employees. The
PAT (2,411.52) (1,624.24) Company’s open-door policy ensures a transparent and
engaging work environment. The employees are encouraged
Standalone (` In crore) to directly communicate with the management and express
Particulars FY 2018-19 FY 2017-18 their views. Ensuring high productivity, employee satisfaction
Total Income 27,730.40 17,523.04 and persistent motivation are the key focus areas of the HR
team. The management records its sincere appreciation of
EBITDA 6,016.97 3,973.05
the efforts of all its employees. The Company introduced ‘On-
PAT (262.90) (361.61) boarding Touch point’ wherein once an employment offer is
made to a candidate and he/she accepts it, an online link is
RATIO ANALYSIS# sent to update all personal information, which gets directly
Particulars FY FY Variance Impact reflected in the SAP employee data. Majority of the joining
2018-19 2017-18 formalities are automated so as to save time from hiring to
Debtors Turnover 11.18 16.58 -33%* Postive on-boarding. The Company has a robust online Performance
Ratio (Days) Management System (PMS) for goal setting, recording KRAs
Inventory Turnover 46.04 51.93 -11% Postive and competency mapping – it is a paperless process and
(Days) promotes a performance driven culture. It encourages and
Interest Coverage 2.49 2.01 24% Postive enables employees to continuously build on their capabilities
Ratio
and to be ahead of the learning curve, and in view of this,
Current Ratio 0.58 0.62 -7% Negative
the Company put in place an online ‘Employee Self Service’
Debt Equity Ratio 0.87 1.01 -14% Postive
platform, which at the touch of a button provides basic
Operating Profit 21.71 22.67 -4% Negative
information on the employees’ leave, attendance, payroll,
Margin (%)
entitlements, etc. To further the agenda of employee
Net Profit Margin (%) (0.95) (2.06) -54%* Postive
engagement, the Company has an intranet portal called
Return on (1.17) (1.59) -26%* Postive
Networth (%)
‘JSPL Connect’ which showcases company information to
employees like policies, recent achievements, awards and
* Variance is due to higher volume increase in salesleads to better accolades received, important announcements, messages
profitability to employees from the leadership team, posting of internal
#
Standalone basis jobs, provision for any suggestions that employees would
want to give to management etc. In order to engage the
MATERIAL DEVELOPMENTS IN HUMAN high potentials and maintain a leadership pipeline, The
RESOURCES Company has initiated programs such as ‘LEAD’ (Leadership
Exploration and Development). The program aims to blend
For JSPL, our people are our strongest asset. The Company the organisational competency development with individual
invests in building best-in-class teams, led by exceptional behavioral and functional competency enlargement/
professionals. Over the years, the Company has nurtured enhancement in a unique, comprehensive program. The
a meritocratic, empowering and caring culture that program spans over a period of six months with a focus on four
encourages excellence. JSPL encourages the development of dimensional themes of Leading Self, Leading Others, Leading
talent by providing its people with opportunities to sharpen Business and Leading Change. Jindal Lead Management
their capabilities, encouraging innovation, lateral thinking, Trainee (JLMT) program is our coveted leadership program
and developing multiple skills. Through this approach, JSPL for high potential talent at the middle level, and hired
prepares its people for future leadership roles. from premier business schools across the country. Internal
employees who have served for a certain period and
The management of Human Resources at JSPL is focused qualify the shortlist criteria are also given the opportunity to
on transformational HR processes and HR policies, which compete and be a part of the program. The JLMT program has
support the constant reinforcement of our competitive been institutionalised to build bench strength and fuel the
advantage. The Company’s HR strategy aligns its HR Policies, leadership pipeline with young and dynamic professionals
Standards and Roles & Responsibilities with the overall who can partner in organisation’s transformational journey.
business strategy, giving the department the ability to This talent pool is further groomed and nurtured through
process the requests of different business units successfully. structured development programs, continuous on-the-
job posture and time-bound cross functional rotations to
contend with the new era business demands of increased
productivity, sustainability and business agility.
30
2019
& Analysis Contd..
The Company has initiated some other key programs, such compensation to the new business realities are some other
as The Next Step, HR Sarthi, Young Leaders’ Programme, area of importance. We have formulated inhouse reward
and Recognition Prior to learning (RPL), Total Productivity and recognition platform to recognise the individual for
Maintenance (TPM) and so on to boost employee her passionate work and appreciate their commendable
engagement. Under project RPL close to 1500 employees performance internally. As JSPL moves to its next phase
ANNUAL REPORT
are nominated in JSPl, Raigarh itself. JSPL Angul has of growth, we aim to build organisational capabilities to
partnered with Indian Iron & Steel Sector Skill Council support and accelerate the change and manage new
(IISSSC) in order to facilitate the capability building of over business complexities by focusing on our Core Value of
948 technical workers across various functions and job roles. Business Excellence. Recently we have set up a shared
Every week, TPM trainings are conducted in classrooms as services centre for HR. Setting up a Shared Service Centre
well as shop floors on the modules of TPM Awareness, Jishu (SSC) for HR services is step towards this objective, which
Hozen (JH) – Awareness, Training on Planned Maintenance would specifically focus on establishing Standardised and
(PM Pillar) and 5s Awareness across locations. Number of digitised processes, Intelligent controls and Reduced cost-
STATUTORY REPORTS
workshops and training on motivation, ownership, such as to-serve through productivity gains. For digitalisation of HR
extreme ownership, One Thing and many held during the processes, we have engaged with an external partner for
financial year at corporate and plant levels. deployment of human capital management software, called
IHRMYHR. This web based IHRMYHR is implemented across
The Company adopts Group Code of Conduct (GCoC) to the locations. Through this tool we provide a single platform
remain consistently vigilant and ensure ethical conduct of its for all employees for four HR processes and services, namely,
operations. All of our internal stakeholders are subjected to recruitment, employee services, payroll and learning and
corporate work within boundaries of the GCoC. JSPL’s Group development. In the continuous journey of HR automation,
Code of Conduct explicitly includes the behavior expected one more milestone has been achieved by Shared Service
from employees on the following aspects a. Workplace Centre (SSC) by enabling employees to use IHRMYHR portal
conduct b. Dealing with outside parties/stakeholders c. through mobile APPs for Android as well as iOS Users.
Community Responsibilities d. Protection of Companies
Asset. On regular basis, the Company organises a certification OCCUPATIONAL HEALTH AND SAFETY
programme on GCoC for all employees through e- learning
module, in which it explains all clauses via practical examples Commitment
and also test their learning. All employees are mandatorily JSPL is committed to carry out all its operations free from
required to complete this certification and sign off on accidents and occupational illnesses. It strives for the
declarations pertaining to compliance of the GCoC. implementation of best possible practices for ensuring
the safety of its all stakeholders including employees and
Further, every employee is required to give three contractors. The company firmly believes that providing
declarations pertaining to any ‘conflict of interest’ related to: safe working conditions to its workforce is not only the
Ownership of Property, Employment of Relative, Business statutory requirement but also its moral responsibility.
Relation vis-a-vis JSPL as Principal Employer. The Company
has also implemented a whistle blower mechanism, which
is being governed by the Group Whistle Blower Policy. The Resources
policy covers instances pertaining to negligence, impacting A team of highly qualified, experienced and skilled
public health and safety, criminal offence and unethical/ professionals has been deputed to provide the required
favoured/biased behavior, among others. The policy support to the management on occupational health,
encourages employees to report any violations to the safety and fire related matters. The Company ensures
Group Ethics Officer without any fear and provides them latest in-built safety technologies and systems in all new
with protection. The company has placed mechanisms for projects and expansions to safeguard its operations. State-
ensuring confidentiality and protecting the whistle blower of–the-art fire prevention and mitigation technologies are
from any harassment/victimisation. The policy is directly in place at all its operations.
monitored by the Chairman of the Audit Committee.
Company has developed world class Global OHS Safety
We emphasise on assessing talent to identify “skill and will” Standards which provide central framework for unit specific
gap, reward and recognition for the right behavior and safety management manuals, systems and procedures.
right performance, de-Constructing jobs and identifying These standards address General Safety, Occupational
scope for Automation, focus on Core, Enabling career Health, Process Safety and Emergency Preparedness.
growth and not just Promotions. Addressing talent deficits
through workforce planning and actions, aligning executive
31
& Analysis Contd..
International Health & Safety Standards: yy Prestigious Award for Achievement in Supply of
Railway Tracks, Rail Analysis Award 2019.
The Company’s operations conform to the International
Occupational Health & Safety Management Standard ISO yy JSPL was awarded “Outstanding Company in Steel-
45000 which is certified by the world’s renowned external Construction Category, EPC World Award 2018”.
accredited agencies. The continuation of certification yy JSPL was awarded “FICCI CSR Award “ for Women
is subjected to periodic surveillance audit by external Empowerment 2018.
accredited agencies for ensuring the consistency of yy JSPL was awarded “Platinum Award “ for Health & Safety
health and safety considerations in company’s operations. Excellence at the Apex India Excellence Award 2018-19.
yy JSPL was awarded “Odisha Excellence Award, 2018”, for
Company has developed world class Global OHS Safety its sustainable social development in the state.
Standards which provide central framework for site specific yy Jindal Panther was awarded “Iconic Brand of the Year”
safety management manuals, systems and procedures. by Economic Times.
yy JSPL was ranked by Institutional Investor Magazine in
Management Engagement: 2018: #1 in Asia in Best IR Professionals Rankings (Sell
The Company firmly believe that ensuring safety, health Side) in Basic Material Sector.
and wellbeing of employees at workplace primarily is the yy Jindal Power Ltd has been conferred with IEX 10 Year
line management responsibility. Hence, the Company has Excellence Awards 2018 as “Highest Electricity Volume
initiated number of safety programs for engaging the line Generator” by Indian Energy Exchange
management in safety activities. yy JSPL Foundation, JPL Tamnar has been awarded CSR
Community Initiative Award 2018 by India CSR Network
Proactive Safety Initiatives: in recognition of Vatsalya project for Improving women
The Company has initiated several proactive safety activities and child health status and also for Development of
Enterprise through Mushroom Cultivation.
to ensure that employees are engaged in ensuring the safe
workplace. Such initiatives include but not limited to: yy The Safety Excellence Company of the Year for JSPL
Group from SYNNEX GROUP
yy Safety display yy Safety induction to yy The HSE Excellence Safety Champion Award to Group
communication new entrants OHS Head from SYNNEX GROUP
yy Recording of potential yy On-the-job training yy Health & Safety Excellence Awards from Apex India
incident observation Limited
yy Near-miss incident yy Training on standard yy Platinum Award to JPL, Tamnar
reporting operating procedures
yy Platinum Award to JSPL, Patratu
yy Independent accident yy Toolbox Talks
investigation yy Gold Award to DCPP
yy Interdepartmental safety yy Nomination to external yy Safety Visionary Award to Group OHS Head
competition safety conferences yy 2nd Prize in “Lowest Weighted Frequency Rate of
yy Individual safety yy Work permit system Accidents” for
recognition program yy JSPL, Barbil from Director of Factories & Boilers, Odisha
yy Medical health yy Safety Audits and yy JSPL, Angul received Gold Award for Training Excellence
surveillance Inspections at the Apex India Excellence Award 2018-19
yy SSD, Punjipathra received Golden Bird - Platinum
Safety Performance: Award in Year 2018 – 19 for Excellence in Best Training
The Company aims to be among the world’s best on the Practices,
occupational health and safety fronts in the foreseeable yy SSD, Punjipathra won FAME – Platinum Award in Year
near future. Incident-accident recording systems are 2018 – 2019 for Excellence in Best Training Practices
maintained as per regulatory requirements yy JPL Tamnar won Golden Globe Tiger’s Awards 2019
for Organisation with Innovative HR Practices and Best
AWARDS AND ACCOLADES Change Management Intervention
Over the past financial year, JSPL has been recognised yy JPL, Tamnar also won People First HR Excellence
for achievements in its ability to positively impact all its Awards 2019
Investors, Employees, Customers, and the Society it serves. yy JSPL, Tensa bags Gold Medal in Chapter Convention on
Quality Concept, CCQC-2018 at Kolkata for best Kaizen.
32
2019
& Analysis Contd..
RISK MANAGEMENT POLICY The in-house MAAS audit team is composed of various
individuals, who are qualified as chartered accountants, cost
The Company has a robust risk management policy in place
accountants, engineers and certified internal auditor (CIA).
to ensure adequate protection and value enhancement. Risk
Over the years, MAAS has acquired in-depth knowledge
management process is reliable and broad-based ensuring
about the Company, including its businesses and operations
that the organisation is well guarded against foreseeable
ANNUAL REPORT
and systems and processes. Its elements have now been

risks and aptly prepared for future contingencies. Risk
institutionalised into a robust annual Risk Based Audit Plan
management encompasses risk identification, evaluation,
(RBAP), which forms the basis of their activities.
reporting and resolution to ensure the smooth functioning
of operations and business sustainability. The process is MAAS’s scope includes the Company’s locations, within
deeply ingrained in the DNA of the Company and has India and overseas location such as its plants, project
become an integral part of business decision making which sites, corporate office, marketing offices and stockyards.
appropriately insulates the Group from any predictable Internal audit observations are presented to the Audit
undesirable risks. The Company strictly complies with all
STATUTORY REPORTS
Committee at its quarterly meetings, highlighting the

regulations and encourages strict adherence to all applicable high-risk issues, internal control weaknesses, and action
laws and statute. Identifying risks and its evaluation is carried taken by the management to mitigate/resolve it.
out at strategic functions at the entity level, starting with
the Senior Management Committee (SMC) at the unit or The MAAS maintains an independent status within the
location level. Core Management Team (CMT), Corporate Group at all times as independence is essential to the
Functional Heads, Group Executive Committee (GEC) is effectiveness of the Internal Audit function. The Internal
other risk management entities at JSPL. This exercise is Audit activity remains free from interference by any element
continued until the Top Management and Board Level. in the organisation, including matters of audit selection,
scope, procedures, frequency, timing or report content
INTERNAL CONTROLS to permit maintenance of a necessary independent
The Company has an adequate internal control system to and objective mental attitude. The Internal Audit
effectively and efficiently manage the business operations. activity maintains a quality assurance and improvement
The internal audit department closely monitors the programme that covers all aspects of the internal audit
compliance of all operations with prescribed business activity. The programme includes an evaluation of the
standards. The audit team supervises all internal processes Internal Audit activity’s conformance with International
and recommends necessary changes to ensure any deviation Internal Audit Standards and an evaluation of whether
is promptly corrected. Any variance from the budget is internal auditors apply the Code of Ethics. The programme
flagged off to the senior management which advises also assesses the efficiency and effectiveness of the internal
modification to ensure strict adherence to compliances. audit activity and identifies opportunities for improvement.
Periodic monitoring and effective implementation of
recommendations ensure high business compliance with CAUTIONARY STATEMENT
adequate adherence to rules and regulations that govern This report contains projections, estimates, etc., which are
the Company. The controls also ascertain the reliability of ‘forward-looking statements. Actual results could differ from
financial controls and strict adherence to compliance as per those expressed or implied in this report. Important factors
applicable laws and regulations. The internal control system that may have an impact on the Company’s operations include
ascertains optimal utilisation of all resources and proper economic conditions affecting demand/supply and price
documentation of financial transactions. The function also conditions in the domestic and overseas markets, changes
ensures strict adherence to compliance. in Government regulations/policies, tax laws and other
statuses, and other identical factors. The Company assumes no
INTERNAL AUDIT responsibility to publicly modify or revise any forward-looking
The Company has an in-house Management Assurance statements on the basis of any future events or new information.
and Audit Services (MAAS) department, headed by the Actual results may differ from those mentioned in the report.
President Chief Assurance and Audit Executive-MAAS.
In line with best Governance practices, the President-
MAAS reports functionally to the Chairman of the Audit
Committee, and administratively to the Hon’ble Chairman
of the Board of the Company.
33
Board’s Report
Dear Members,
The Board of Directors are pleased to present the Company’s 40th Annual Report and the Company’s audited financial
statements (standalone and consolidated) for the Financial Year ended March 31, 2019.
FINANCIAL RESULTS
The Company’s financial results for the year ended March 31, 2019 is summarised below:
(` in crore)
Particulars Standalone Consolidated
2018-19 2017-18 2018-19 2017-18
Total Income 27,730.42 17,523.04 39,387.82 27,844.25
EBITDA 6,016.97 3,973.05 8,405.57 6,469.11
Profit / (Loss) before tax after (569.78) (671.78) (2,801.69) (1,864.05)
exceptional Items
Less: Provision of tax 306.88 310.17 390.17 239.81
Profit / (Loss) after tax (262.90) (361.61) (2,411.52) (1,624.24)
Balance brought forward from 18,402.87 18,962.89 24,219.84 25,809.24
previous year
Surplus carried to Balance sheet (276.79) (361.80) 1,935.77 (1,671.69)
MATERIAL CHANGES AND DIVIDEND

COMMITMENTS AFFECTING FINANCIAL The Board of Directors of your Company had approved the
POSITION AND CHANGE IN BUSINESS Dividend Distribution Policy in accordance with Securities
There have been no material change(s) and commitment(s), and Exchange Board of India (Listing Obligations and
except elsewhere stated in this report, affecting the Disclosure Requirements) Regulations, 2015 (“Listing
financial position of the Company between the end of the Regulations”), The Policy may be accessed under the
financial year of the Company i.e. March 31, 2019 and the corporate governance section on the website of the
date of this Report. Company at https://www.jindalsteelpower.com/img/
admin/report/pdf/dividend_distribution_policy.pdf
There has been no change in the nature of business of the
Company during the financial year ended on March 31, 2019. The objective of this policy is to establish the parameters
to be considered by the Board of Directors of your
Company before declaring or recommending dividend.
PRODUCTION HIGHLIGHTS
Steel: The Board of Directors of your Company has not
recommended any dividend during the year in view of losses.
1) Standalone:
During FY’19, production of crude steel was 5.25 CREDIT RATING
Million MT as against 4.02 Million MT in FY’18, Your Company’s domestic credit rating is “BBB- Outlook
whereas the sales of various steel products during Stable” for the long-term debt/facilities/non-convertible
FY’19, was 5.12 Million MT as compared to 3.77 debentures and A3 for short term debt/ facilities rated
Million MT in FY’18. by Credit Analysis & Research Ltd. (CARE), CRISIL and ICRA
2) Consolidated: Limited. However, credit rating for priority term loan (long
term bank facility) is rated “BBB Outlook Stable” by CARE
During FY’19, production of crude steel was 6.96
and “BBB- Outlook Stable” by CRISIL and ICRA Limited.
Million MT, as against 5.70 Million MT in FY’18,
whereas the sales of various steel products during
FY’19, was 6.93 Million MT as compared to 5.44 CONSOLIDATED FINANCIAL STATEMENTS
Million MT in FY’18. In accordance with the provisions of the Companies Act,
2013 (“the Act”), the Listing Regulations and Ind AS, the
Power: audited consolidated financial statements are provided in
During FY’19, the power generation was 10,396 MU as the Annual Report.
against 10,905 MU in FY’18.
34
Board’s Report Contd..

2019
SHARE CAPITAL Scheme-2017 would be placed before the members at the

ensuing Annual General Meeting (“AGM”) of the Company
During FY’ 19, there was no change in the Authorised Share
and copy of the same shall be available for inspection at
Capital and Paid up Share Capital of the Company. As at the
the registered office of the Company.
end of FY’19, the Authorised Share Capital of the Company
was ` 300,00,00,000/-(Rupees Three Hundred Crore only)
ANNUAL REPORT
divided into 200,00,00,000 (Two Hundred Crore) equity NON-CONVERTIBLE DEBENTURES

shares of ` 1/- (Rupee One only) each and 1,00,00,000 (One The aggregate outstanding amount of Non-Convertible
Crore) Preference Shares of ` 100/- (Rupees One Hundred Debentures (“NCDs”) of the Company as on March 31,
only) each and Paid-up Share Capital of the Company was 2019 was ` 1,747.20 Crore.
` 96,79,46,379/- (Rupees Ninety Six Crore Seventy Nine
Lakh Forty Six Thousand Three Hundred and Seventy Nine During FY’19, NCDs amounting to ` 1,752.40 Crore has
only) comprising of 96,79,46,379 (Ninety Six Crore Seventy been redeemed. There is no delay in servicing of NCDs
STATUTORY REPORTS
Nine Lakh Forty Six Thousand Three Hundred and Seventy interest during FY’19. The Company had paid all the
Nine) equity shares of ` 1/- (Rupee One only) each. dues including interest on NCDs during FY’19. Necessary
Disclosures in this connection under Listing Regulations
Subsequent to the closure of FY’19, your Company has have been made to the Stock Exchange where the
allotted 4,80,00,000 (Four Crore Eighty Lakh) equity shares debentures of the Company are listed.
upon conversion of warrants to promoter group entity and
40,69,592 (Forty Lakh Sixty Nine Thousand Five Hundred DEPOSITS
and Ninety Two) equity shares to the eligible employees
The Company has not accepted/received any deposits
of the Company and its subsidiaries under Jindal Steel &
during the year under report falling within the ambit of
Power Limited Employee Stock Purchase Scheme-2018.
Section 73 of the Act and the Companies (Acceptance of
Accordingly, the paid up share capital of the Company
Deposits) Rules, 2014.
increased from ` 96,79,46,379/- (Rupees Ninety Six Crore
Seventy Nine Lakh Forty Six Thousand Three Hundred and
Seventy Nine only) comprising of 96,79,46,379 (Ninety RELATED PARTY TRANSACTIONS
Six Crore Seventy Nine Lakh Forty Six Thousand Three In terms of Section 188 of the Act read with rules framed
Hundred and Seventy Nine) equity shares of ` 1/- (Rupee thereunder and Regulation 23 of the Listing Regulations,
One only) each to ` 1,02,00,15,971/- (Rupees One Hundred your Company has in place Related Party Transactions Policy
Two Crore Fifteen Thousand Nine Hundred and Seventy dealing with related party transactions. The policy may be
One only) comprising of 1,02,00,15,971 (One Hundred Two accessed under the Corporate Governance section on the
Crore Fifteen Thousand Nine Hundred and Seventy One) website of the Company at: https://www.jindalsteelpower.
equity shares of ` 1/- (Rupee One only) each. com/img/admin/report/pdf/RPT_Policy.pdf
EMPLOYEE STOCK OPTION SCHEME/ All the related party transactions that were entered and
EMPLOYEE SHARE PURCHASE SCHEME executed during the year under review were on arm’s
length basis and in the ordinary course of business and
In order to motivate, incentivise and reward employees, your within permissible framework of Section 188 of the Act and
Company instituted Employee Share Purchase Schemes Rules made thereunder read with Regulation 23 of Listing
namely JSPL ESPS-2013 & JSPL ESPS-2018 and Employee Regulations. There were no materially significant related
Stock Option Scheme namely JSPL ESOP Scheme-2017. party transactions made by the Company during the year
that would have required the approval of the shareholders.
The Nomination and Remuneration Committee
monitors JSPL ESPS-2013, JSPL ESPS-2018 and JSPL ESOP The details of the transactions with the related parties are
Scheme-2017. JSPL ESPS-2013, JSPL ESPS-2018 and JSPL provided in the accompanying financial statements. There
ESOP Scheme-2017 are in compliance with the Securities were no related party transactions made during the year
and Exchange Board of India (Share Based Employee required to be disclosed in the Form AOC-2.
Benefits) Regulations, 2014 (“SEBI SBEB Regulations”).
The Securities Purchase Agreement entered with JSW
Relevant disclosures pursuant to SEBI SBEB Regulations, Energy Limited for the divestment of 1000 MW (4x250
as on March 31, 2019 are available on the website of the MW) thermal power plant of Jindal Power Limited, a
Company at www.jindalsteelpower.com. subsidiary company, located at Village Tamnar, District
Raigarh, Chhattisgarh stands terminated due to elapsing
Certificate from M/s. Lodha & Co., Chartered Accountants, of long stop date without completion of the stipulated
Statutory Auditors, with respect to the implementation conditions precedent as on June 30, 2019.
of JSPL ESPS-2013, JSPL ESPS-2018 and JSPL ESOP
35
PARTICULARS OF LOANS, GUARANTEES The 258 km, 400 kV double-circuit transmission line is being
AND INVESTMENTS used as an interstate transmission line belonging to the
Western Region Interstate Transmission System. The Central
Details of Loans, Guarantees, Securities and Investments Electricity Regulatory Commission has granted a transmission
covered under the provisions of Section 186 of the Act are license to the JPL for carrying on business activity and has
given in the notes to Financial Statements. fixed provisional tariff for its use. During FY’19, JPL has earned
transmission income of ` 45.44 Crore from this line.
SUBSIDIARIES, ASSOCIATE AND JOINT
VENTURE COMPANIES Total revenue of JPL during FY’19, was ` 4,415.52 Crore
Your Company follows its global ambition to build a and loss after tax was ` 434.59 Crore.
premium brand name for its quality steel solutions, expertise
and with a view of expansion and diversification; it has JINDAL SHADEED IRON & STEEL LLC, OMAN
created subsidiary, associate and joint venture companies
Jindal Shadeed Iron & Steel LLC, Oman, a subsidiary of the
for facilitating these operations in various countries.
Company, production jumped by 2.14% in FY’ 19 (YoY). It
A separate statement containing salient features of produced 1.71 Million MT of steel during FY’19, as against
Financial Statements of subsidiary, associate and joint 1.67 Million MT during FY’18. Value added products like
venture companies in terms of Section 129 of the Act is Rebar and Round production jumped by 17.68% and 21.50%
provided in the Consolidated Financial Statements. respectively. The Rebar sales jumped by 17.55% during FY’19
(to 1,144 K MT), round sales also jumped by 21.25% during
The name of companies which have become or ceased FY’19 (to 423 K MT). It has recorded sales of ` 7,132.60 Crore
to be subsidiary or joint venture or associate companies, and earned a profit after tax of ` 627.19 Crore in the FY’19.
if any, have been mentioned in the notes to the accounts.
The financial statements of subsidiary companies are kept With a view to ensure availability of coal and other raw
open for inspection by the shareholders at the registered materials, the Company has, through its other subsidiaries,
office of the Company during business hours on all days acquired exploration / mining interests in Botswana,
except in Saturdays, Sundays and in public holidays upto Indonesia, Madagascar, Namibia, Liberia, Mauritania,
the date of the AGM as required under Section 136 of Zambia and Tanzania.
the Act. Any member desirous of obtaining a copy of the
said financial statements may write to the Company at its DIRECTORS AND KEY MANAGERIAL
Registered Office or Corporate Office. PERSONNEL
The audited financial statements including the Directors:
consolidated financial statements and all other documents Resignation/Cessation:
required to be attached thereto and financial statements yy Mr. Pradyumna Singh Dubey and Dr. Amar Singh
of each of the subsidiary have been uploaded on the resigned from the Directorship w.e.f. May 2, 2018.
website of your Company at www.jindalsteelpower.com.
yy Mr. Rajeev Rupendra Bhadauria, stepped down from
Your Company has framed a policy for determining the position of wholetime Director from the close of
“Material Subsidiary” in terms of Regulation 16(1)(c) of Listing business hours of January 31, 2019.
Regulations. The policy may be accessed under the Corporate yy Mr. Arun Kumar, having attained the age of 75 years
Governance section on the website of the Company at: ceased to be director of the Company w.e.f. April 1,
https://www.jindalsteelpower.com/img/admin/report/pdf/ 2019, consequent to the regulation 17(1A) of the
Policy_on_determining_material_subsidiary.pdf Listing Regulations.
The details of business operations / performance of major
subsidiaries are as below: Appointment / Re-appointment:
On the recommendations of Nomination and Remuneration
JINDAL POWER LIMITED Committee (“NRC”), the Board approved the appointment of
Jindal Power Limited, (JPL) a subsidiary company is Mr. N.A. Ansari as an Additional Director w.e.f. March 29, 2019
operating 3,400 MW (4x250 MW and 4X600 MW) thermal and also subject to the approval of shareholders, approved
power plant at Tamnar, Chhattisgarh. his appointment as Wholetime Director designated as Jt.
Managing Director for a period of 3 years w.e.f. March 29, 2019.
During the year under review:
- 1000 MW (4x250 MW) power plant generated 3,351 On the recommendations of NRC, the Board, subject to the
million units of power. approval of the shareholders, approved the re-appointments
of Mr. Ram Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan
- 2,400 MW (4X600 MW) power plant generated 7,045 Kumar Garg, Mr. Hardip Singh Wirk, Independent Directors
million units of power. for a further term of 2 years w.e.f. July 30, 2019.
36

2019
Subsequently, the Shareholders of the Company by passing REMUNERATION POLICY

resolutions by way of postal ballot on July 8, 2019, approved
In accordance with the provisions of Section 178 of the
the appointment of Mr. N.A. Ansari, as Director and Wholetime
Act and Part D of Schedule II of the Listing Regulations,
Director designated as Jt. Managing Director for a period of 3 the policy on Nomination and Remuneration of Directors,
years w.e.f. March 29, 2019 and re-appointments of Mr. Ram KMPs and Senior Management of your Company is
ANNUAL REPORT
Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan Kumar uploaded on the website of the Company and may be
Garg, Mr. Hardip Singh Wirk, Independent Directors for a accessed under the Corporate Governance section at:
further term of 2 years w.e.f. July 30, 2019. https://www.jindalsteelpower.com/img/admin/report/
pdf/Remuneration_Policy.pdf
On the recommendations of NRC, the Board approved the
appointment of Mr. V.R. Sharma as an Additional Director
w.e.f. August 14, 2019 and also subject to the approval of PARTICULARS OF EMPLOYEES AND
shareholders, approved his appointment as Managing RELATED DISCLOSURES
STATUTORY REPORTS
Director for a period of 3 years w.e.f. August 14, 2019. In terms of the provisions of Section 197(12) of the Act read
with Rules 5(2) and 5(3) of the Companies (Appointment
Retire by Rotation: and Remuneration of Managerial Personnel) Rules, 2014,
In accordance with the provisions of Section 152 of the Act as amended, a statement showing the names and other
and in terms of the Articles of Association of the Company, particulars of the employees drawing remuneration
Mrs. Shallu Jindal is retiring by rotation at the ensuing in excess of the limits set out in the said rules and the
AGM and is eligible, for re-appointment. Your Board disclosures relating to remuneration and other details
recommends the re-appointment of Mrs. Shallu Jindal. required under the provisions of Section 197(12) of the
Act read with Rule 5(1) of the Companies (Appointment
The particulars in respect of Mrs. Shallu Jindal and and Remuneration of Managerial Personnel) Rules, 2014 is
Mr. V.R. Sharma as required under Regulation 36(3) of Listing annexed as Annexure-A to this report.
Regulations and Secretarial Standard -2 are mentioned
elsewhere in the Notice of AGM. STATUTORY AUDITORS
M/s Lodha & Co., Chartered Accountants (ICAI Firm
Key Managerial Personnel Registration No. 301051E), New Delhi, were appointed
Mr. Jagadish Patrra, Vice President & Company Secretary as the Statutory Auditors for a period of 5 years from the
stepped down from his office to persue his personal plans conclusion of 37th AGM till the conclusion of 42nd AGM of
w.e.f. July 10, 2019. the Company.
The Statutory Auditors have confirmed that they are not
DECLARATION BY INDEPENDENT disqualified from continuing as the auditor of the Company.
DIRECTORS
Explanations on qualification, reservation or adverse
The Company has received declarations from each
remark by the Statutory Auditors:
Independent Directors that they meet the criteria of
independence prescribed under Section 149 read with A. The Board is of the view that as of now there is no
Schedule IV of the Act and rules made thereunder, as well requirement for adjustment to the carrying value of
as Regulations 16 and 25(8) of the Listing regulations. investment made in mining assets by the Company
The Board considered the independence of each of the and difference, if any shall be accounted for when
Independent Director in terms of above provisions and is of the matter is finally settled.
the view that they fulfill/meet the criteria of independence.
B. The respective step down subsidiary companies
MEETINGS OF THE BOARD AND accounts are since audited on consolidated basis
considering the impairment testing by independent
COMMITTEES valuer in respect of two step down subsidiaries.
The Board of Directors met 5 (five) times during the period
under review. The details of number of meetings of the Board The statement of impact of Audit Qualification has been
and various Committees of your Company are set out in the disclosed on the website of the Company
Corporate Governance Report which forms part of this report. There are no instances of any fraud reported by the
Auditor to the Audit Committee or the Board pursuant to
SECRETARIAL STANDARDS section 143(12) of the Act.
The Directors state that applicable secretarial standards
i.e. SS-1 and SS-2, relating to meetings of the board of the SECRETARIAL AUDITORS
directors and general meetings, have been duly followed M/s RSMV & Co., Company Secretaries, New Delhi (CP No.
by the Company. 11571) were appointed to conduct the Secretarial Audit
37
of the Company for the financial year 2018-19. In terms of CORPORATE SOCIAL RESPONSIBILITY
Regulation 24A of the Listing Regulations, M/s RSMV & Co.,
The Health, Safety, CSR and Environment Committee
Company Secretaries were also appointed as Secretarial
of the Board of Directors of the Company overseas the
Auditors of Jindal Power Limited, a material unlisted
implementation of CSR Policy of the Company.
subsidiary of the Company.
Secretarial Audit Reports issued by M/s. RSMV & Co., The Annual Report on the CSR activities for the financial year
Company Secretaries, New Delhi of the Company as 2018-19 is annexed herewith as Annexure-C to this report.
well as Jindal Power Limited are annexed herewith as
Annexure-B to this Report. SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS
The Secretarial Audit Reports do not contain any
qualification, reservation, adverse remark or disclaimer. No significant material order(s) passed by the regulators/
courts which would impact the going concern status of
the Company and its future operation during the year
COST AUDITORS under review.
In terms of sub-section (1) of Section 148 of the Act read
with Companies (Cost Records and Audit) Rules, 2014, as The matter related to the Company Subsidiary, Jindal
amended from time to time, the Company is required to Power Limited, with respect to auction of Gare Palma IV/2
maintain the cost records and accordingly such accounts and IV/3 coal mine continues to be sub-judice before the
and records are made and maintained. Hon’ble Supreme Court, wherein direction for maintaining
status quo has been passed.
M/s Ramanath Iyer & Co., (FRN 000019), Cost Accountants,
were appointed as the Cost Auditors of the Company for
auditing the cost records of the Company for the financial DIRECTORS’ RESPONSIBILITY STATEMENT
year 2019-20, subject to ratification of remuneration by Pursuant to Section 134(3) (c) of the Act, your Directors
the Shareholders of the Company in the 40th AGM of the state that:
Company. Accordingly, an appropriate resolution seeking
ratification of the remuneration for the financial year 2019- (a) in the preparation of the annual accounts for the year
20 of M/s Ramanath Iyer & Co. is included in the Notice ended March 31, 2019, the applicable accounting
convening the 40th AGM of the Company. standards and Schedule III to the Act, have been
followed and there are no material departures from
the same;
RISK MANAGEMENT
The Company has in place a robust risk management (b) the Directors have selected such accounting policies
framework which identifies and evaluates business risks and applied them consistently and made judgments
and opportunities. The Company recognises that these and estimates that are reasonable and prudent so as
risks need to be managed and mitigated to protect the to give a true and fair view of the state of affairs of
interest of the shareholders and stakeholders, to achieve your Company as at March 31, 2019 and of the loss
business objectives and enable sustainable growth. The risk of the Company for the year ended on that date;
management framework is aimed at effectively mitigating (c) the Directors have taken proper and sufficient
the Company’s various business and operational risks, care for the maintenance of adequate accounting
through strategic actions. Risk management is embedded in records in accordance with the provisions of the
our critical business activities, functions and processes. The Act for safeguarding the assets of the Company
risks are reviewed for the change in the nature and extent and for preventing and detecting fraud and other
of the major risks identified since the last assessment. It also irregularities;
provides control measures for risk and future action plans.
(d) The Directors have prepared the annual accounts on
INTERNAL FINANCIAL CONTROLS a going concern basis;
The Company has in place adequate internal financial (e) The Directors have laid down internal financial
controls with reference to financial statements and such controls to be followed by the Company and that
internal financial controls are operating effectively. Your such internal financial controls are adequate and are
Company has adopted policies and procedures for ensuring operating effectively; and
the orderly and efficient conduct of its business, including
adherence to the Company’s policies, safeguarding of (f ) The Directors have devised proper systems to ensure
its assets, prevention and detection of frauds and errors, compliance with the provisions of all applicable laws
accuracy and completeness of the accounting records, and and that such systems are adequate and operating
timely preparation of reliable financial disclosures. effectively.
38

2019
OTHER INFORMATION Prevention of Sexual Harassment at

Business Responsibility Report Workplace
As stipulated under Listing Regulations, a separate As per the requirement of the Sexual Harassment of Women
section titled “Business Responsibility Report” forms part at Workplace (Prevention, Prohibition and Redressal) Act,
ANNUAL REPORT
of this Annual Report which describes the initiatives 2013 and the Rules made thereunder, your Company has
taken by your Company from environmental, social and constituted an Internal Complaints Committee having
governance perspective. designated independent member(s) to redress complaints
regarding sexual harassment. During the year, no complaint
regarding Sexual Harassment has been reported.
Management Discussion and Analysis
Report Extract of the Annual Return
As stipulated under Listing Regulations, a separate section
STATUTORY REPORTS
In accordance with the provisions of Sections 92 and 134(3)

titled “Management Discussion and Analysis Report”, (a) of the Act read with the Companies (Management and
forms part of this Annual Report. Administration) Rules, 2014, the extract of the Annual
Return in Form No. MGT – 9, is annexed herewith as
Conservation of Energy, Technology Annexure-E to this report.
Absorption and Foreign Exchange
Earnings and Outgo Cautionary Statement
The particulars related to conservation of energy, Statements in the Board’s Report and the Management
technology absorption and foreign exchange earnings Discussion & Analysis describing the Company’s
and outgo as required to be disclosed under Section objectives, expectations or forecasts may be forward
134(3) (m) of the Act read with Rule 8 of the Companies looking within the meaning of applicable Securities Laws
(Accounts) Rules, 2014 is annexed herewith as Annexure and Regulations. Actual results may differ materially from
- D to this Report. those expressed in the statement. Important factors that
could influence the Company’s operations include global
and domestic demand and supply conditions affecting
Corporate Governance selling prices of finished goods, input availability and
Your Company is committed to achieve the highest prices, changes in Government Regulations, Tax Laws,
standards of Corporate Governance and adhere to the Economic Developments within the country and other
Corporate Governance requirements set out by the factors such as litigation and industrial relations.
Securities and Exchange Board of India. Your Company
has also implemented several best Corporate Governance
practices as prevalent globally.
Acknowledgements
The Directors wish to place on record their appreciation
The report on Corporate Governance as stipulated under for the sincere services rendered by company’s staffs
the listing regulations for the Financial Year 2018-19 and and workers at all levels. Your Directors also wish to
a certificate issued by M/s Navneet K. Arora & Co. LLP, place on record their appreciation for the valuable co-
Company Secretaries in Practice confirming compliance operation and support received from the Government
with the conditions of Corporate Governance is annexed of India, various State Governments, the Banks/ Financial
herewith as Annexure – F to this report. Institutions and other stakeholders such as, shareholders,
customers and suppliers, among others. The Directors also
commend the continuing commitment and dedication of
Whistle Blower Policy/Vigil Mechanism the employees at all levels, which has been critical for the
Your Company has formulated a robust vigil mechanism Company’s success. The Directors look forward to their
to deal with instances of unethical behaviour, actual continued support in future.
or suspected, fraud or violation of Company’s code of
conduct or ethics policy. The details of policy is explained
in Corporate Governance Report and also uploaded on For and on behalf of the Board of Directors
website of the Company under Corporate Governance
section at: https://www.jindalpower.com/img/admin/ Naveen Jindal
page_upload_pdf/whistleBlowerPolicy-0.pdf. Chairman
DIN: 00001523
Place: New Delhi

Date: August 14, 2019
39
Annexure-A
STATEMENT OF INFORMATION TO BE FURNISHED PURSUANT TO SECTION 197(12)

OF THE COMPANIES ACT, 2013 (‘‘ACT’’) READ WITH RULE 5(1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
(i) Ratio of the remuneration of each Executive Director to the median remuneration of the employees of the
Company for the Financial Year 2018-19 and the percentage increase in remuneration of each Executive Director
during the Financial Year 2018-19:
Sr. Name and Designation Percentage Ratio of Remuneration of each
No. increase in Executive Director to median
Remuneration Remuneration of employees
1. Mr. Naveen Jindal, Chairman 25.72 206.48
2. Mr. Rajeev Bahaduria, Wholetime Director* ^ ^
3. Mr. Dinesh Kumar Saraogi, Wholetime Director 48.75 31.13
4. Mr. N.A. Ansari, Wholetime Director designated as ^ ^
Jt. Managing Director**
* Mr. Rajeev Bhaduria stepped down from the position of Wholetime Director from the close of business hours of January 31, 2019.
**Mr. N.A. Ansari was appointed as Wholetime Director designated as Jt. Managing Director w.e.f. March 29, 2019
^Since the remuneration is only for the part of the year, the ratio of their remuneration to the median remuneration and percentage increase in
remuneration is not comparable and hence, not stated.
(ii) The percentage increase in remuneration of Chief Executive Officer, Chief Financial Officer and Company Secretary
during the Financial Year 2018-19:
Sr. Name and Designation Percentage increase in
No. Remuneration
1. Mr. Deepak Sogani, Chief Financial Officer ^^
2. Mr. Jagadish Patrra, Vice President and Company Secretary ^^
^^Since the remuneration paid in the previous year was for the part of the year, the percentage increase in remuneration is not comparable
and hence, not stated.
(iii) The number of permanent employees on the roll of the Company as on March 31, 2019 were 6,031 and the median
remuneration was ` 5.90 Lacs.
(iv) Median remuneration of employees has decreased by 5.60%.
(v) Average percentile increase already made in the salaries of the employees other than the managerial personnel
in the last financial year and its comparison with the percentile increase in the managerial remuneration and
justification thereof and point out if there are any exceptional circumstances for increase in the managerial
remuneration;
Particulars March 31, 2019 March 31, 2018 Difference
(` In Lakh) (` In Lakh) in Percentage
Average Salary of employees 9.00 9.38 (4.05)
Average Salary of Key Managerial Personnel(s) 341.57 258.64 32.06
(vi) The remuneration of Directors, Key Managerial Personnel’s and other employees is in accordance with the
Remuneration Policy of the Company.
2019
STATUTORY REPORTS JINDAL STEEL & POWER LIMITED ANNUAL REPORT
STATEMENT CONTAINING THE PARTICULARS OF EMPLOYEES UNDER SECTION 197(12) OF THE ACT, READ WITH RULE
5(2) AND 5(3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
AS ON MARCH 31, 2019.
A. Top Ten Employees in terms of remuneration drawn
Sr. Name Age (in years) Designation Remuneration Qualification Date of Experience Last employment held Designation
No. (in `) commencement (in years)
of employment
1 Mr. Rakesh Kumar 58 Executive 1,25,18,929 CA 01-03-1989 32 Delux Fabrics Pvt. Ltd. Manager
Director Accounts
2 Mr. Damodar Mittal 53 Executive Vice 1,12,52,369 BE 01-11-1992 27 N.A. N.A.
President
3 Mrs. Mariam J Carter 59 Associate Vice 1,17,44,555 MBA, Ph. d 11-07-2011 33 Montgomery College -
Annexure-A Contd..
President
4 Mr Hemant Kumar 52 President 1,25,29,506 CA,ICWA 16-08-2011 31 Omaxe India President
5 Mr. Manish 49 Executive 1,79,26,060 MBA-HR, M Sc 30-09-2011 27 MTS Head-HR
Kharbanda Director Geology, LLB
6 Mr. Atul Kumar Misra 59 Executive 1,71,78,279 M.E. 18-01-2018 27 Bhushan Steel Limited ED Incharge
Director
40
7 Mr. Nittin Johari 56 Director 89,18,871 CA 17-09-2018 33 Bhushan Steel Limited CFO
8 Mr. VCS Rao 54 Vice President 89,11,885 B. Tech 01-04-2006 33 Global Steel Holding Senior Manager
Limited
9 Mr. Pradeep Kumar 60 President 90,25,007 CA 10-08-2016 36 N.A. N.A.
Bhargava
10 Mr. Ajay Sehgal 51 Vice President 89,45,743 CA, CS, LLB 08-12-2007 30 Samtel Group of Director
Companies
B. Employed throughout the year and were in receipt of remuneration of not less than ` 1,02,00,000 (Rupees One Crore Two Lakh only) per annum
Sr. Name Age (in Designation Remuneration Qualification Date of Experience Last employment held Designation
No. years) (in `) commencement (in years)
of employment
1 Mr. Rakesh Kumar 58 Executive 1,25,18,929 CA 01-03-1989 32 Delux Fabrics Pvt. Ltd. Manager
Director Accounts
2 Mr. Damodar Mittal 53 Executive Vice 1,12,52,369 BE 01-11-1992 27 N.A. N.A.
President
3 Mrs. Mariam J Carter 59 Associate Vice 1,17,44,555 MBA, Ph. d 11-07-2011 33 Montgomery College -
President
4 Mr Hemant Kumar 52 President 1,25,29,506 CA,ICWA 16-08-2011 31 Omaxe India President
5 Mr. Manish 49 Executive 1,79,26,060 MBA-HR, M Sc 30-09-2011 27 MTS Head-HR
Kharbanda Director Geology, LLB
Annexure-A Contd..
C. Employed for part of the year and were in receipt of remuneration of not less than ` 8,50,000 (Rupees Eight Lakh Fifty Thousand only) per month.
Sr. Name Age (in years) Designation Remuneration Qualification Date of Experience (in Last employment held Designation
No. (in ` ) commencement years)
of employment
1 Mr. Ashish 49 Executive 74,85,914 BE 01-08-2017 26 Jindal Africa Investments Executive
Kumar Director (Pty) Limited President
Annexure-A Contd..
2 Mr. Atul Kumar 59 Executive 1,71,78,279 ME 18-01-2018 27 Bhushan Steel Limited ED Incharge
Misra Director
3 Mr. Nittin Johari 56 Director 89,18,871 ICAI 17-09-2018 33 Bhushan Steel Limited CFO
4 Mr. Anil Ahuja 57 President 49,81,185 BTech 17-10-2018 36 Bhushan Steel Ltd Executive Vice
President
5 Mr. Sudhanshu 55 Director 72,88,404 BTech 01-01-2019 30 Independent TOC TOC Practitioner
Saraf Practitioner
Notes:
1. Remuneration includes basic salary, allowances, leave travel allowances, company’s contribution to provident fund and superannuation fund, leave encashment,
reimbursements, monetary value of perquisites, wherever applicable, target variable pay etc. Target variable pay for Financial Year 2017-18 was paid in Financial Year
41
2018-19 and is included in the above details.

2. None of the employees hold by himself or along with his/her spouse and dependent children, 2% or more of equity shares of the Company.
3. All appointments are/were contractual in accordance with terms & conditions as per company rules.
4. None of the employee is a relative of any Director of the Company.
5. Details of Remuneration of Key Managerial Personnel(s)are given else where in the Boards’ Report & Corporate Governance Report.
42
Annexure-B
2019
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and
ANNUAL REPORT
Remuneration of Managerial Personnel) Rules 2014]
To v. The following Regulations and Guidelines prescribed

The Members of under the Securities and Exchange Board of India
Jindal Steel & Power Limited Act, 1992 (‘SEBI Act’):-
STATUTORY REPORTS
CIN: L27105HR1979PLC009913
O.P.Jindal Marg, Hisar-125005 a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and
We have conducted the secretarial audit of the Takeovers) Regulations, 2011.
compliance of applicable statutory provisions of various b) The Securities and Exchange Board of India
statutes and the adherence of good corporate practices (Prohibition of Insider Trading) Regulations,
by JINDAL STEEL & POWER LIMITED (“hereinafter called 2015 as amended from time to time;
as “the Company”). Secretarial Audit was conducted
considering the process and procedures prescribed under c) The Securities and Exchange Board of India
the Companies Act, 2013 (as amended from time to time) (Registrars to an Issue and Share Transfer
and in a manner that provides us a reasonable basis for Agents) Regulations, 1993 regarding the
evaluating the corporate conducts/statutory compliances Companies Act and dealing with client;( Not
and expressing our opinion thereon. applicable as the Company is not registered
Registrars to an Issue and Share Transfer Agents
Based on our verification of the Company’s books, during the period under review)
papers, minute books, forms and returns filed and d) The Securities and Exchange Board of
other records maintained by the Company and also the India (Listing Obligations and Disclosure
information provided by the Company, its officers, agents Requirements) Regulations, 2015
and authorised representatives during the conduct of
secretarial audit, we hereby report that in our opinion, e) The Securities and Exchange Board of India
the Company has, during the audit period covering the (Issue of Capital and disclosure Requirements)
Financial Year ended on 31st March, 2019 complied with Regulations, 2018
the statutory provisions listed hereunder and also that the f ) The Securities and Exchange Board of India
Company has proper Board-processes and compliance- (Share Based Employee Benefits) Regulations,
mechanism in place to the extent, in the manner and 2014
subject to the reporting made hereinafter:
g) The Securities and Exchange Board of India
We have examined the books, papers, minute books, (Delisting of Equity Shares) Regulations, 2009;(
forms and returns filed and other records maintained by Not applicable as there was no reportable
the Company for the financial year ended on march 31, event during the period under review)
2019 according to the provisions of : h) The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 1998;( Not
i. The Companies Act, 2013 (the Act) and the rules applicable as there was no reportable event
made thereunder; during the period under review)
ii. The Securities Contracts (Regulation) Act, 1956
(‘SCRA’) and the rules made there under; vi. We further report that the Company has, in our
opinion, complied with the provisions of the
iii. The Depositories Act, 1996 and the Regulations and Companies Act and the Rules made thereunder and
Bye-laws framed there under; the Memorandum of Association and Articles of
iv. Foreign Exchange management Act, 1999 and the Association of the Company, with regard to:
rules and regulations made thereunder to extent
of Foreign Direct Investment, Overseas Direct a) Maintenance of the various Statutory registers
Investment and External Commercial borrowings and documents making necessary entries
therein;
43
Annexure-B Contd..
b) Closure of the Register of members; vii. The Company has complied with the provisions of
the following Acts and the rules made thereunder
c) Forms, returns, documents and resolutions
and the Company has a mechanism to monitor the
required to be filed with the Ministry of
compliances of the said laws.
Corporate Affairs, Government of India;
d) Service of documents by the Company on yy The Factories Act, 1948
its Members, Auditors and the Registrar of yy The Payment of Wages Act, 1936
Companies;
yy The Minimum Wages Act, 1948
e) Notice/Agenda of Board Meetings and
Committee Meetings of directors and the yy The Employees Provident Fund And Misc.
shareholders. Provisions Act, 1952
f ) Minutes of proceedings of General Meetings, yy The Employees State Insurance Act,1948

Board Meetings and its Committee meetings; yy The Payment of Bonus Act, 1965
g) Approvals of Members, Board of Directors, yy The Environment (Protection) Act, 1986
Committee(s) of Board of Directors and the
Government authorities, wherever required; yy The Explosives Act,1884
h) The Company has obtained necessary yy The Mines Act, 1952

disclosures from all the Directors, confirmation yy The Mines & Minerals (Regulation &
towards their eligibility to become the Directors Development) Act, 1956
of a Company, qualification to become
an independent directors of the company, yy The Hazardous Waste (Management, Handling
nomination of directors in various committee(s) Transboundary Movements) Rules, 2008
are within the limits prescribed under the yy The Income Tax Act, 1961, and Works Contract
Companies Act, 2013 vis-à-vis SEBI (LODR) Tax Act & rules made thereof.
Regulations, 2015, compliance under the Code
of Business Conduct and Ethics and Insider yy The Indian Contact Act, 1872
Trading Regulations, 2015 from the all Directors
yy The Negotiable Instrument Act, 1881
as well as from Management personnel;
yy The Maternity Benefits Act 1961
i) Payment of remuneration to Directors
including Whole-time Directors; yy The Payment of Gratuity Act,1972
j) Appointment and remuneration of Auditors; yy The Industrial Disputes Act, 1947
k) Transfers and transmissions of the Company’s yy The Child Labour (Regulation and Abolition)
shares and debentures, and issue and dispatch Act, 1970
of duplicate certificates of shares;
yy The Water (Prevention & Control of Pollution)
l) Borrowings and registration, modification and Act, 1974 and rules there-under
satisfaction of charges wherever applicable;
yy The Air (Prevention & Control of Pollution) Act,
m) Financial Statements comprising the Balance 1981 and rules there under
Sheet as prescribed under Part I, Profit and Loss
yy The Transfer of Property Act, 1882
Account under Part II and General Instructions
for preparation of the same as prescribed in yy The Indian Registration Act, 1808
Schedule III to the Act;
yy The Industrial Health & Safety Act, 1972
n) Boards’ report;
yy The Indian Evidence Act, 1872
o) Contracts, common seal, registered office and
yy The Consumer Protection Act, 1886
publication of name of the Company; and
yy The Weekly Holidays Act, 1942
p) All other applicable provisions of the Act and
the Rules made under the Act. yy The Child Labour (Regulation and Abolition),
The 39th Annual General Meeting was held on Act 1970
28th September 2018. yy The Chattisgarh Labour Welfare Fund Act, 1982
yy The Odisha Labour Welfare Fund Act, 1996
44
Annexure-B Contd..
2019
yy The Jharkhand Labour Welfare Fund Act Annual General Meeting

yy The Electricity Act, 2003 (i) Re-appointment of Director who retires by
yy The Prevention of Sexual Harassment of rotation
Women at Work Place Act, 2013 (ii) Ratification of the remuneration of cost auditor
ANNUAL REPORT
yy The National Tariff Policy (iii) Issue of further Securities,

yy Indian Boilers Act, 1923 (iv) Issue of non-convertible Debentures,
yy Goods and Services Tax Act, 2017 (v) Approval of Jindal Steel & Power Limited
Employee Stock Purchase Scheme-2018
yy The Secretarial Standards 1, 2 and 3 issued by for issuance of shares to employees of the
the Institute of Company Secretaries of India. Company and its subsidiaries under the said
Scheme
STATUTORY REPORTS
We further report that:

(vi) Approval of payment and waiver of recovery of
The Board of Directors of the Company is duly constituted excess remuneration to whole time director.
with proper balance of Executive Directors, Non-Executive
(vii) Approval for holding of office or place of profit/
Directors and Independent Directors. The changes in the
employment in the company
composition of the Board of Directors that took place
during the period under review were carried out in (viii) Amendment in terms and conditions of
compliance with the provisions of the Act. appointment of whole time director of the
company
Adequate notices were given to all the directors for the There are 98 cases filed by / against the company,
Board Meetings, agenda and detailed notes on agenda under various statutes, which are at various stages.
were also sent within the prescribed timeline, and a system For the sake of brevity, the title, forum and the status
exists for seeking and obtaining further information and are not given in this report. Details of the same were
clarifications on the agenda items before the meeting and provided to us for our verification and record.
for meaningful participation at the meeting.
The Company has obtained all the necessary approvals For and on behalf of RSMV & CO.
under the various provision of the Act, as and when
required. Manoj Sharma
(Partner)
We further report that there are adequate systems and FCS: 7516 : CP No. : 11571
processes in the company commensurate with the size
and operations of the Company to monitor and ensure Place: Delhi
compliance with applicable laws, rules, regulations and Date: May 20, 2019
guidelines.
Note: This report is to be read with our letter of even date
During the period under review company has taken the which is annexed as ‘ANNEXURE A’ and forms an integral
approval of shareholders for the following matters: part of this report.
45
Annexure-B Contd..
ANNEXURE A
To
The Members
CIN: L27105HR1979PLC009913
O.P. Jindal Marg, Hisar-125005
Our report of even date is to be read along with this letter.

1. Maintenance of secretarial and other records are the responsibility of the management of the company. Our
responsibility is to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the records. The verification was done on test basis to ensure that correct facts are
reflected in the records. We believe that the processes and practices, we followed provide a reasonable basis for our
opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the Management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the company.
For and on behalf of RSMV & Co.
Manoj Sharma
(Partner)
FCS: 7516 : CP No. : 11571
Place: Delhi
Date: May 20, 2019
46
Annexure-B Contd..
2019
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and
ANNUAL REPORT
Remuneration of Managerial Personnel) Rules 2014]
To a) Maintenance of the various Statutory Registers

The Members and documents making necessary entries therein;
Jindal Power Limited b) Closure of the Register of members Not
CIN:U04010CT1995PLC008985 applicable
Tamnar-496107, District Raigarh, Chhattisgarh
c) Forms, returns, documents and resolutions
STATUTORY REPORTS
required to be filed with the Ministry of

We have conducted the secretarial audit of the
Corporate Affairs, Government of India;
compliance of applicable statutory provisions of various
statutes and the adherence of good corporate practices d) Service of documents by the Company on
by JINDAL POWER LIMITED (hereinafter called as “the its Members, Auditors and the Registrar of
Company”). Secretarial Audit was conducted considering Companies;
the process and procedures prescribed under the e) Notice of Board Meetings and Committee
Companies Act,2013 (as amended from time to time) Meetings of directors.
and in a manner that provided us a reasonable basis for f ) Minutes of proceedings of General Meetings and
evaluating the corporate conducts/statutory compliances Board Meetings and its Committee Meetings;
and expressing my opinion thereon.
g) Approvals of the Members, the Board of
Directors, the Committees of Directors and the
Based on our verification of the Company’s books,
government authorities, wherever required;
papers, minutes books, forms and returns filed and
other records maintained by the Company and also the h) The Company has obtained necessary
information provided by the Company, its officers, agents disclosures from all the Directors, confirmation
and authorised representatives, during the conduct of towards their eligibility to become the Directors
secretarial audit, we hereby report that in our opinion, of the Company, qualification to become
the Company has, during the audit period covering the an Independent Director of the Company,
Financial Year ended on 31st March 2019 complied with nomination of Directors in various committee(s)
the statutory provisions listed hereunder and also that the are within the limits prescribed under the
Company has proper Board-processes and compliance- Companies Act,2013 and compliance under the
mechanism in place to the extent, in the manner and Code of Business Conduct and Ethics from the
subject to the reporting made hereinafter: Directors as well as from Management personnel;
i) Payment of remuneration to Directors including
We have examined the books, papers, minute books, the Managing Director and Whole-time Director;
forms and returns filed and other records maintained by j) Appointment and remuneration of Auditors;
the Company for the financial year ended on 31st March
2019 according to the provisions of: k) Transfers and transmissions of the Company’s
shares and debentures, and issue and
(i) The Companies Act,2013 (the Act) and the rules dispatch of duplicate certificates of shares; -
made thereunder; Not Applicable as there was no transfer and
transmission during the period under review.
(ii) The Depositories Act, 1996 and the Regulations and
Bye-laws framed there under; l) Borrowings and registration, modification and
satisfaction of charges wherever applicable;
(iii) Foreign Exchange management Act, 1999 and the m) Financial Statement comprising of the Balance
rules and regulations made thereunder to extent Sheet as prescribed under Part I, Profit and Loss
of Foreign Direct Investment, Overseas Direct Account under Part II and General Instructions
Investment and External Commercial borrowings for preparation of the same as prescribed in
(iv) We further report that the Company has, in our Schedule III to the Act;
opinion, complied with the provisions of the n) Directors’ report;
Companies Act, 2013 and the rules made under that o) Contracts, common seal, registered office and
Act and the Memorandumof Association and Articles publication of name of the Company; and
of Association of the Company, with regard to:
47
Annexure-B Contd..
p) All other applicable provisions of the Act and yy The Child Labour (Regulation and Abolition),
the Rules made under the Act. Act 1970
The 23rd Annual General Meeting was held on yy The Weekly Holiday Act 1942
27th September 2018. yy The Chhattisgarh Labour Welfare Fund Act-1982
The Board of the Company is duly constituted. The yy The Prevention of Sexual Harassment of
changes in composition of Board of Directors that Women at Work Place Act,2013
took place during the period under review were yy The Electricity Act,2003
carried out in compliance with provisions of the Act. yy The Secretarial Standards 1 and 2 issued by the
However, The Company has to appoint a women Institute of Company Secretaries of India.
director as per the provisions of Section 149(1) of the
Companies Act, 2013
We further report that:
The Company has complied with the provisions of Adequate notices were given to all the directors for the
the following Acts and the rules made thereunder Board Meetings, agenda and detailed notes on agenda
and the Company has a mechanism to monitor the were also sent within the prescribed timeline, and a system
compliances of the said laws. exists for seeking and obtaining further information and
yy The Factories Act, 1948 clarifications on the agenda items before the meeting and
for meaningful participation at the meeting.
yy The Payment of Wages Act, 1936
yy The Minimum Wages Act, 1948 The Company has obtained all the necessary approvals
yy The Employees Provident Fund And Misc. under the various provision of the Act, as and when
Provisions Act, 1952 required.
yy The Employees State Insurance Act,1948
We further report that there are adequate systems and
yy The Employees Liability Act, 1938
processes in the company commensurate with the size
yy The Equal Remuneration Act, 1976 and operations of the company to monitor and ensure
yy The Essential Commodities Act, 1955 compliance with applicable laws, rules, regulations and
yy The Payment of Bonus Act, 1965 guidelines.
yy The Environment (Protection) Act, 1986 During the period under review, the Company has
yy The Explosive Act, 1884 completely redeemed 2150 (nos.)Privately Placed Unlisted,
yy The Hazardous Waste (Management, Handling Rated Unsecured, Redeemable Non-convertible debentures.
Transboundary Movements) Rules,2008
yy The Mines Act, 1952 During the period under review, the Company has not
allotted any Privately Placed Unlisted, Rated Unsecured ,
yy The Mines and Minerals (Regulation and Redeemable Non-convertible debentures
Development) Act,1956
yy The Income Tax Act 1961, Goods and Services There are 37 cases filed by / against the company, under
Tax Act, 2017and rules made thereof. various statutes, which are at various stages. For the sake
yy The Negotiable Instrument Act, 1881 of brevity, the title, forum and the status of the cases are
not given in this report. Details of the same were provided
yy The Maternity Benefits Act 1961
to us for our verification and record.
yy The Payment of Gratuity Act,1972
yy The Industrial Disputes Act, 1947
yy The Water (Prevention & Control of Pollution) For and on behalf of RSMV & CO.
Act 1974 and Rules thereunder.
Manoj Sharma
yy The Air (Prevention & Control of Pollution) Act
(Partner)
1981 and rules thereunder.
FCS: 7516 : CP No. : 11571
yy The Transfer of Property Act, 1882
yy The Indian Registration Act, 1808 Place: Delhi
yy The Industrial Health & Safety Act, 1972 Date: May 20, 2019
yy The Indian Evidence Act, 1872
Note: This report is to be read with our letter of even date
yy The Consumer Protection Act, 1886 which is annexed as “Annexure A” and forms an integrated
yy The Industrial Dispute Act 1947 part of this report.
48
Annexure-B Contd..
2019
ANNEXURE A
To
The Members,
ANNUAL REPORT
Jindal Power Limited

CIN:U04010CT1995PLC008985
Tamnar-496107, District Raigarh, Chhattisgarh
Our report of even date is to be read along with this letter.

1. Maintenance of secretarial and other records are the responsibility of the management of the company. Our
responsibility is to express an opinion on these secretarial records based on our audit.
STATUTORY REPORTS
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the records. The verification was done on test basis to ensure that correct facts are
reflected in the records. We believe that the processes and practices, we followed provide a reasonable basis for our
opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the Management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the company.
For and on behalf of RSMV & Co.
Manoj Sharma
(Partner)
FCS: 7516 : CP No. : 11571
Place: Delhi
Date: May 20, 2019
49
Annexure-C
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

FOR THE FINANCIAL YEAR 2018-19
1. A brief outline of the Company’s CSR policy, including overview of projects or programmes undertaken
and a reference to the web-link to the CSR policy and projects or programmes.
Brief of the Company’s CSR Policy:
The Company strongly believes that sustainable community development is essential for harmony between
the community and the industry. The Company endeavours to make a positive contribution especially to the
underprivileged communities by supporting a wide range of socio-economic, educational and health initiatives.
In line with the provisions of the Companies Act, 2013 (“the Act”) and on the recommendations of the Health,
Safety, CSR & Environment Committee, the Board of Directors has, in its meeting held on April 29, 2014, approved
the CSR Policy of the Company. Detailed CSR Policy of the Company has been uploaded on the website of the
Company at https://www.jindalsteelpower.com/sustainabilities/csr-overview.html
Programs/Projects to be undertaken:
Sr. Activity Area
No.
1 Mobile Health Services, Tele Medicine Centre, Population Stabilisation Program, Health, Water and Sanitation
Medical Referral Services for rural and tribal students, Leprosy Camps, Project to
combat Malnutrition & Zero hunger drive, Adolescent girls health care projects
& health Camps, Project to improve the maternal & child health, care for the
differently abled, potable drinking water provisions, improved sanitation through
awareness and toilet facilities, HIV & AIDS prevention through awareness, drinking
water supply through bore-wells, pipelines, tankers etc and HH & school toilets etc.
2 Merit-cum-need based Scholarships, Community Teachers Support to Govt. Community Education &
School, Teachers Training, Building up of School Infrastructure, Literacy for Skill Development
women, Setting up Computer Education Centre and Support to vernacular
medium school etc.
3 Need based community infrastructure Community Infrastructure
4 Strengthening of Women SHGs, Federation of farmers, Skill enhancement through Entrepreneurship
training, Imparting Vocational training in various trades, Non –Farm based Micro Development/ Livelihood
Enterprises promotion and capacity building & market linkage.
5 Sports training support to youths of community, supporting the local artisans Sports, Art & Culture
for reviving/mainstreaming the ethnic art and co-owning the communities
traditional culture & festivals
6 Community driven Plantation & Creating Carbon Sinks , Control of Soil Erosion, Environment & Community
Ground water recharge on Ridge to valley basis & encouraging Bio degradable driven Natural Resources
Products, Watershed development & Construction of Water harvesting Management
structures, Stabilising rural livelihood & sustainable farming systems (switching
over from HEIIA to LEISA)& NTFP management.
2. Composition of the CSR Committee:

The HSCE Committee of the Board of Directors oversees the implementation of CSR Policy of the Company. The
composition of HSCE Committee of the Board of Directors is disclosed in corporate governance report.
3. Average net profit of the Company for last three financial years: NIL*
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above): NIL
5. Details of CSR spend for the financial year:
a. Total amount spent for the financial year: ` 13.72 crores
b. Amount unspent, if any: N.A.
c. Manner in which the amount spent during the financial year is detailed below
50
Annexure-C Contd..
2019
Sr. CSR Project or Activity Sector in Project or Programme Amount Amount Spent Cumulative Amount
No. which the (1) Local Area or Other Outlay on the project Expenditure Spent**:
project is (2) Specify the State (Budget) or programs upto Direct or
covered and district where Project or Sub Heads: reporting through
project or programme Program (1) Direct period implementing
was undertaken wise Expenditure agency
ANNUAL REPORT
on projects or
programmes.
(2) Overheads
(` In Crore) (` In Crore) (` In Crore) (` In Crore)
1 Kishori Express, Vatsalya, Mobile Health Services, Healthcare, Angul, Barbil, Tensa 3.97 3.09 3.09 3.09 (Direct
Tele Medicine Centre, Provision of safe drinking Sanitation (Odisha), Raigarh as well as
water, Sneha-Nutrition support program, Medical & Drinking (Chattisgarh), Patratu, through
van, Adolescent girls health care projects & health Water Jeraldabaru, (Jharkhand) Implementing
Camps, improved sanitation through awareness Agency)
and toilet facilities, HIV & AIDS prevention through
STATUTORY REPORTS
awareness, Water supply through bore-wells,

pipelines, tankers etc., HH & School toilets, vector
borne disease, Community sanitation/Awareness
Programme, Provision of medical assistance to road
side accidents through first aid and ambulance
service and medical treatment to nearby villagers,
Family planning & population stabilisation, and
promotion personal hygiene and sanitation
through provision of Low cost sanitary Napkin etc.
2 Merit-cum-need based Scholarships, Rehabilitation Community Angul, Barbil, Tensa 8.53 8.72 8.72 8.72 (Direct
& Vocational training for the specially abled (ASHA Education (Odisha), Raigarh as well as
THE HOPE),Community Teachers Support to Govt. (Chattisgarh), Patratu, through
School, Teachers Training , Building up of School Jeraldabaru, (Jharkhand) Implementing
Infrastructure, Literacy for women, Setting up Agency)
Computer Education Centre, Support to vernacular
medium school,Pre-School facilities, Bus facilities for
students, TLM support for children of jail inmates
and Educational kits for drop out and poor students
for re-admission in the school and tribal hostel etc.
3 Capacity Building of farmers, Non-farm livelihood, Entrepreneurship Angul, Barbil, 0.81 0.34 0.34 0.34 (Directly)
Strengthening & Capacity Building of SHGs for Development Tensa(Odisha),
supplementary income generation, Jan Jeevika Project / Raigarh(Chattisgarh),
Kendra, Stabilising & augmenting income of Livelihood Patratu,
Farming families & Promoting Non Timber Forest Jeraldabaru,(Jharkhand)
Produces and Dairy Farming.
4 Integrated Watershed development, NRM, Environment
Angul, Barbil, 0.21 0.28 0.28 0.28 (Direct
Community Plantation, Construction and Community
Tensa(Odisha), as well as
Renovation of Water harvesting structures Driven
Raigarh(Chattisgarh), through
Patratu, Implementing
Jeraldabaru,(Jharkhand) Agency)
5 Construction of Roads and Community Buildings, Community Angul, Barbil, Tensa(Odisha), 0.77 0.73 0.73 0.73 (Directly
Deepening & Cleaning of Ponds and Micro Water Infrastructure Raigarh(Chattisgarh), through Local
Harvesting structures, Installation of hand pumps Patratu, Jeraldabaru, Contractors)
& bore wells and Rural Electrification (Jharkhand)
6 Sprots Training support to youths of community, Sports, Arts & Angul, Barbil, 0.66 0.56 0.56 0.56 (Directly)
supporting the local artisans for reviving/ Culture, Tensa(Odisha),
mainstreaming the ethnic art, co-owning the Raigarh(Chattisgarh),
communities traditional culture& festivals. Patratu,
Promotion of Hockey, Wushu & Kick Boxing, Khokho, Jeraldabaru,(Jharkhand)
Kabaddi and football/cricket Tournament.
TOTAL 14.95 13.72 13.72 13.72
* Being negative taken as Nil.

**Details of Implementing Agencies: State AIDS Control Society, Adivasi Vikash Samiti-Joda, WOSCA Keonjhar, RAWA Academy, JEWS-Raigarh,
Loomba Foundation, Buddy 4 Study scholarship programme,John Augustus Prison & Social Welfare Services - Athagarh, DAV College Managing
Committee, Ramgarh Football Association-Ramgarh, NRDC Sonepur, RIMS, Ranchi for Blood donation Camps, Ranchi for Blood Donation
Camp, Niramaya Hospital, Ranchi for Cataract Operations, CHC-Patratu and GOJ for population stabilisation programme.
RESPONSIBILITY STATEMENT
“The implementation and monitoring of CSR Policy, is in compliance with CSR objectives and policy of the Company.’’
N.A. Ansari Sudershan Kumar Garg

Jt. Managing Director Chairman, HSCE Committee
51
Annexure-D
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION

AND FOREIGN EXCHANGE EARNINGS AND OUTGO REQUIRED UNDER THE
COMPANIES (ACCOUNTS) RULES, 2014
A. CONSERVATION OF ENERGY 14. Reduction of electrical power by 1940 MWh/

annum due to stage removal of boiler feed pump.
(i) Steps taken on conservation of energy:
15. Due to reduction in alumina content in BF
Some of the energy conservation measures adopted
burden overall sp. Energy consumption of BF
across the Company were:
improved. Alumina in iron ore, pellet & sinter
Raigarh reduced from 3.15%, 2.82% & 3.92% to 2.91%,
2.77% & 3.17% respectively and saved 10533
1. Reduction of auxiliary power by 32.850 MWh/ ton coke and 3984 ton non coking coal.
annum in ETP area by modification in line in DCPP.
16. In SMS-2 EAF-1 had undergone technology
2. Reduction in auxiliary power by 1138 up-gradation & converted to NOF in FY’ 2015-
MWh/annum in cooling tower area due to 16. Since its installation first time in FY 2018-
modification and operational control in DCPP. 19 it operated to its maximum capacity. Due
3. Reduction of auxiliary power by 4117 MWh/ to increase in production in NOF from 872234
annum due to Optimisation of the Aux.power ton to 964602 ton, overall specific electrical
consumption PH-II AHP package AC which is power use decreased in SMS-2 furnace & saved
charged from Phase -1 ACW pump in DCPP. electrical power of 61108 MWh/annum
4. Reduction of electrical power by 0.860 MWh/
annum by replacing the HPSV & Tube light Angul
with LED lights. 1. Installation of Booster Station to Increase
5. Reduction of electrical power by 0.090 MWh/ utilisation of by-product gases (Coke Oven &
annum by replacing 12 nos. of 2*4000W HPSV Blast Furnace Gas) in Power Plant.
lamp with 350W LED light in high mast tower 2. Implementation of Sinter Cooler Heat Recovery
in DCPP. system to use the Hot Air of Sinter Cooler for
6. Reduction of electrical power by 112 MWh/ Coke Drying purpose.
annum due to Contactor logic replacement to 3. Operational Improvement in Blast furnace
Soft starter Drive in two cranes PQ 100MT old resulted in reduction of steam consumption
& new in MH in sms-2. from 55 kg/Ton to 40 kg/Ton and increase in
7. Reduction of electrical power by 38.04 MWh/ Oxygen Enrichment from 5% to 8%.
annum due to Change in Halogen bulb to LED 4. Operational Improvement in Reheating
light of 50 nos in SMS-2 Furnace of Plate Mill resulted in reduction of
8. Reduction of electrical power by 339 MWh/annum Oxygen level in Furnace up to 3% from 5%.
due to replacement of Cooling tower CT fans Al. 5. Operational Improvement in Sinter Cooler.
Blade with aerodynamic FRP blades in SMS-3 6. Commissioning of Selective Waste Gas
9. Reduction of electrical power by 82.9 MWh/ Recirculation (SWGR) System resulted in
annum by replacing Metal Halide light fitting reduction in Coke Consumption in Sinter Plant.
with LED lights fitting in SMS-3. 7. Operational Improvement in Power Plant
10. Reduction of electrical power by 259 MWh/ resulted in reduction of Oil Consumption from
annum due to Stoppage of DCW & ICW Cooling 25 KL to 10 KL by effective use of Gases with Oil
Tower Fans by optimising blade angle in MLSM. during Boiler Light up.
11. Reduction of electrical power by 159.8 MWh/ 8. Operational Improvement in Battery
annum due to installation of Air Blower after Cold Combustion System in Coke Oven Plant.
Saw & avoiding compressed air use in MLSM resulted in reduction of Oxygen level in Waste
12. Reduction of electrical power by 2.5 MWh/hr due Heat Box up to 1% from 4%.
to Commissioning of Blast Furnace-1 BPRT System 9. Replacement of 500 numbers of HPSV Lamp
13. Substituting imported RB3 low carbon grade and Tube Light with LED Lights in Power Plant
coal with imported RB1 high carbon grade & Coal Gasification Plant.
coal & installation of coal dryer in DRI-2 saved 10. Operational optimisation of CT Fans in Coke
79986 ton coal Oven Plant. Water temperature feedback signal
has been given to regulate speed of the Fan VFD.
52
Annexure-D Contd..
2019
Barbil Raipur
1. Replacement of Conventional lights to LED at 1. Ensuring Optimum Load size at time of using
different areas of Pellet Plant Complex. Heat Treatment facility made possible by
2. Replacement of CFL and conventional tube combining loads of Heat treatment furnace
located in different shops helped to reduce
ANNUAL REPORT
light fittings with LED Lights at School.

fuel consumption.
3. Continuous monitoring of scheduled Power
resulted in reduction of power loss. 2. Material handling facilities available at all shops
4. Optimisation of power consumption in Iron are used judiciously and placement of proper
Ore Loading Complex through automation of checks & logs to track usability of the same to
lighting system. avoid any misuse / over-use.
5. Optimisation of Power Loss through use of 3. Monitoring mechanism put in place to avoid
wastage and optimise consumption of LPG, DA,
STATUTORY REPORTS
Photo Sensors in Street Lights of Colony and

Plant premises. CO2 cylinders for fabrication / manufacturing.
6. Operation of GOR and Shredder has been 4. Switching off High bay Lights in certain shops
eliminated by doing modification resulting to during night hours helped to conserve energy.
saving of 600 Kwh per day. 5. Replacement of sodium vapour lamps with
7. Continuous EnMS awareness resulted in a LED lights in residential areas.
saving of Power.
6. Third Party Energy Audit carried out to ensure all
Patratu systems put in place for energy conservations
are duly effective and functional.
1. Power consumption was dropped down
by efficiently controlling plant operations, (ii) Steps taken for utilising alternate source of
continuous energy monitoring and by switching energy:
off all drives during section change time.
2. Switching off all drives pumps on holding
Raipur:
of rolling mill (WRM/BRM) for more than 30 Utilisation of Solar plant of 15 KWP installed on top
minutes resulting into saving around 91,250 of Training center. The same is being used to power
KWH per year. Street Lights on the adjoining road within the unit
3. Only use of LED lights in Township, Offices,
Control Rooms where illuminating requirements Barbil:
is of 70 watt or less, resulted in saving of 3,11,593 Installation of Solar system of 35KWp for use the
KWH per year. solar power in colony and pumping station is under
4. Rectification of temperature controller of all progress.
heaters of main tank and by switching off heaters
once level of main tank is less than 150 mm (iii) The capital investment on energy conservation
resulted into saving of 2,10,240 KWH per year. equipment:
5. Conventional High bay Lights replaced with
Purchase of LED lights of ` 6.48 lacs at Raipur.
LED in WRM resulted into saving of 17,280
KWH per year.
6. Reduction of operational hours of air B. TECHNOLOGY ABSORPTION:
conditioner, lights and PCs during lunch hour/ i) Major efforts made towards technology
non-prime hours in offices. absorption: Nil
7. Switching off High bay lights during day time ii) The benefits derived like product
in BRM. improvement, cost reduction, product
8. Reduction of operational hours of street lights development or import substitution:
in summer season.
9. Regular monitoring of air/power consumption
Raigarh
of compressor area and air flow meter of WRM a) Product Improvement / Product Development:
and BRM air requirement. 1 a: Semis: Total 10 No. of new grade developed:
60Si7, 56SiCr7, 28MNB5, 18MNNB6, S48C(M),
T-11 Grade, 1080Cr, En18S, 1175HTand MS05
53
Annexure-D Contd..
1 b: Mills Area: Angul

Area Product Developed a) Product Improvement for Domestic Market:
Plate Mill (i) Development of PVQ Grades (Pressure 1. Development of Grade API-5L X-65M
Vessel quality). PSL-2 through TMCP Route.
(ii) Development of YST 38 Grade. 2. Development of Grade API 5L X70M PSL
(iii) Development of EN10028-2 P235 GH -2 Through TMCP Route.
with stringent UT Guarantee as per EN 3. Productivity Improvement through high
10160 S1E1 temperature processing of plates for
RUBM 1. Development of 1080-Cr; Alloy Rail E250 BR Quality Grades.
steel in as rolled stage.
4. Development of High Tensile structural
2. Successfully developed High Tensile grade with Lower Micro-Alloying Addition.
Structural beams upto 900mm (heavy
5. Non Alloy Pressure Vessel Quality Steel with
sections) combined with excellent
Specific elevated temperature properties.
toughness at -40 deg C & good weldability
6. Improvement in Toughness at sub-zero
3. Successful section development of
temperature for HSLA grade though
AL_250X250X35 in HT grade.
Normalising Rolling and Specially for
MLSM 1. Successfully developed beam section
Bridge Application.
UB 254X146X31.0 in IS2062 E450BR.
7. Development of API X56M with
2. Optimised process parameters and
guaranteed DWTT of 90% SA & Impact
chemistry modification done for
toughness of 150 J @ -20 C
the development of new section
MC_300X92X41.5 (HT Grade) & AL 8. Development of Line Pipe Application
102X102X12.7X19.0 (in MS and HT grade). for Sour Service Environment with HIC &
SSCC guaranteed values.
3. UC_203 & UB_305
9. Specific Project wise development for
2. Covering of Sinter Pellet both end, with low temperature DWTT properties ( @
Triangular Blank piece to reduce Sinter Fines. -20 C , -29 C).
3. Development of Iron bearing bricks for Blast 10. Development of Weldable structural
furnace. steels for fixed offshore structures.
11. Development of project specific grade
b) Benefits derived as a result of Product with stringent simulation cycles &
Improvement / Product Development: low temperature toughness for LPG
1a) Developed variety of new grades, thereby storage tanks.
increasing its product band width to meet b) Product Improvement for Import Substitute
various requirements of National and
International customers. 1. Development of Grade ASTM A 656 GR
80 TYPE 7 through TMCP Route.
1b) Extend product matrix to enhance the 2. Development Report of Low-Alloy
production / sales of value added grades. Structural Thick (115 mm) Steel Plate
2. Reduction in Fine generation (-5 mm & 5-10MM) through furnace normalising route.
3. Development of grade API X60 Thickness
3. Cost saving, recycling of wastage materials of up to 31mm with low temperature
SMS, BF, Sinter, Mills. and replacement of costly impact toughness & DWTT.
iron bearing materials (sinter, Iron ore pellets)
4. Development of very Thick ( 180-200 mm)
and Medium Tensile Structural Steel Plates.
c) Cost Reduction Initiatives:
5. Development of grade ASTM A516 Gr 70
Analyzing the Ferro-alloy cost & modification
with extended simulated Normalising
in process parameters allowed lean chemistry
cycles + stress relieving cycles up to 7 Hours.
designing which reduces Ferro-alloy
consumption and leading to cost saving in 6. Development of Grades ASME SA 387 GR
Long products as well as Flat products. Total 11 CLASS 2 though Q & T Route.
cost saving occurred by implementation of 7. Development of High Abrasion
lean chemistry is approx. ` 630.00 Lacs. Resistance Steel with High Toughness (
for BEML/Export).
54
Annexure-D Contd..
2019
8. Development of High yield strength system at Stelmor conveyor for High Carbon
structural steels in the quenched and Rolling – Enabled to roll HC in sections above 7
tempered condition. mm for which mill was not designed.
9. Specific development of steel grades 5. Trial Taken for replacement of Guide Roller
as per canadian specifications with Bearings with teflon coated bearings for NTM
ANNUAL REPORT
optimised chemistry. and RSM.

10. Development of API X80 for hydro
6. Development of Grade SWRH82A Tyre chord.
project with low Temperature DWTT @
-10 C for the first time in India. 7. Development of Stand change mechanism
through transfer car to reduce the stand
c) Benefits derived as a result of New Product change time in convertible stand 14.
Development
STATUTORY REPORTS
JSPL, Angul has successfully developed a range b) Import Substitution

of new value added products/ grades/ sections 1. Development of PGP Spares.
for domestic and international markets, 2. Development of Radio Remote control
thereby increasing its product bandwidth to station.
meet various requirements of National and
3. Development of Weldmesh Machine
International customers.
software’s.
d) Cost reduction initiatives 4. Development of Induction heater bearing
Analysing on existing grades & modification in puller and wrestler.
process parameters, allowed high productivity in
mill & Heat Treatment complex, leading to cost iii) In case of imported technology (imported
saving in value added segment. This helped to: during the last three years reckoned from
the beginning of the financial year): Nil
1. Reduce the cost of Ferro alloy consumption
in C-Mn & Micro alloyed steel. iv) Expenditure on Research and Development
2. Increase the productivity improvement (R&D)
through process optimisation. Raigarh:
3. Increase the availability of Heat Treatment Particulars (` in Crore)
complex for value added segment in Angul.
a. Capital : 0.33
Raipur b. Recurring : 4.48
Product Developments: Live Frame of Vibrating Total : 4.81
Screen, Indurating Machine Grate bar Rapper,
Mounting Bracket Assembly for Wagon Tippler,
Double Roller Conveyour Bottom Frame, Over Size C) FOREIGN EXCHANGE EARNINGS & OUTGO:
Roller Conveyour 4525 – A Indurating Machine, (` in Crore)
Ganatry Portal for stacker Reclaimer, Hexagonal S. No. Particulars 2018-19 2017-18
Bricks Mould 389 Cavity With Punch and Hexagonal 1 Earnings in Foreign 2,896.20 2,923.43
Bricks Mould 449 Cavity With Punch. Currency
2 Expenditure in Foreign 121.42 81.07
Patratu Currency
a) Product Improvement/ Product development
1. Developed new grade Fe500S and completed
commercial production for TMT sections
10mm, 12mm, 16mm, 20mm, 25mm & 32 mm For and on behalf of the Board of Directors
at Bar Mill.
Naveen Jindal
2. Development of new section 22mm and 63
Chairman
mm in Round Rolling at Bar Mill.
DIN: 00001523
3. Installation of anti-fluttering guide at RSM
helped in rolling at increased speed. Place: New Delhi
4. Installation of Air and Water mist spraying
55
Annexure-E
Form No. MGT-9

EXTRACT OF ANNUAL RETURN
As on the Financial Year ended on March 31, 2019
[Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and
Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:

i) Corporate Identity Number - L27105HR1979PLC009913
ii) Registration Date - 28.09.1979
iii) Name of the Company - Jindal Steel & Power Limited
iv) Category/Sub-Category of the Company - Public Company Limited by Shares/Non Government Company
v) Address of the Registered office and Contact Details - O.P. Jindal Marg, Hisar, Haryana - 125 005, Tel. No. +91 1662
222471, Fax No. +91 1662 220476, Email - jsplinfo@jindalsteel.com
vi) Whether Listed Company - Yes
vii) Name, Address and Contact Details of Registrar and Transfer Agent - M/s Alankit Assignments Limited, Alankit
Heights, 1E/13, Jhandewalan Extension, New Delhi – 110 055, Tel. No. +91 11 45541234, Fax No. +91 11
42541201, Email - info@alankit.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company shall be stated:
Sr. Name and Description of main NIC Code of the Product/ service % to total turnover of
No. products/ services the Company
1 Steel 241- Manufacture of basic iron and steel 86.20
2 Power 351- Electric power generation by coal 11.46
based thermal power plants
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name and Address of the Company CIN/GLN Holding/ % of Applicable
No. Subsidiaries/ shares Section
Associate held *
1 Jindal Power Limited, Tamnar, District Raigarh, U04010CT1995PLC008985 Subsidiary 96.43 2(87)
Chhattisgarh - 496 107
2 Jindal Angul Power Limited, DSM-648, 6th Floor, DLF Towers, U40300DL2011PLC224178 Subsidiary 100.00 2(87)
Shivaji Marg, Najafgarh Road, Moti Nagar, New Delhi – 110 015
3 JB Fabinfra Limited, DSM-648, 6th Floor, DLF Towers, Shivaji U70200DL2010PLC208731 Subsidiary 100.00 2(87)
Marg, Najafgarh Road, Moti Nagar, New Delhi – 110 015
4 Trishakti Real Estate Infrastructure and Developers Limited, U45203DL2006PLC146478 Subsidiary 94.87 2(87)
DSM-648, 6th Floor, DLF Towers, Shivaji Marg, Najafgarh Road,
Moti Nagar, New Delhi – 110 015
5 Everbest Power Limited, Jindalgarh, Kharsia Road, U40100CT2013PLC000681 Subsidiary 100.00 2(87)
Patrapali, Raigarh, Chhattisgarh - 496 001
6 Attunli Hydro Electric Power Company Limited, U40101AR2009PLC008276 Subsidiary 74.00 2(87)
Flat No.3, First Floor, Tashi Yang Apartment, Prem Norbu
Khrimey Building, MOWB II, Opposite to Office of Director
Urban Development, Itanagar, Arunachal Pradesh - 791 111
7 Etalin Hydro Electric Power Company Limited, U40101AR2009PLC008275 Subsidiary 74.00 2(87)
Flat No.3, First Floor, Tashi Yang Apartment, Prem Norbu
Khrimey Building, MOWB II, Opposite to Office of Director
Urban Development, Itanagar, Arunachal Pradesh - 791 111
8 Kamala Hydro Electric Power Company Limited, Flat No. U40102AR2010PLC008301 Subsidiary 74.00 2(87)
3, First Floor, Tashi Yang Apartment, Prem Norbu Khrimey
Building, MOWB II, Opposite to Office of Director Urban
Development, Itanagar, Arunachal Pradesh - 791 111
56
Annexure-E Contd..
2019

Associate held *
9 Ambitious Power Trading Company Limited, 28, U40102DL2004PLC128381 Subsidiary 79.34 2(87)
Najafgarh Road, New Delhi - 110 015
10 Jindal Hydro Power Limited, 28, Najafgarh Road, U40101DL2008PLC177512 Subsidiary 99.25 2(87)
ANNUAL REPORT
New Delhi - 110 015

11 Jindal Power Distribution Limited, 28, Najafgarh Road, U40109DL2008PLC182519 Subsidiary 99.96 2(87)
New Delhi - 110 015
12 Jindal Power Transmission Limited, 28, Najafgarh Road, U40102DL2008PLC179892 Subsidiary 99.25 2(87)
New Delhi - 110 015
13 Kineta Power Limited, Plot No. 566, Road No. 31, U40109AP2006PLC048975 Subsidiary 75.01 2(87)
Jubilee Hills, Hyderabad, Andhra Pradesh - 500 034
14 Uttam Infralogix Limited, 28, Najafgarh Road, U60200DL2008PLC173619 Subsidiary 100.00 2(87)
STATUTORY REPORTS
New Delhi - 110 015

15 Panther Transfreight Limited, DSM- 648, 6th Floor, DLF U60200DL2011PLC222174 Subsidiary 51.00 2(87)
Towers, Shivaji Marg, Najafgarh Road, Moti Nagar,
New Delhi – 110 015
16 Jindal Realty Limited, DSM- 648, 6th Floor, DLF Towers, Shivaji U45201DL2005PLC140023 Subsidiary 100.00 2(87)
Marg, Najafgarh Road, Moti Nagar, New Delhi – 110 015
17 Jagran Develpers Private Limited, DSM- 648, 6th Floor, U70100DL2005PTC271652 Subsidiary 100.00 2(87)
DLF Towers, Shivaji Marg, Najafgarh Road, Moti Nagar,
New Delhi – 110 015
18 Raigarh Pathalgaon Expressway Limited, DSM - 648, U45309DL2016PLC307241 Subsidiary 100.00 2(87)
6th Floor, DLF Towers, Shivaji Marg, Najafgarh Road,
Moti Nagar, New Delhi – 110 015
19 Jindal Steel & Power (Mauritius) Limited, 3rd Floor, Foreign Company Subsidiary 100.00 2(87)
Standard Chartered Tower, Cybercity, Ebene, Mauritius
20 Jindal Steel Bolivia SA , AV San Martin # 1800, Edificio Foreign Company Subsidiary 51.00 2(87)
Tacuaral Piso 4, Santa Cruzde La Sierra, Bolivia
21 Skyhigh Overseas Limited, 3rd Floor, Raffels Tower, Foreign Company Subsidiary 100.00 2(87)
Cybercity, Ebene, Mauritius
22 Jindal Steel and Power (Australia) Pty. Foreign Company Subsidiary 100.00 2(87)
Limited, Suite 1, The Gap Village, Shopping Centre,
1000 Waterworks Road, The Gap, QLD 4061
23 Jindal Botswana (Proprietary) Limited, P O Box 3313 Foreign Company Subsidiary 100.00 2(87)
Gaborone, Plot No 54374, Unit 3, Block B, Grand Union
Buildings, Centeral Business District, Gaborone, Botswana
24 Jindal Steel & Power (BC) Limited, British Columbia Foreign Company Subsidiary 100.00 2(87)
25 Jindal (BVI) Ltd, Kingston Chambers, PO Box 173, Foreign Company Subsidiary 100.00 2(87)
Road Town, Tortola, British Vigin islands
26 Jindal Africa SA, Guinea Foreign Company Subsidiary 100.00 2(87)
27 Jindal Madagascar SARL, Lot II K 50 GA Mahatony Foreign Company Subsidiary 100.00 2(87)
Antananarivo 101 Madagascar
28 Osho Madagascar SARL, Lot II K 50 GA Mahatony Foreign Company Subsidiary 100.00 2(87)
Antananarivo 101 Madagascar
29 Harmony Overseas Limited 3rd Floor, Foreign Company Subsidiary 100.00 2(87)
Raffels Tower, Cybercity, Ebene, Mauritius
30 Jindal Investment Holding Limited. 3rd Floor, Foreign Company Subsidiary 100.00 2(87)
31 Jindal Mining & Exploration Limited, 3rd Floor, Standard Foreign Company Subsidiary 100.00 2(87)
Chartered Tower, Cybercity, Ebene, Mauritius
32 Jubilant Overseas Limited, 3rd Floor, Raffels Tower, Foreign Company Subsidiary 100.00 2(87)
33 Vision Overseas Limited, 3rd Floor, Raffels Tower, Foreign Company Subsidiary 100.00 2(87)
34 Blue Castle Venture (Pty.) Limited, 3rd Floor, Foreign Company Subsidiary 100.00 2(87)
35 PT. Jindal Overseas, Deutsche Bank Building 13Fl., Suite 1302, Foreign Company Subsidiary 99.00 2(87)
JL. Imam Bonjol No 80, Jakarta Pusat - Indonesia - 10310
36 JSPL Mozambique Minerais Limitada, Rua Dos desporistas, Foreign Company Subsidiary 97.50 2(87)
Jat v, 9th Floor, Maputo, Mozambique
37 Jindal Mining Namibia (Pty.) Limited, Acsec Professional Foreign Company Subsidiary 100.00 2(87)
Services 129, Hosea Kutako Drive, Windhoek
57
Annexure-E Contd..

Associate held *
38 Landmark Mineral Resources (Pty.) Limited, 456, Foreign Company Subsidiary 60.00 2(87)
Etosha Street, Katutora, Windhoek, Namibia
39 Fire Flash Investments (Pty.) Limited, ERF, 129, Foreign Company Subsidiary 65.00 2(87)
Hosea Kutako Drive, Windhoek
40 Jindal Shadeed Iron & Steel L.L.C, PO Box 404, Foreign Company Subsidiary 99.99 2(87)
Falaj Al Qabail, Sohar port, Plot No. 12, Sohar, Oman
41 Jindal Africa Investments (Pty.) Limited, 22, Foreign Company Subsidiary 100.00 2(87)
Kildoon Road, Bryanston 2021, Johannesburg, South Africa
42 Sungu Sungu (Pty.) Limited, 22, Kildoon Road, Foreign Company Subsidiary 74.00 2(87)
Bryanston 2021, Johannesburg, South Africa
43 Jindal Tanzania Limited, 304, Garden Flats, Foreign Company Subsidiary 100.00 2(87)
Kisutu Street, PO Box 34350, Dar es Salaam
44 Jindal Steel & Minerals Zimbabwe Limited, Foreign Company Subsidiary 100.00 2(87)
21 Vincent Road, Belvedere, Harare, Zimbabwe
45 Brake Trading Pty. Limited, Unit 14, City view Complex, Foreign Company Subsidiary 85.00 2(87)
Pasteur Street, Windhoek, Namibia
46 Jindal Investimentos LDA, Rua Dos desporistas, Foreign Company Subsidiary 100.00 2(87)
47 Jindal Mauritania SARL, E-Nord-402, Foreign Company Subsidiary 100.00 2(87)
Tevragh Zeina, Nouakchott, Mauritania
48 Wollongong Coal Limited, 7 Princes Highway, Foreign Company Subsidiary 60.38 2(87)
Corrimal, NSW 2518
49 Jindal Steel DMCC, Units no 3308 & 3309, Jumeirah Bay Foreign Company Subsidiary 100.00 2(87)
Tower, Plot no X2, Jumeirah lakes Towers, Dubai,
United Arab Emirates
50 Belde Empreendimentos Mineiros LDA Rua Dos desporistas, Foreign Company Subsidiary 100.00 2(87)
51 Eastern Solid Fuels (Pty.) Limited, Foreign Company Subsidiary 100.00 2(87)
22 Kildoon Road, Bryanston 2021 , South Africa
52 Jindal Mining SA (Pty.) Limited, Foreign Company Subsidiary 73.94 2(87)
22 Kildoon Road, Bryanston 2021 , South Africa
53 Gas To Liquid International SA, Av. San Martin # 1800 Edifico Foreign Company Subsidiary 87.56 2(87)
Tacuaral Piso 2, Santa Cruz de La Seirra, Bolivia
54 PT. BHI Mining indonesia, Deutsche Bank Building 13Fl., Suite Foreign Company Subsidiary 99.00 2(87)
1302, JL. Imam Bonjol No 80, Jakarta Pusat- Indonesia- 10310
55 PT. Sumber Surya Gemilang, JI Trans Wuran No. 43 Rt. 06, Foreign Company Subsidiary 99.00 2(87)
Pulau Bali, Karusen, Janang, Barito Timuer
56 PT. Maruwai Bara Abadi, Deutsche Bank Building 13Fl., Suite Foreign Company Subsidiary 75.00 2(87)
1302, JL. Imam Bonjol No 80, Jakarta Pusat - Indonesia - 10310
57 Jindal (Barbados) Holding Corp, Cidel Place Lower Foreign Company Subsidiary 100.00 2(87)
Collymore Rock, St. Michael, Barbados
58 Jindal Energy (Bahamas) Limited, Ocean Centre, Montague Foreign Company Subsidiary 99.98 2(87)
Foreshore, East Bay Street, Nassu, The Bahamas
59 Jindal Energy (Botswana) (Pty.) Limited, P O Box 3313, Foreign Company Subsidiary 100.00 2(87)
Gaborone, Plot 54374, Unit 3, Block B, Grand Union
Buildings, Centeral Business District, Gaborone, Botswana
60 Jindal Energy (SA) (Pty.) Limited, Foreign Company Subsidiary 100.00 2(87)
22 Kildoon Road, Bryanston 2021, South Africa
61 Jindal Transafrica (Barbados) Corp, Suite 100, Foreign Company Subsidiary 100.00 2(87)
One Financial Place, Lower Collymore Rock,
St. Michael, Barbados
62 Jindal Resources (Botswana) (Pty.) Limited, Foreign Company Subsidiary 100.00 2(87)
Plot 54374, Unit 3, Block B, Grand Union Buildings, Centeral
Business District, Gaborone, Botswana
63 Trans Africa Rail (Pty.) Limited, Plot 54374, Foreign Company Subsidiary 100.00 2(87)
Unit 3, Block B, Grand Union Buildings, Centeral Business
District, Gaborone, Botswana
64 Sad-Elec (Pty.) Limited, 22 Kildoon Road, Foreign Company Subsidiary 100.00 2(87)
Bryanston 2021, South Africa
65 Bon-Terra Mining (Pty.) Limited, 22 Kildoon Road, Foreign Company Subsidiary 100.00 2(87)
Bryanston 2021 , South Africa
58
Annexure-E Contd..
2019

Associate held *
66 Jindal (Barbados) Mining Corp, Cidel Place, Foreign Company Subsidiary 100.00 2(87)
Lower Collymore Rock, St. Michael, Barbados
67 Jindal (Barbados) Energy Corp, Suite 100, One Financial Foreign Company Subsidiary 100.00 2(87)
ANNUAL REPORT
Place, Lower Collymore Rock, St. Michael, Barbados

68 Meepong Resources (Mauritus) (Pty.) Limited, 3rd Floor, Foreign Company Subsidiary 100.00 2(87)
69 Meepong Energy (Mauritus) (Pty.) Limited, 3rd Floor, Raffels Foreign Company Subsidiary 100.00 2(87)
Tower, Cybercity, Ebene, Mauritius
70 Meepong Resources (Pty.) Limited, Plot 54374, Unit 3, Foreign Company Subsidiary 100.00 2(87)
Block B, Grand Union Buildings, Centeral Business District,
Gaborone, Botswana
STATUTORY REPORTS
71 Meepong Energy (Pty.) Limited, Plot 54374, Unit 3, Block Foreign Company Subsidiary 100.00 2(87)
B, Grand Union Buildings, Centeral Business District,
Gaborone, Botswana
72 Meepong Service (Pty.) Limited, Plot 54374, Unit 3, Block Foreign Company Subsidiary 100.00 2(87)
Gaborone, Botswana
73 Meepong Water (Pty.) Limited, Plot 54374, Unit 3, Block Foreign Company Subsidiary 100.00 2(87)
Gaborone, Botswana
74 Oceanic Coal Resources NL, 7 Princes Highway, Foreign Company Subsidiary 100.00 2(87)
Corrimal, NSW 2518
75 Southbulli Holdings (Pty.) Ltd 7 Princes Highway, Foreign Company Subsidiary 100.00 2(87)
Corrimal, NSW 2518
76 Peerboom Coal (Pty.) Ltd, 22, Kildoon Road, Foreign Company Subsidiary 70.00 2(87)
77 Jindal KZN Processing (Pty.) Ltd, Parc Nicol, Foreign Company Subsidiary 85.00 2(87)
Building 1, Ground Floor, Williom Nicol Road, Bryanston
78 Shadeed Iron & Steel Company Limited, 1003, Khalid Al Foreign Company Subsidiary 100.00 2(87)
Attar Tower, Sheikh Zayed Road, P.O Box 71241,
Dubai, United Arab Emirates
79 Wongawilli Coal (Pty.) Ltd, Foreign Company Subsidiary 100.00 2(87)
7 Princes Highway, Corrimal, NSW 2518
80 Legend Iron Limited, C/O Trident Trust Company (BVI) Ltd., Foreign Company Subsidiary 100.00 2(87)
Trident Chambers, PO Box 146, Road Town, British Virgin Island
81 Cameroon Mining Action SA, Mini Prix Bastos (opposite Foreign Company Subsidiary 89.80 2(87)
Gabonese Embassy), P.O. Box, 33057 Yaounde, Cameroon
82 Jindal Power Ventures (Mauritius) Limited 3rd Floor, Raffels Foreign Company Subsidiary 100.00 2(87)
Tower, Cybercity, Ebene, Mauritius
83 Trans Asia Mining Pte. Limited, 80 Raffles Place, Singapore Foreign Company Subsidiary 100.00 2(87)
84 Jindal Power Senegal SAU, 47, Boulevard de la Republique, 2nd Foreign Company Subsidiary 100.00 2(87)
Floor Cabinet Geni & Kebe, Dakar - Senegal
85 Koleka Resources (Pty.) Ltd., Parc Nicol, Building 1, Ground Foreign Company Subsidiary 60.00 2(87)
Floor, Williom Nicol Road, Bryanston
86 Enviro Waste Gas Services (Pty.) Ltd., Foreign Company Subsidiary 100.00 2(87)
7 Prices Highway, Corrimal NSW 2518
87 Jindal Africa Consulting (Pty.) Ltd Foreign Company Subsidiary 100.00 2(87)
22, Kildoon Road, Bryanston 2021, South Africa
88 Goedehoop Coal (Pty.) Ltd Foreign Company Associate 50.00 2(6)
22, Kildoon Road, Bryanston 2021, South Africa
89 Thuthukani Coal (Pty.) Ltd 22, Kildoon Road, Foreign Company Associate 49.00 2(6)
90 Shresht Mining and Metals Private Limited, 28, Najafgarh U13100DL2008PTC173486 Joint Venture 50.00 2(6)
Road, New Delhi - 110 015
91 Jindal Synfuels Limited, Jindal Centre, 12, Bhikaiji Cama U10101DL2008PLC182677 Joint Venture 70.00 2(87)
Place, New Delhi - 110 066
92 Urtan North Mining Company Limited, Jindal Centre, 12, U10100DL2010PLC199690 Joint Venture 66.67 2(87)
Bhikaiji Cama Place, New Delhi - 110 066
* Shareholding hereinabove implies direct holding and/ or through subsidary(ies)
59
Annexure-E Contd..
IV. SHAREHOLDING PATTERN (EQUITY SHARE CAPITAL BREAK UP AS PERCENTAGE

OF TOTAL EQUITY)
i) Category wise Shareholding:
Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
Shareholders Demat Physical Total % of Demat Physical Total % of Change
Total Total during
Shares Shares the year
A. Promoters
(1) Indian
(a) Individual / HUF 18,589,884 0 18,589,884 1.92 18,585,734 0 18,585,734 1.92 0.00
(b) Central Govt 0 0 0 0.00 0 0 0 0.00 0.00
(c) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00
(d) Bodies Corp. 481,133,487 0 481,133,487 49.71 481,133,487 0 481,133,487 49.71 0.00
(e) Banks/FI 0 0 0 0.00 0 0 0.00 0.00
(f ) Any Other (Trusts) 2,100 0 2,100 0.00 2,100 0 2,100 0.00 0.00
Sub-Total (A)(1) 499,725,471 0 499,725,471 51.63 499,721,321 0 499,721,321 51.63 0.00
(2) Foreign 0.00
(a) NRIs - Individuals 825,470 0 825,470 0.09 1,110,620 0 1,110,620 0.12 0.03
(b) Other - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
(c) Bodies Corporate 67,233,096 0 67,233,096 6.94 67,233,096 0 67,233,096 6.94 0.00
(d) Banks/ FI 0 0 0 0.00 0 0 0 0.00 0.00
(e) Any Other… 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total (A)(2) 68,058,566 0 68,058,566 7.03 68,343,716 0 68,343,716 7.06 0.03
Total shareholding of 567,784,037 0 567,784,037 58.66 568,065,037 0 568,065,037 58.69 0.03
Promoter (A) = (A)(1) + (A)(2)
B. Public Shareholding
(1) Institutions
(a) Mutual Funds 66,210,396 110,480 66,320,876 6.85 71,792,902 110,480 71,903,382 7.43 0.58
(b) Banks/FI 2,472,455 52,730 2,525,185 0.26 1,863,818 52,330 1,916,148 0.20 (0.06)
(c) Central Govt (IEPF 3,563,500 0 3,563,500 0.37 4,046,514 0 4,046,514 0.42 0.05
Authority)
(d) State Govt(s) 0 0 0 0.00 0 0 0.00 0.00
(e) Venture Capital 0 0 0 0.00 0 0 0 0.00 0.00
Funds
(f ) Insurance 21,458,620 0 21,458,620 2.22 14,382,556 0 14,382,556 1.49 (0.73)
Companies
(g) FIIs/FPI 185,976,284 115,440 186,091,724 19.23 165,282,119 115,440 165,397,559 17.08 (2.15)
(h) Foreign Venture 0 0 0 0.00 0 0 0 0.00 0.00
Capital Funds
(i) (Others Alternate 946,852 0 946,852 0.10 593,000 0 593,000 0.06 (0.04)
investment fund)
Sub-total (B)(1) 280,628,107 278,650 280,906,757 29.03 257,960,909 278,250 258,239,159 26.68 (2.35)
(2) Non- Institutions
(a) Bodies Corp.
(i) Indian 21,642,614 322,860 21,965,474 2.27 46,289,562 294,045 46,583,607 4.81 2.54
(ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
(b) Individuals
(i) Individual 72,597,232 10,394,292 82,991,524 8.56 72,554,258 8,526,499 81,080,757 8.38 (0.18)
shareholders holding
nominal share capital
upto ` 1 Lakh
(ii) Individual 6,648,034 0 6,648,034 0.69 6,727,596 0 6,727,596 0.70 0.01
shareholders
holding nominal
share capital in
excess of ` 1 Lakh
(c) Others (specify)
(i) Trust 446,796 0 446,796 0.05 286,501 0 286,501 0.03 (0.02)
(ii) NRIs 4,539,437 2,630,840 7,170,277 0.74 4,589,992 2,340,250 6,930,242 0.72 (0.03)
(iii) Foreign Nationals 33,480 0 33,480 0.00 33,480 0 33,480 0.00 0.00
Sub-total (B)(2) 105,907,593 13,347,992 119,255,585 12.31 130,481,389 11,160,794 141,642,183 14.63 2.32
Total Public Shareholding 386,535,700 13,626,642 400,162,342 41.34 388,442,298 11,439,044 399,881,342 41.31 (0.03)
(B) = (B)(1) + (B)(2)
C. Shares held by Custodian 0 0 0 0.00 0 0 0 0.00 0.00
for GDRs & ADRs
Grand Total (A+B+C) 954,319,737 13,626,642 967,946,379 100.00 956,507,335 11,439,044 967,946,379 100 0.00
60
Annexure-E Contd..
2019
(ii) Shareholding of Promoters

Sr. Shareholder’s Name Shareholding at the beginning of Shareholding at the end of the year % change in
No. the year shareholding
No. of % of total % of Shares No. of % of total % of Shares during the
Shares Shares Pledged/ Shares Shares Pledged/ year
ANNUAL REPORT
of the encumbered of the encumbered

Company to total shares Company to total shares
1 Abhyuday Jindal 177,600 0.02 0.00 177,600 0.02 0.00 0.00
2 Arti Jindal 115,080 0.01 0.00 115,080 0.01 0.00 0.00
3 Deepika Jindal 1,010,100 0.10 0.00 1,010,100 0.10 0.00 0.00
4 Naveen Jindal 7,871,596 0.81 0.00 8,136,596 0.84 0.00 0.03
5 Naveen Jindal HUF 2,248,230 0.24 0.00 2,248,230 0.24 0.00 0.00
6 P R Jindal HUF 1,804,230 0.19 0.00 1,804,230 0.19 0.00 0.00
7 Parth Jindal 220,620 0.02 0.00 220,620 0.02 0.00 0.00
STATUTORY REPORTS
8 Prithvi Raj Jindal 285,150 0.03 0.00 285,150 0.03 0.00 0.00
9 R K Jindal & Sons HUF 791,370 0.09 0.00 791,370 0.09 0.00 0.00
10 S K Jindal And Sons HUF 1,664,610 0.17 0.00 1,664,610 0.17 0.00 0.00
11 Sangita Jindal 757,290 0.08 0.00 757,290 0.08 0.00 0.00
12 Savitri Devi Jindal 1,116,540 0.12 0.00 1,116,540 0.12 0.00 0.00
13 Seema Jajodia 7,200 0.00 0.00 7,200 0.00 0.00 0.00
14 Sminu Jindal 64,500 0.01 0.00 64,500 0.01 0.00 0.00
15 Sushil Bhuwalka 37,488 0.00 0.00 53,488 0.00 84.13 0.00
16 Tanvi Shete 96,000 0.01 0.00 96,000 0.01 0.00 0.00
17 Tarini Jindal Handa 96,000 0.01 0.00 96,000 0.01 0.00 0.00
18 Tripti Jindal 97,440 0.01 0.00 97,440 0.01 0.00 0.00
19 Urmila Bhuwalka 35,960 0.00 0.00 35,960 0.00 0.00 0.00
20 Urvi Jindal 92,880 0.01 0.00 92,880 0.01 0.00 0.00
21 Danta Enterprises Private Limited 62,238,816 6.43 94.13 62,238,816 6.43 98.58 0.00
22 Gagan Infraenergy Limited 49,709,952 5.14 0 49,709,952 5.14 0.00 0.00
23 Glebe Trading Private Limited 16,246,108 1.68 75.00 16,246,108 1.68 100 0.00
24 Goswamis Credits & Investment Limited 1,874,400 0.19 0.00 1,874,400 0.19 0.00 0.00
25 JSL Limited 2,607,453 0.27 0.00 2,607,453 0.27 0.00 0.00
26 JSW Holdings Limited 3,685,800 0.38 0.00 3,685,800 0.38 0.00 0.00
27 Nalwa Steel And Power Limited 1,420,000 0.15 0.00 1,420,000 0.15 0.00 0.00
28 Opelina Finance And Investment Limited 91,300,393 9.43 0.00 91,300,393 9.43 0.00 0.00
29 OPJ Trading Private Limited 187,637,898 19.39 43.10 187,637,898 19.39 99.38 0.00
30 Sun Investments Private Ltd 16,800 0.00 0.00 16,800 0.00 0.00 0.00
31 Virtuous Tradecorp Private Limited 64,395,867 6.65 11.49 64,395,867 6.65 32.84 0.00
32 Ratan Jindal 203,070 0.02 0.00 203,070 0.02 0.00 0.00
33 Sarika Jhunjhnuwala 622,400 0.06 0.00 622,400 0.06 0.00 0.00
34 Beaufield Holdings Limited 5,991,720 0.62 0.00 5,991,720 0.62 0.00 0.00
35 Estrela Investment Company Limited 7,176,000 0.74 0.00 7,176,000 0.74 100.00 0.00
36 Jargo Investments Limited 7,430,400 0.77 0.00 7,430,400 0.77 0.00 0.00
37 Mendeza Holdings Limited 7,431,060 0.77 0.00 7,431,060 0.77 100.00 0.00
38 Nacho Investments Limited 7,440,000 0.77 0.00 7,440,000 0.77 100.00 0.00
39 Pentel Holding Limited 3,235,496 0.33 0.00 3,235,496 0.33 0.00 0.00
40 Sarmento Holdings Limited 7,156,740 0.74 0.00 7,156,740 0.74 0.00 0.00
41 Templar Investments Limited 7,437,840 0.77 0.00 7,437,840 0.77 0.00 0.00
42 Vavasa Investments Limited 7,404,480 0.76 0.00 7,404,480 0.76 0.00 0.00
43 Jsl Overseas Limited 6,529,360 0.67 100.00 6,529,360 0.67 0.00 0.00
44 Naveen Jindal (As A Trustee Of 500 0.00 0.00 500 0.00 0.00 0.00
Global Wisdom Trust)
Global Vision Trust)
Global Growth Trust)
47 Sajjan Jindal, Sangita Jindal, Parth 100 0.00 0.00 100 0.00 0.00 0.00
Jindal (As A Trustee Of Parth Jindal
Family Trust)
48 Sajjan Jindal, Sangita Jindal (As A 100 0.00 0.00 100 0.00 0.00 0.00
Trustee Of Sajjan Jindal Lineage Trust)
Trustee Of Sajjan Jindal Family Trust)
61
Annexure-E Contd..
Sr. Shareholder’s Name Shareholding at the beginning of Shareholding at the end of the year % change in
No. the year shareholding
No. of % of total % of Shares No. of % of total % of Shares during the
Shares Shares Pledged/ Shares Shares Pledged/ year
of the encumbered of the encumbered
Company to total shares Company to total shares
Trustee Of Sangita Jindal Family
Trust)
51 Sajjan Jindal, Sangita Jindal, Tanvi 100 0.00 0.00 100 0.00 0.00 0.00
Shete (As A Trustee Of Tanvi Jindal
Family Trust)
52 Sajjan Jindal, Sangita Jindal, Tarini 100 0.00 0.00 100 0.00 0.00 0.00
Jindal Handa (As A Trustee Of
Tarini Jindal Family Trust)
Total 567,784,037 58.66 29.16 568,065,037 58.69 54.10 0.03
(iii) Change in Promoters Shareholding:

Shareholding at the Cumulative Shareholding
beginning of the year during the year
No. of % of total No. of % of total
shares shares of the shares shares of the
Company Company
Naveen Jindal
At the beginning of the year 7,871,596 0.81
Increase / (decrease) in Shareholding during the year:
24 - Jan - 2019 (Purchase) 265,000 0.03 8,136,596 0.84
At the end of the year 8,136,596 0.84
Sushil Bhuwalka
At the beginning of the year 37,488 0.00 - -
Increase / (decrease) in Shareholding during the year:
06 - Apr - 2018 (Purchase) 16,000 0.00 53,488 0.01
At the end of the year 53,488 0.01
Note: There is no change in the shareholding of Promoters / Promoters Group except as stated above.
(iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters
and Holders of GDRs and ADRs):
For Each of the Shareholding at the beginning of Cumulative Shareholding during
Top 10 Shareholders the year the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
1. BLACKROCK GLOBAL FUNDS ASIAN DRAGON FUND
Increase / (decrease) in
Shareholding during the year:
06-Apr-18 (296,990) (0.03) 24,856,641 2.57
25-May-18 (759,952) (0.08) 24,096,689 2.49
15-Jun-18 (650,145) (0.07) 23,446,544 2.42
22-Jun-18 (385,581) (0.04) 23,060,963 2.38
27-Jul-18 (665,387) (0.07) 22,395,576 2.31
03-Aug-18 (527,527) (0.05) 21,868,049 2.26
10-Aug-18 (158,582) (0.02) 21,709,467 2.24
24-Aug-18 (914,159) (0.09) 20,795,308 2.15
62
Annexure-E Contd..
2019

28-Aug-18 (476,711) (0.05) 20,318,597 2.10
ANNUAL REPORT
31-Aug-18 476,711 0.05 20,795,308 2.15

21-Sep-18 (476,711) (0.05) 20,318,597 2.10
19-Oct-18 (548,448) (0.06) 19,770,149 2.04
26-Oct-18 (530,491) (0.05) 19,239,658 1.99
18-Jan-19 (1,532,612) (0.16) 17,707,046 1.83
01-Feb-19 468,388 0.05 18,175,434 1.88
29-Mar-19 (257,064) (0.03) 17,918,370 1.85
STATUTORY REPORTS

2. KOTAK EQUITY SAVINGS FUND
06-Apr-18 (479,000) (0.05) 16,907,920 1.75
13-Apr-18 110,500 0.01 17,018,420 1.76
20-Apr-18 31,500 0.00 17,049,920 1.76
27-Apr-18 67,500 0.01 17,117,420 1.77
04-May-18 582,750 0.06 17,700,170 1.83
11-May-18 (44,250) (0.00) 17,655,920 1.82
18-May-18 (108,022) (0.01) 17,547,898 1.81
25-May-18 135,022 0.01 17,682,920 1.83
01-Jun-18 (380,250) (0.04) 17,302,670 1.79
08-Jun-18 20,250 0.00 17,322,920 1.79
15-Jun-18 229,500 0.02 17,552,420 1.81
22-Jun-18 (74,250) (0.01) 17,478,170 1.81
29-Jun-18 (247,250) (0.03) 17,230,920 1.78
06-Jul-18 (21,500) (0.00) 17,209,420 1.78
13-Jul-18 541,690 0.06 17,751,110 1.83
20-Jul-18 1,200,000 0.12 18,951,110 1.96
27-Jul-18 1,121,500 0.12 20,072,610 2.07
03-Aug-18 731 0.00 20,073,341 2.07
10-Aug-18 36,000 0.00 20,109,341 2.08
17-Aug-18 (132,750) (0.01) 19,976,591 2.06
24-Aug-18 (1,500) (0.00) 19,975,091 2.06
28-Aug-18 146,750 0.02 20,121,841 2.08
31-Aug-18 (34,250) (0.00) 20,087,591 2.08
07-Sep-18 (58,500) (0.01) 20,029,091 2.07
14-Sep-18 63,000 0.01 20,092,091 2.08
21-Sep-18 187,250 0.02 20,279,341 2.10
28-Sep-18 (157,500) (0.02) 20,121,841 2.08
05-Oct-18 (371,250) (0.04) 19,750,591 2.04
12-Oct-18 31,500 0.00 19,782,091 2.04
19-Oct-18 (709,750) (0.07) 19,072,341 1.97
26-Oct-18 (1,291,750) (0.13) 17,780,591 1.84
02-Nov-18 15,443 0.00 17,796,034 1.84
09-Nov-18 (379,943) (0.04) 17,416,091 1.80
16-Nov-18 (724,500) (0.07) 16,691,591 1.72
23-Nov-18 47,250 0.00 16,738,841 1.73
30-Nov-18 535,538 0.06 17,274,379 1.78
07-Dec-18 516,250 0.05 17,790,629 1.84
63
Annexure-E Contd..

14-Dec-18 1,636,251 0.17 19,426,880 2.01
21-Dec-18 (144,000) (0.01) 19,282,880 1.99
28-Dec-18 (101,250) (0.01) 19,181,630 1.98
04-Jan-19 548,643 0.06 19,730,273 2.04
11-Jan-19 38,607 0.00 19,768,880 2.04
18-Jan-19 2,250 0.00 19,771,130 2.04
25-Jan-19 423,000 0.04 20,194,130 2.09
01-Feb-19 2,138,205 0.22 22,332,335 2.31
08-Feb-19 1,590,000 0.16 23,922,335 2.47
15-Feb-19 166,500 0.02 24,088,835 2.49
22-Feb-19 (111,750) (0.01) 23,977,085 2.48
01-Mar-19 765,000 0.08 24,742,085 2.56
08-Mar-19 (68,500) (0.01) 24,673,585 2.55
15-Mar-19 (30,000) (0.00) 24,643,585 2.55
22-Mar-19 (18,000) (0.00) 24,625,585 2.54
29-Mar-19 (222,750) (0.02) 24,402,835 2.52
3. L AND T MUTUAL FUND TRUSTEE LTD

06-Apr-18 234,977 0.02 14,294,312 1.48
13-Apr-18 (7,20,000) (0.07) 13,574,312 1.40
20-Apr-18 81,000 0.01 13,655,312 1.41
27-Apr-18 (2,021,053) (0.21) 11,634,259 1.20
04-May-18 (2,994,697) (0.31) 8,639,562 0.89
11-May-18 (482,850) (0.05) 8,156,712 0.84
25-May-18 193,500 0.02 8,350,212 0.86
01-Jun-18 (51,750) (0.01) 8,298,462 0.86
22-Jun-18 (18,000) (0.00) 8,280,462 0.86
06-Jul-18 (65,250) (0.01) 8,215,212 0.85
20-Jul-18 (58,500) (0.01) 8,156,712 0.84
27-Jul-18 108,000 0.01 8,264,712 0.85
03-Aug-18 (108,000) (0.01) 8,156,712 0.84
28-Aug-18 126,050 0.01 8,282,762 0.86
31-Aug-18 (126,050) (0.01) 8,156,712 0.84
21-Sep-18 50 0.00 8,156,762 0.84
28-Sep-18 126,000 0.01 8,282,762 0.86
19-Oct-18 799,750 0.08 9,082,512 0.94
26-Oct-18 1,000,000 0.10 10,082,512 1.04
02-Nov-18 445,165 0.05 10,527,677 1.09
09-Nov-18 (63,000) (0.01) 10,464,677 1.08
16-Nov-18 (257,377) (0.03) 10,207,300 1.05
23-Nov-18 (426,202) (0.04) 9,781,098 1.01
30-Nov-18 (1,115,325) (0.12) 8,665,773 0.90
07-Dec-18 185,150 0.02 8,850,923 0.91
28-Dec-18 (794,981) (0.08) 8,055,942 0.83
31-Dec-18 (447,642) (0.05) 7,608,300 0.79
04-Jan-19 (500,000) (0.05) 7,108,300 0.73
64
Annexure-E Contd..
2019

11-Jan-19 235,000 0.02 7,343,300 0.76
ANNUAL REPORT
01-Feb-19 13,500 0.00 7,356,800 0.76

15-Feb-19 (864,500) (0.09) 6,492,300 0.67
22-Feb-19 6,750 0.00 6,499,050 0.67
15-Mar-19 (20,250) (0.00) 6,478,800 0.67
29-Mar-19 69,750 0.01 6,548,550 0.68
STATUTORY REPORTS
4. KOTAK FUNDS - INDIA MIDCAP FUND

08-Jun-18 100,000 0.01 11,628,243 1.20
08-Feb-19 500,000 0.05 12,128,243 1.25
5. TREE LINE ASIA MASTER FUND (SINGAPORE) PTE LTD

09-Nov-18 1,784,120 0.18 13,100,000 1.35
11-Jan-19 1,900,000 0.20 15,000,000 1.55
6. HSBC GLOBAL INVESTMENT FUNDS - INDIAN EQUITY

13-Apr-18 (233,340) (0.02) 9,731,134 1.01
18-May-18 (143,563) (0.01) 9,587,571 0.99
25-May-18 (150,000) (0.02) 9,437,571 0.98
01-Jun-18 (386,367) (0.04) 9,051,204 0.94
08-Jun-18 (227,861) (0.02) 8,823,343 0.91
15-Jun-18 (111,228) (0.01) 8,712,115 0.90
13-Jul-18 (204,270) (0.02) 8,507,845 0.88
17-Aug-18 288,272 0.03 8,796,117 0.91
28-Aug-18 (143,247) (0.01) 8,652,870 0.89
31-Aug-18 143,247 0.01 8,796,117 0.91
21-Sep-18 (143,247) (0.01) 8,652,870 0.89
02-Nov-18 (289,355) (0.03) 8,363,515 0.86
09-Nov-18 (273,886) (0.03) 8,089,629 0.84
16-Nov-18 (191,372) (0.02) 7,898,257 0.82
01-Mar-19 (664,750) (0.07) 7,233,507 0.75
08-Mar-19 (112,709) (0.01) 7,120,798 0.74
15-Mar-19 (286,316) (0.03) 6,834,482 0.71
7. SUNDARAM MUTUAL FUND
65
Annexure-E Contd..

18-May-18 46,600 0.00 8,374,395 0.87
25-May-18 38,216 0.00 8,412,611 0.87
01-Jun-18 11,217 0.00 8,423,828 0.87
15-Jun-18 79,000 0.01 8,502,828 0.88
22-Jun-18 11,569 0.00 8,514,397 0.88
13-Jul-18 14,097 0.00 8,528,494 0.88
10-Aug-18 124,961 0.01 8,653,455 0.89
17-Aug-18 50,000 0.01 8,703,455 0.90
28-Aug-18 (70,209) (0.01) 8,633,246 0.89
31-Aug-18 70,209 0.01 8,703,455 0.90
21-Sep-18 (70,209) (0.01) 8,633,246 0.89
04-Jan-19 26,681 0.00 8,659,927 0.89
15-Mar-19 7,400 0.00 8,667,327 0.90
22-Mar-19 7,500 0.00 8,674,827 0.90
8. BLACKROCK GLOBAL FUNDS - ASIAN GROWTH LEADERS FUND

13-Apr-18 5,955,677 0.62 13,874,020 1.43
20-Apr-18 1,419,552 0.15 15,293,572 1.58
25-May-18 755,611 0.08 16,049,183 1.66
28-Aug-18 191,532 0.02 16,240,715 1.68
31-Aug-18 (191,532) (0.02) 16,049,183 1.66
21-Sep-18 191,532 0.02 16,240,715 1.68
05-Oct-18 (1,639,183) (0.17) 14,601,532 1.51
01-Mar-19 335,380 0.03 14,936,912 1.54
9. HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIA PACIFIC EX JAPAN EQUITY FUND
13-Apr-18 (18,039) (0.00) 7,894,997 0.82
20-Apr-18 (566,191) (0.06) 7,328,806 0.76
11-May-18 (169,572) (0.02) 7,159,234 0.74
18-May-18 (50,000) (0.01) 7,109,234 0.73
15-Jun-18 (38,614) (0.00) 7,070,620 0.73
22-Jun-18 (37,782) (0.00) 7,032,838 0.73
06-Jul-18 (52,678) (0.01) 6,980,160 0.72
13-Jul-18 (72,605) (0.01) 6,907,555 0.71
17-Aug-18 179,000 0.02 7,086,555 0.73
28-Aug-18 (869,316) (0.09) 6,217,239 0.64
31-Aug-18 869,316 0.09 7,086,555 0.73
14-Sep-18 (226,349) (0.02) 6,860,206 0.71
21-Sep-18 (374,749) (0.04) 6,485,457 0.67
28-Sep-18 (268,218) (0.03) 6,217,239 0.64
01-Feb-19 588,588 0.06 6,805,827 0.70
08-Feb-19 681,766 0.07 7,487,593 0.77
66
Annexure-E Contd..
2019

08-Mar-19 (323,203) (0.03) 7,164,390 0.74
ANNUAL REPORT
15-Mar-19 (126,797) (0.01) 7,037,593 0.73

29-Mar-19 (1,524,185) (0.16) 5,513,408 0.57
10. IDFC EQUITY OPPORTUNITIES FUND

STATUTORY REPORTS

06-Apr-18 10,816 0.00 7,068,438 0.73
13-Apr-18 77,040 0.01 7,145,478 0.74
20-Apr-18 60,000 0.01 7,205,478 0.74
27-Apr-18 72,000 0.01 7,277,478 0.75
04-May-18 634,720 0.07 7,912,198 0.82
11-May-18 (459,000) (0.05) 7,453,198 0.77
18-May-18 41,000 0.00 7,494,198 0.77
01-Jun-18 105,750 0.01 7,599,948 0.79
08-Jun-18 250,000 0.03 7,849,948 0.81
22-Jun-18 394,000 0.04 8,243,948 0.85
06-Jul-18 480,802 0.05 8,724,750 0.90
13-Jul-18 50,000 0.01 8,774,750 0.91
20-Jul-18 100,000 0.01 8,874,750 0.92
27-Jul-18 (571,500) (0.06) 8,303,250 0.86
10-Aug-18 50,000 0.01 8,353,250 0.86
28-Aug-18 554,850 0.06 8,908,100 0.92
31-Aug-18 (304,850) (0.03) 8,603,250 0.89
07-Sep-18 100,000 0.01 8,703,250 0.90
14-Sep-18 151,750 0.02 8,855,000 0.91
28-Sep-18 53,100 0.01 8,908,100 0.92
05-Oct-18 313,694 0.03 9,221,794 0.95
12-Oct-18 70,000 0.01 9,291,794 0.96
19-Oct-18 60,000 0.01 9,351,794 0.97
26-Oct-18 116,250 0.01 9,468,044 0.98
02-Nov-18 198,410 0.02 9,666,454 1.00
09-Nov-18 17,200 0.00 9,683,654 1.00
16-Nov-18 (22,500) (0.00) 9,661,154 1.00
07-Dec-18 187,750 0.02 9,848,904 1.02
14-Dec-18 200,000 0.02 10,048,904 1.04
28-Dec-18 (825,750) (0.09) 9,223,154 0.95
11-Jan-19 200,000 0.02 9,423,154 0.97
18-Jan-19 450,000 0.05 9,873,154 1.02
25-Jan-19 202,000 0.02 10,075,154 1.04
01-Feb-19 158,500 0.02 10,233,654 1.06
08-Feb-19 846,250 0.09 11,079,904 1.14
15-Feb-19 20,250 0.00 11,100,154 1.15
01-Mar-19 311,500 0.03 11,411,654 1.18
Note: List of top 10 shareholders were taken as on April 1, 2018. The increase / (decrease) in shareholding as stated above
is based on details of benefical ownership furnished by the depository.
67
Annexure-E Contd..
(v) Shareholding of Directors and Key Managerial Personnel:#

For each of the Shareholding at the beginning of Cumulative Shareholding during
Director and KMP the year the year
Mr. Naveen Jindal,
Chairman
Increase / (Decrease) in
24-Jan-19 265,000 0.03 8,136,596 0.84
Mrs. Shallu Jindal,

Director
At the beginning of the year 0 0.00
No change during the year
At the end of the year 0 0.00
Mr. Dinesh Kumar Saraogi,

Wholetime Director
At the beginning of the year 52,447 0.01
05-Oct-2018 (290) (0.00) 52,157 0.01
Mr. Arun Kumar,
Independent Director1
Mr. Arun Kumar Purwar,

Mr. Ram Vinay Shahi,

Mr. Sudershan Kumar Garg,

68
Annexure-E Contd..
2019

Director and KMP the year the year
ANNUAL REPORT

28-Aug-18 (500) 0.00 700 0.00
31-Aug-18 500 0.00 1,200 0.00
21-Sep-18 (500) 0.00 700 0.00
19-Oct-18 500 0.00 1,200 0.00
STATUTORY REPORTS
Mr. Hardip Singh Wirk,

Mr. N. A. Ansari,
Wholetime Director designated as Jt. Managing Director2
Mr. Anjan Barua,
Nominee Director
Mr. Deepak Sogani,

CFO
23-May-2018 20,000 0.00 60,000 0.01
20-Jul-2018 5,000 0.00 65,000 0.01
22-Mar-2019 5,000 0.00 70,000 0.01
Mr. Jagdish Patra,

Vice President & Company Secretary
# the details have been provided for the Directors/KMP who hold the office of Director/KMP as on March 31, 2019.
1. Mr. Arun Kumar, ceased to be Director w.e.f April 1, 2019.
2. Mr. N. A. Ansari was appointed as Wholetime Director designated as Jt. Managing Director w.e.f March 29, 2019.
69
Annexure-E Contd..
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding /accrued but not due for payment
(` In Crore)
Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 19,738.57 3,441.64 0 23,180.21
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 35.98 24.28 0 60.26
Total (i+ii+iii) 19,774.55 3,465.92 0 23,240.47
Change in Indebtedness during the financial year
• Addition 1,408.36 0 0 1,408.36
• Reduction (4,009.52) (879.08) 0 (4,888.60)
Net Change (2,601.16) (879.08) 0 (3,480.24)
Indebtedness at the end of the financial year
i) Principal Amount 17,137.41 2,562.56 0 19,699.97
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 47.74 22.83 0 70.57
Total (i+ii+iii) 17,185.15 2,585.39 0 19,770.54
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(` In Lakh)
Sr. Particulars of Remuneration Mr. Naveen Mr. Dinesh Mr. Rajeev Mr. N.A, Total
No. Jindal, Kumar Bhadauria1, Ansari2, Amount
Chairman Saraogi, Wholetime Wholetime
Wholetime Director Director
Director designated as
Jt. Managing
Director
1 Gross Salary
(a) Salary as per provisions 810.00 51.44 67.89 0.77 930.10
contained in section17(1)
of the Income Tax Act, 1961
(b) Value of perquisites u/s 408.25 132.20 256.69 1.29 798.43
17(2) Income Tax Act, 1961
(c) Profits in lieu of salary 0 0 0 0 0
under section 17(3) Income
Tax Act, 1961
2 Stock Option 0 0 0 0 0
3 Sweat Equity 0 0 0 0 0
4 Commission 0 0 0 0 0
- as % of profit 0 0 0 0 0
- others, specify… 0 0 0 0 0
5 Others ,please specify 0 0 0 0 0
Total (A) 1,218.25 183.64 324.58 2.06 1,728.53
Ceiling as per the Act As per amended provisions of Section II Part II of the Schedule V of the Companies
Act, 2013, a managerial personnel, can be paid, any amount as remuneration with the
approval of the members by way of passing special resolution and in compliance of
the other conditions of Section II Part II of the Schedule V of the Companies Act, 2013
1. Mr. Rajeev Bhadauri, stepped down from the position of Wholetime Director from the closure of business hourse of January 31, 2019.
2. Mr. N.A. Ansari was appointed as Wholetime Director designated as Jt. Managing Director w.e.f. March 29, 2019.
Note:
1. In addition to the above, the above directors are entitled for the payment of target variable pay for the financial year
2018-19 except Mr. Rajeev Bhadauria, who had been paid his variable pay at the time of full and final settlement.
Target variable pay for the financial year 2017-18 was paid during the financial year 2018-19.
70
Annexure-E Contd..
2019
2. In terms of the provisions of Sections 196, 197, 1, 2017 to March 31, 2019 and for payment of
198, 203 and other applicable provisions of the remuneration during the remaining tenure of
Companies Act, 2013 (“the Act”) and Schedule V to Mr. Naveen Jindal.
the Act ( as amended by the Ministry of Corporate
Affairs vide its notification no. S.O. 4822(E) and S.O. c. ratified and confirmed the waiver of the
recovery of excess remuneration paid, over
ANNUAL REPORT
4823(E) dated September 12, 2018), the Shareholders

of the Company by passing special resolutions by and above the limits prescribed under the
way of postal ballot on July 8, 2019: provisions of Act, for the period from November
9, 2017 to March 31, 2019 and for payment of
a. ratified the payment of the remuneration and remuneration during the remaining tenure of
confirmed the waiver of the recovery of excess Mr. Dinesh Kumar Saraogi.
remuneration, paid, over and above the limits
prescribed under the provisions of the Act, to d. ratified the payment and confirmed the waiver
of the recovery of excess remuneration paid,
STATUTORY REPORTS
Mr. Naveen Jindal for the period of 6 months

w.e.f. April 1, 2017 to September 30, 2017. over and above the limits prescribed under
the provisions of Act, to Mr. Rajeev Rupendra
b. ratified and confirmed the waiver of the Bhadauria for the period commencing from
recovery of excess remuneration paid, over May 27, 2018 to January 31, 2019,
and above the limits prescribed under the
provisions of Act, for the period from October
B. Remuneration to other directors:

1. Independent Directors
(` In Lakh)
Sr. Particulars of Name of Directors Total
No. Remuneration Mr. Ram Mr. Arun Mr. Arun Mr.Sudershan Mr. Hardip Dr. Amar Amount
Vinay Shahi Kumar Purwar Kumar1 Kumar Garg Singh Wirk Singh2
1 Fee for attending 3.40 4.70 5.60 3.20 3.20 0 20.10
Board/Committee
Meetings
2 Commission 0 0 0 0 0 0 0
3 Others, please 0 0 0 0 0 0 0
specify
Total (B)(1) 3.40 4.70 5.60 3.20 3.20 0 20.10
2. Other Non-Executive Directors

(` In Lakh)
Sr. Particulars of Remuneration Name of Directors Total
No. Mrs. Shallu Mr. Anjan Barua Mr. Pradyumna Amount
Jindal - Nominee Director, Singh Dubey
State Bank of India - Nominee Director,
IDBI Bank Limited2
1 Fee for attending Board/ 1.00 2.50 0 3.50
Committee Meetings
2 Commission 0 0 0 0
3 Others, please specify 0 0 0 0
Total (B)(2) 1.00 2.50 0 3.50
Total (B) = (B)(1) + (B)(2) 0 0 0 23.60
Total Managerial Remuneration 1,752.13
Overall Ceiling as per the Act* As per amended provisions of Section II Part II of the Schedule V of the
Companies Act, 2013, a managerial personnel, can be paid, any amount as
remuneration with the approval of the members by way of passing special
resolution and in compliance of the other conditions of Section II Part II of the
Schedule V of the Companies Act, 2013
*Overall ceiling as per the Act, is not applicable to sitting fees paid to non-executive directors, for attending meeting of board or committees.
1. Mr. Arun Kumar ceased to be director w.e.f April 1, 2019
2. Mr. Pradyumna Singh Dubey and Dr. Amar Singh, resigned from Directorship w.e.f. May 2, 2018.
71
Annexure-E Contd..
C. Remuneration to Key Managerial Personnel Other than MD/ Manager/ WTD

(` In Lakh)
Sr. Particulars of Remuneration Mr. Jagdish Patra, VP & Mr. Deepak Total
No. Company Secretary Sogani, CFO Amount
1 Gross Salary
(a) Salary as per provisions contained in section17(1) 27.71 110.00 137.71
of the Income Tax Act, 1961
(b) Value of perquisites u/s 17(2) Income Tax Act, 1961 39.36 144.38 183.74
(c) Profits in lieu of salary under section 17(3) Income 0.00 0.00 0.00
Tax Act, 1961
2 Stock Option 0.00 0.00 0.00
3 Sweat Equity 0.00 0.00 0.00
4 Commission
- as % of profit 0.00 0.00 0.00
- others, specify… 0.00 0.00 0.00
5 Others, please specify 0.00 0.00 0.00
Total 67.07 254.38 321.45
VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

Type Section of the Brief Details of Authority [RD/ Appeal made,
Companies Act Description Penalty/ NCLT/ COURT] if any (give
Punishment details)
Compounding
fees imposed
A. Company
Penalty
None
Punishment
Compounding
B. Directors
Penalty
None
Punishment
Compounding
C. Other Officers in
Default
Penalty None
Punishment
Compounding
For and on behalf of the Board of Directors
Naveen Jindal
Chairman
DIN: 00001523
Place: New Delhi

72
Annexure-F
2019
CORPORATE GOVERNANCE REPORT of the Board, fair and transparent process and reporting
system and going beyond the mandated corporate
Corporate Governance is modus operandi of governing
governance requirements of SEBI. The corporate
corporate entity which includes a set of systems,
governance principles implemented by JSPL endeavors
procedures and practices which ensure that the company
to protect, recognise and facilitates shareholders’ rights
is managed and maintaining a valuable relationship and
ANNUAL REPORT
and ensure timely and accurate disclosures to them.

trust with all stakeholders. We consider stakeholders
Strong Corporate Governance practices have rewarded
as partners in our success and we remain committed
the Company in the sphere of valuations, stakeholders
to maximising stakeholders’ value, be it shareholders,
confidence, market capitalisation and upgrading of
employees, suppliers, customers, investors, communities
credit ratings in the positive context apart from obtaining
or policy makers. Fundamentals of corporate governance
awards from appropriate authorities for its brands, stocks,
includes transparency, accountability and independence.
environmental protection, etc.
For accomplishment of the objectives of ensuring fair
STATUTORY REPORTS
corporate governance the Government of India has put

Some of the best implemented global governance norms
in place a framework based on stipulations contained
include the following:
under the Companies Act, SEBI Regulations, Accounting
Standards, Secretarial Standard etc. Corporate Governance yy All securities related filings with Stock Exchanges and
has become a buzzword in the corporate world. SEBI are reviewed every quarter by the Company’s
Stakeholders’ Relationship Committee of Board of
Globalisation, widespread of shareholders, changing Directors.
ownership structure, greater expectations etc. have made
yy The Company has independent Board Committees
a good corporate governance sin-quo-non of modern
for matters related to Governance & Business Ethics,
management.
Health, Safety, Corporate Social Responsibility &
Environment, Investment decisions, Nomination
JSPL has a strong legacy of practicing fair, transparent and and Remuneration of Directors/ Key Managerial
ethical governance par excellence. Besides complying Personnel (KMP)and Senior Management etc.
with the statutory prescribed corporate governance
practices, the Company has voluntarily adopted and yy The Company also undergoes secretarial audit
evolved various practices of governance conforming to conducted by an independent Company Secretaries
highest standards of businesses, globally benchmarked. Firm. The Board of Directors considers the Audit
Report before they put it in this Report
CORPORATE GOVERNANCE PHILOSOPHY yy Internal Audit is conducted regularly and reports
JSPL views corporate governance more as way of business on findings of Internal Auditor are submitted to the
life than a mere legal obligation. It forms part of business Audit Committee on quarterly basis
strategy which includes, inter alia, creating an organisation yy Observance and adherence of the Secretarial
intended to maximise wealth of shareholders, establish Standards issued by the Institute of Company
productive and lasting relationship with all stakeholders Secretaries of India
with emphasis laid on fulfilling the responsibility towards
entire community and society. ‘Corporate Governance’ ETHICS/GOVERNANCE POLICIES
is not an end, it is just a beginning towards growth of
At JSPL, we strive to conduct our business and strengthen
Company for long term prosperity.
our relationships in a manner that is dignified, distinctive
and responsible. We adhere to ethical standards to ensure
BEST CORPORATE GOVERNANCE integrity, transparency, independence and accountability
PRACTICES in dealing with all stakeholders. Therefore, we have
JSPL maintains the highest standards of Corporate adopted various codes and policies to carry out our duties
Governance. It is the Company’s constant endeavor to in an ethical manner. Some of these codes and policies are:
adopt the best Corporate Governance practices keeping
in view the international codes of Corporate Governance Codes:
and practices of well-known global companies. The
company has established systems, procedures and policies yy Group Code of Conduct
to ensure that its Board of Directors is well informed
yy Internal procedures and conduct for Prevention of
and well equipped to discharge overall responsibilities
Insider Trading
and provide management with the strategic direction
catering to exigency of long term shareholders value. yy Practices and procedures for fair disclosure of
Its initiatives towards adhering to highest standards of Unpublished Price Sensitive Information
governance includes self governance, professionalisation
73
Annexure-F Contd..
Policies: KEY BOARD QUALIFICATIONS,

yy Related Party Transactions
EXPERTISE AND ATTRIBUTES
The Board of the Company is broad-based and comprises
yy Corporate Social Responsibility qualified members from the industry. The Board of the
Company bring in the required skills, competence, and
yy Health, Safety and Environment
expertise that allow them to make effective contribution
yy Selection of KMPs and Senior Management to the Board and its Committees. The Board of Directors
has identified the following core skills, expertise,
yy Selection criteria for Independent Directors competencies and attributes which are taken in to
consideration while nominating the candidates on the
yy Remuneration of Directors, KMP’s and Senior
Board.
management
yy Management Familiarisation of Independent Wide Management and leadership experience:
Directors Experience with large corporations and understanding
of multinational operations, complex business process,
yy Whistle Blower Policy/Vigil strategic planning, risk management, business environment,
yy Mechanism Determining Material Subsidiaries economic and political conditions and cultures globally.
Brings the ability to identify and assess strategic
yy Board Diversity opportunities and threats in the context of the business.
yy Document Retention Industry Experience: Expertise and knowledge of given

yy Determining Material Event industry i.e. its functioning, operations, growth drivers,
business environment, government policies and technical
yy Risk Management know-how in the area of manufacturing, quality and
supply chain. He recognises the development of industry
yy Dividend Distribution segments, trends, emerging issues and opportunities.
yy Prevention of Sexual Harassment.
Functional and managerial experience: Experience in
yy Enquiry in case of leak or suspected leak of the various functions such as Sales & Marketing, Research
unpublished price sensitive information & Development, Talent Management, Finance & Accounts,
Taxation, Treasury, Legal, Public Relations and Risk
BOARD OF DIRECTORS Management etc.
As at March 31, 2019, JSPL’s Board consists of 10 Directors.
Besides the Chairman, an executive promoter director, Behavioural Competencies: attributes and competencies
the Board comprises two executive directors, one non- to use their knowledge and skills to contribute effectively
executive promoter director (woman director), five to the growth of the Company. Must be having mentoring
non-executive independent directors and one nominee abilities, sound judgement, listening skills, ability and
director. The composition of the Board was in conformity willingness to challenge and probe, integrity and high
with the Companies Act, 2013 (“the Act”), Securities ethical standards, interpersonal skills and willingness to
and Exchange Board of India (Listing Obligations and devote time and energy to their role.
Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”) enjoining specified combination of Corporate Governance & Ethics: Understanding of the
executive and non-executive independent directors with legal ecosystem within which the Company operates and
at least one woman director. possess knowledge on matters of regulatory compliance,
governance and internal controls. Developing and
In terms of the provisions of Schedule V of the Listing implementing good corporate governance practices,
Regulations, Mr. Navneet Arora, Managing Partner of maintaining board and management accountability,
M/s. Navneet K. Arora & Co., LLP has issued a certificate managing stakeholders’ interests and Company’s
confirming that none of the directors on the board of the responsibilities towards customers, employees, suppliers
Company have been debarred or disqualified from being and regulatory bodies.
appointed or continuing as directors of companies by the
Board/Ministry of Corporate Affairs or any such statutory CSR and Sustainability: Relevant experience and
authority. The said certificate is enclosed with this section. knowledge in the matters of Corporate Social Responsibility
including environment, sustainability, community and values.
74
Annexure-F Contd..
2019
INTER-SE RELATIONSHIP AMONG Directors. The management provides such information

DIRECTORS and training either at the meeting of Board of Directors or
otherwise. The details of such familiarisation programmes for
No Directors are relative with other directors except Mrs. independent directors are posted on the website and can be
Shallu Jindal who is the spouse of Mr. Naveen Jindal, accessed at: www.jindalsteelpower.com/img/admin/report/
Chairman of the Company.
ANNUAL REPORT
pdf/Policy_on_Familiarisation_of_IDs.pdf
DIRECTORS’ PROFILE PERFORMANCE EVALUATION OF

A brief resume of Directors, nature of their expertise in THE BOARD, ITS COMMITTEES AND
specific functional areas and names of companies in which
they hold Directorships, Memberships/ Chairmanships of
INDIVIDUAL DIRECTORS
Board Committees and shareholding in the Company are Pursuant to applicable provisions of the Act and Listing
provided elsewhere in the Report. Regulations, the Board in consultation with the NRC has
STATUTORY REPORTS
formulated a framework containing inter-alia, the process,

format, attributes and criteria for performance evaluation
INDEPENDENT DIRECTORS of the entire Board of the Company, its Committees and
Selection individual directors including independent directors. The
Considering the requirement of skill sets on the Board, framework is monitored, reviewed and updated by the
eminent people having an independent standing in Board in consultation with the NRC, based on need and
their respective field / profession and who can effectively new compliance requirements.
contribute to the Company’s business and policy decisions For evaluation of entire Board and its committees, a
are considered by the Nomination and Remuneration structured questionnaire, covering various aspects of
Committee (“NRC”), for appointment, as Independent the functioning of the Board and its committees is in
Directors on the Board. The NRC, inter alia, considers place. Similarly for evaluation of individual director’s
various metrics and adheres to various processes in performance, the questionnaire covers various parameters
accordance with the Company’s Policy for selection of like his/her profile, contribution in the Board/Committee
Directors and determining directors’ independence. Terms meetings, duties, obligations, regulatory compliances etc.
and conditions for appointment of Independent directors
have been disclosed on the website of the Company and For the performance evaluation of the chairman,
can be accessed at: https://www.jindalsteelpower.com/ executive directors and independent directors, certain
img/admin/investor/terms-and-conditions.pdf additional parameters depending upon their roles and
responsibilities, are also considered.
Number of Independent Directorships
None of the independent directors hold the directorship Accordingly the annual performance evaluation of the
more than the permissible limits under the Companies Board, its committees and each director was carried out
Act and Listing Regulations. for the financial year 2018-19.
The independent director had met separately on March 29,

Declaration by Independent Directors 2019 without the presence of non-independent directors
A statement, in connection with fulfilling the criteria of and the members of management and discussed, inter-alia,
independence as per the requirement of the provisions the performance of non-independent directors and Board as
of the Act and the Regulations 16 and 25 (8) of Listing a whole, the performance of the Chairman of the company
Regulations received from each of independent director, after taking into consideration the views of executive and
is disclosed in the Board’s Report. non-executive directors and to assess quality, quantity and
timeliness of flow of information between the Company’s
The maximum tenure of the Independent Directors is in management and the Board that is necessary for the Board of
compliance with the Act. Directors to effectively and reasonably perform their duties.
DIRECTORS’ INDUCTION AND The performance evaluation of all the independent

directors have been done by the entire Board, excluding
FAMILIARISATION the director being evaluated. On the basis of performance
The provision of an appropriate induction programme for evaluation the Board determines whether to extend
new directors and ongoing training for existing directors is or continue their term of appointment, whenever the
a major contributor to the maintenance of high corporate respective term expires.
governance standards of the Company. The HR -Head and
the Company Secretary are jointly responsible for ensuring The Directors expressed their satisfaction with evaluation
such induction and training programmes are provided to process.
75
Annexure-F Contd..
INTERNAL AUDIT AND COMPLIANCE BOARD MEETINGS

MANAGEMENT The Board meets at regular intervals to discuss and decide
The Company has a dedicated and robust Internal Audit on Company / business policies and strategy apart from
Cell that audits and review internal controls, operating other regular business matters. The Board/Committee
systems, processes and procedures. The corporate Meetings are pre-scheduled and a tentative calendar
secretariat department ensures that the Company of the Board and Committee Meetings circulated to all
conducts its business with high standards of legal, Directors and invitees well in advance to facilitate them to
statutory and regulatory compliances. JSPL has instituted plan their schedule and to ensure meaningful participation
a web based legal Compliance Management System in the meetings. However in case of a special and urgent
called Complinity in conformity with the best international business needs, the Board’s approval is taken by passing
standards, supported by a robust online system. resolution by circulation, for the matters permitted by
law, which is noted and confirmed in the subsequent
Further with a view to strengthening the integrity of meetings of Board/Committee(s). Business Unit heads and
our processes and systems across all work streams senior management personnel make presentations to the
incorporating the commensurate efficacy, accuracy Board. The Board is updated on the discussions held at the
and probity, the Company has set up a Management Committee meetings and the recommendations made by
Assurance and Audit System (MAAS). various Committees.
The agenda of the Board/Committee Meetings is set by

BOARD MEETINGS, BOARD the Company Secretary in consultation with the Chairman,
COMMITTEE MEETINGS AND MD, CEO/CFO and functional heads of the Company. The
PROCEDURES agenda is circulated a week prior to the date of the meeting
The Board of Directors is the apex body constituted and includes detailed notes on items to be discussed at
by shareholders for overseeing Company’s overall the meeting to enable the directors to take an informed
functioning. The Board provides and evaluates the decision. Usually meetings of the Board are held at the
Company’s strategic direction, management policies and Corporate Office of the Company at New Delhi.
its effectiveness and ensures that shareholders’ long-term
interests are being served. Board meets at least once in a quarter to review the
quarterly results, performance of the Company and other
The Board has constituted Eight Committees, namely items on the agenda. Additional meetings are held when
Audit Committee, Nomination and Remuneration necessary on need basis.
Committee, Risk Management Committee, Stakeholders’
Relationship Committee, Health Safety, CSR and The Company also provides facility to the Directors to
Environment Committee, Governance and Business attend the meetings of the Board and its Committees
Ethics Committee, Investment Committee and Corporate through Video Conferencing mode.
Management Committee. The Board is authorised to
constitute additional functional Committee(s), from time Five Board meetings were held during the Financial Year
to time, depending on business needs. 2018-19 on May 9, 2018, August 9, 2018, November 13,
2018, February 2, 2019 and March 29, 2019. The Board
The Company’s internal guidelines for Board/Board meetings were convened at every calendar quarter and
Committee meetings facilitate the decision- making the intervening gap between the two Board meetings
process at its meetings in an informed and efficient manner. was within the limit prescribed under the Act and Listing
Regulations
2019
Attendance of Directors at Board Meetings, Last Annual General Meeting (AGM) and number of other Directorships and Chairmanships / Memberships of
Committees, Directorship in other Listed entities and Shareholdings of each director in the Company:
Number of
Attendance in Committee Membership
Directorships in
Financial Year and Chairmanship in other
other Companies as
2018-19 Companies* as on March 31, 2019
on March 31, 2019 Name of other listed entities where Shareholding in
Sr. Name and
Category Director is a Director and category of the Company as on
No. Designation Board Directorship March 31, 2019
Meetings
AGM Private# Public Chairmanship Membership
(attended/
held)
1. Mr. Naveen Jindal PD/ED 5/5 Yes 0 0 0 0 N.A. 81,36,596

Annexure-F Contd..
Chairman (00001523)
2. Mrs. Shallu Jindal PD/NED 2/5 No 2 0 0 0 N.A. 0
Director (01104507)
3. Mr. Ram Vinay Shahi ID 4/5 No 2 0 0 0 N.A. 0
Director (01337591)
4. Mr. Arun Kumar Purwar ID 5/5 No 4 5 1 0 1. Alkem Laboratories Limited -ID 8,000
Director (00026383)
76
2. Reliance Communications Limited -ID

3. IIFL Finance Limited -ID
4. Balaji Telefilms Limited -ID
5. Mr. Arun Kumar ID 5/5 Yes 0 0 0 0 N.A. 0
Director (01772163)
6. Mr. Hardip Singh Wirk ID 4/5 No 0 3 0 3 N.A. 0
Director (00995449)
7. Mr. Sudershan Kumar Garg ID 5/5 Yes 0 3 3 0 N.A. 1,200
Director (00055651)
8. Mr. Dinesh Kumar Saraogi ED 5/5 No 0 0 0 0 N.A. 52,157
Wholetime Director (06426609)
9. Mr. Rajeev Bhadauria ED 3/3 Yes N.A. N.A. N.A. N.A. N.A. N.A.
Wholetime Director (00376562)
10. Mr. Anjan Barua ND – State 5/5 No 0 0 0 0 N.A. 0
Director (01191502) Bank of India
11. Dr. Amar Singh ID 0/0 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Director (07800513)
12. Mr. Pradyumna Singh Dubey ND – IDBI 0/0 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Director (00506858) Bank Limited
13. Mr. N.A. Ansari, ED 1/1 N.A. 0 1 0 0 0 0
Jt. Managing Director (03340568)
PD-Promoter Director, NED-Non-Executive Director, ID-Independent Director, ED-Executive Director, ND- Nominee Director
# includes directorship in foreign and Section 8 companies.
* Includes only audit committee and shareholders/investors grievance committee in all public companies (whether listed or not) and excludes private limited companies, foreign companies and Section 8
companies.
77
Annexure-F Contd..
BOARD BUSINESS Agenda in consultation with the Chairman, MD and CEO/CFO

and other functional heads of the Company and convening
The normal business of the Board includes:
of Board and Committee meetings. The Company Secretary
yy Framing and overseeing progress of the Company’s attends all the meetings of the Board and its Committees,
annual plan and operating framework. advises and assures the Board on compliance and
yy Framing strategies for shaping of portfolio and governance principles and ensures appropriate recording of
direction of the Company and for corporate resource minutes of the proceedings of the meetings.
allocation.
yy Review financial plans of the Company. E-MEETING – A GREEN INITIATIVE
With a view to leverage technology and reducing paper
yy Review the annual report including audited annual
consumption, the Company has adopted a web-based
financial statements for adoption by the Members.
application for transmitting Board/Board Committee
yy Review progress of various functions and businesses agenda’s and pre-reads. The Directors of the Company receive
of the Company. the agenda’s and pre-reads in electronic form through this
yy Review the functioning of the Board and its application, which can be accessed through browsers or
Committees. iPads. The application meets high standard of security and
yy Review the functioning of subsidiary companies. integrity that is required for storage and transmission of
Board/Committee agenda’s and pre-reads in electronic form.
yy Consider/approve declaration/recommendation of
dividend.
RECORDING MINUTES OF PROCEEDINGS
yy Review and resolve fatal or serious accidents or
dangerous occurances, any material significant
AT BOARD AND COMMITTEE MEETINGS
effluent or pollution problems or significant labour The Company Secretary records minutes of proceedings
issues, if any. of each Board and Committee meeting. Draft minutes of
the proceedings of the meeting are circulated to Board/
yy Review the details of significant development in Committee members for their comments within 15 days
human resources and industrial relations front. of the meetings. The minutes are entered in the Minutes
yy Review the details of foreign exchange exposure Book within 30 days from the conclusion of the meeting
and steps taken by the management to limit the as per the Secretarial Standards issued by the Institute of
risks of adverse exchange rate movement. Company Secretaries of India.
yy Review the compliances with all relevant legislations
and regulations and litigation status, including POST MEETING FOLLOW-UP SYSTEM
materiality, important show cause, demand, The Company has an effective post meeting follow-up
prosecution and penalty notices, if any. procedure. Action taken report on the decisions taken
yy Review of Board Remuneration Policy and Individual in a meeting is placed at the immediately succeeding
remuneration packages of Directors. meeting for information of the Board.
yy Advise on corporate restructuring such as merger,
acquisition, joint venture or disposals, if any. COMPLIANCE
yy Appoint directors on the Board and Key Managerial The Company Secretary, while preparing the agenda,
Personnel(s), if any. notes on agenda and minutes of the proceedings of
yy Review of various policies of the Company and meeting(s), is responsible to ensure adherence to all
monitoring implementation thereof. applicable laws and regulations, including the Companies
Act, rules issued thereunder, the secretarial standards
yy Review the details of risk evaluation and internal issued by the Institute of Company Secretaries of India
controls. and Listing Regulations.
yy Review the reports on progress made on the
ongoing projects. COMMITTEES OF THE BOARD
yy Monitor and review board evaluation framework. The Board Committees play a vital role in strengthening
yy Consider and approve raising of funds through the Corporate Governance practices and focus effectively
Various modes and means. on the issues and ensure expedient resolution of the
diverse matters. The Board Committees are set up under
BOARD SUPPORT formal approval of the Board to carry out clearly defined
The Company Secretary is responsible for collation, review roles which are considered to be performed by members
and distribution of all papers/documents submitted to of the Board as a part of good governance practice. The
the Board and Committees thereof for consideration. The Board supervises the execution of its responsibilities
Company Secretary is also responsible for preparation of by the Committees and is responsible for their actions.
78
Annexure-F Contd..
2019
The minutes of the proceedings of the meetings of all All members of the Audit Committee have accounting
Committees are placed before the Board for its review. The and financial management expertise. The Chairman of the
Board Committees can request special invitees to join the Audit Committee was not present at the last AGM held
meeting, as appropriate on September 28, 2018. Mr. Arun Kumar, member of the
Audit Committee was authorised on behalf of the Audit
ANNUAL REPORT
PROCEDURE AT COMMITTEE Committee and attended the AGM.

MEETINGS The primary objective of the Audit Committee is to monitor
The Company’s guidelines relating to Board meetings are and provide an effective supervision of the management’s
applicable to Committee meetings as far as practicable. financial reporting process, to ensure accurate and timely
Each Committee has the authority to engage outside disclosures, with the highest levels of transparency, integrity
experts, advisors and counsels to the extent it considers and quality of financial reporting, recommendation for
appropriate to assist in its function. appointment of auditors including cost auditors and approval
STATUTORY REPORTS
for payments to auditors. The Audit Committee oversees

i. Audit Committee
the work carried out in the financial reporting process by
The Audit Committee is constituted in terms of the the management, internal auditor, statutory auditor cost
provisions of Section 177 of the Act read with Companies auditor and secretarial auditor and notes the processes and
(Meetings of Board and its powers) Rules, 2014 and Listing safeguards employed by each of them and changes, if any,
Regulations. in accounting policies, procedure and reasons for the same.
As at March 31, 2019, the Audit Committee comprises the ii. Stakeholders’ Relationship Committee
members as stated below. The Stakeholders’ Relationship Committee is constituted in
Name of the member Category Status terms of the provisions of Section 178 of the Act read with
companies (Meetings of Board and its Powers) Rules, 2014.
Mr. Ram Vinay Shahi ID Chairman
Mr. Arun Kumar Purwar ID Member As at March 31, 2019, the Stakeholders’ Relationship
Mr. Hardip Singh Wirk ID Member Committee comprises the members as stated below.
Mr. N.A. Ansari ED Member Name of the member Category Status

Mr. Sudershan Kumar Garg ID Chairman
The Company Secretary acts as the Secretary of the Committee Mr. Hardip Singh Wirk ID Member
Mr. N.A. Ansari ED Member
During the Financial Year 2018-19, the Committee met 9
times on April 12, 2018, May 9, 2018, June 28, 2018, August The Company Secretary acts as the Secretary of the Committee
9, 2018, October 26, 2018, November 13, 2018, January 24,
2019, February 2, 2019 and March 29, 2019. The time gap During the Financial Year 2018-19, the Committee met
between any two meetings was less than once hundred four times on April 27, 2018, August 4, 2018, October 29,
and twenty days. 2018 and January 31, 2019.
The details of the attendance of members are as under:
The details of the attendance of members are as under:
Name of the No. of Meetings
Name of the No. of Meetings Category Status
Category Status member Held Attended
member Held Attended Mr. Arun ID Chairman 4 4
Mr. Ram Vinay ID Chairman 9 7 Kumar*
Shahi Mr. Hardip ID Member 4 3
Mr. Arun Kumar ID Member 9 9 Singh Wirk
Purwar Mr. Rajeev ED Member 4 4
Bhadauria**
Mr. Arun ID Member 9 9
Mr. Sudershan ID Member 0 0
Kumar* Kumar Garg***
Mr. Rajeev ED Member 7 7 Mr. N.A. ED Member 0 0
Bhadauria** Ansari***
Mr. Hardip ID Member 0 0 *Ceased to be member of the Stakeholders’ Relationship Committee
Singh Wirk*** w.e.f. March 29, 2019
Mr. N.A. ED Member 0 0 **Ceased to be member of the Stakeholders’ Relationship Committee
Ansari*** w.e.f. January 31, 2019
*Ceased to be member of the Audit Committee w.e.f. March 29, 2019 ***Appointed as members of the Stakeholders’ Relationship
**Ceased to be member of the Audit Committee w.e.f. January 31, 2019 Committee w.e.f. March 29, 2019
***Appointed as members of the Audit Committee w.e.f. March 29, 2019

79
Annexure-F Contd..
The Stakeholders’ Relationship Committee oversees, The details of attendance of members as under:
inter-alia, redressal of shareholders and investors
grievances, including complaints relating to transfer and Category Status
transmission of securities, issuance of duplicate securities, member Held Attended
dematerialisation /rematerialisation of securities, non- Mr. Arun ID Chairman 3 3
receipt of dividends, compliance under the Act and Kumar*
Listing Regulations and such other grievances as may be Mr. Arun ID Member 3 3
raised by the security holders from time to time, oversees Kumar Purwar
the performance of company’s registrar and transfer
agent, monitor the implementation and compliance with Kumar Garg
company’s code of internal procedure and conduct for
prevention of insider trading. Mr. Hardip ID Member 3 2
Singh Wirk
INVESTOR GRIEVANCES/ COMPLAINTS *ceased to be the member of the Nomination and Remuneration
The details of the Investor Complaints received and Committee w.e.f. March 29, 2019.
resolved during the financial year ended March 31, 2019
are as follows: The powers, role and terms of reference of the Nomination
and Remuneration Committee (“NRC”) covers the area as
Opening Received during Resolved Closing
contemplated under Section 178 of the Act, Regulation 19
Balance the year ended Balance
March 31, 2019 of the Listing Regulations and SEBI (Share Based Employee
Benefits) Regulations, 2014 as amended from time to time
1 14 15 0 besides other roles as delegated by the Board of Directors.
The Company has set up a dedicated e-mail id - investorecare@ The role includes review of candidates qualified for the
jindalsteel.com for investors to send their grievances. position of executive director(s), non-executive director(s)
and independent director(s), consistent with the criteria
PROHIBITION OF INSIDER TRADING approved for their appointment and recommend suitable
With a view to regulate trading in securities by the directors candidates to the Board for their approval, reviews and
and designated employees, the Company has adopted a recommend to the Board (i) remuneration package of
code of internal procedure and conduct for prevention of persons proposed to be appointed as directors, key
insider trading as per Securities and Exchange Board of managerial personnel and in the senior management
India (Prohibition of Insider Trading) Regulations, 2015. and (ii) revision of remunerations package of persons
appointed as directors and in the senior management
iii. Nomination and Remuneration Committee and administer, monitor and formulate details term and
conditions of ESOP/ESPS.
The Nomination and Remuneration Committee is
constituted in terms of the provisions of Section 178 of
iv. Health, Safety, CSR and Environment Committe
the Act read with Companies (Meetings of Board and its
Powers) Rules, 2014 and Listing Regulations. The Health, Safety, CSR and Environment Committee of the
Board oversees the policies relating to Safety, Health and
As at March 31, 2019, the Nomination and Remuneration Environment and their implementation across the Company.
Committee comprises the members as stated below.
As at March 31, 2019, the Health, Safety, CSR and Environment
Name of the member Category Status Committee comprises the members as stated below.
Mr. Arun Kumar Purwar ID Chairman
Name of the member Category Status
Mr. Sudershan Kumar Garg ID Member
Mr. Sudershan Kumar Garg ID Chairman
Mr. Hardip Singh Wirk ID Member
The Company Secretary acts as the Secretary of the Committee Mr. N.A. Ansari ED Member
Mr. Dinesh Kumar Saraogi ED Member
During the Financial year 2018-19, the Committee met 3
times on August 9, 2018, December 31, 2018 and March
23, 2019. The Company Secretary acts as the Secretary of the Committee
During the Financial year 2018-19, the Committee met five
times on April 27, 2018, August 4, 2018, October 29, 2018,
January 31, 2019 and March 28, 2019.
80
Annexure-F Contd..
2019
The details of the attendance of members are as under: The details of the attendance of members are as under:
Name of the No. of Meetings Name of the No. of Meetings

Category Status Category Status
member Held Attended member Held Attended
Mr. Arun ID Chairman 5 5 Mr. Sudershan ID Chairman 4 4
ANNUAL REPORT
Kumar* Kumar Garg

Mr. Hardip ID Member 5 3 Mr. Hardip ID Member 4 3
Singh Wirk Singh Wirk
Mr.Dinesh ED Member 5 4 Mr. Rajeev ED Member 4 4
Kumar Saraogi Bhadauria*
Mr. Rajeev ED Member 4 4 Mr. N.A. ED Member 0 0
Bahaduria** Ansari**
STATUTORY REPORTS

Kumar Garg*** *Ceased to be member of the Governance & Business Ethics
Committee w.e.f. January 31, 2019
Mr. N.A. ED Member 0 0
Ansari*** **Appointed as member of the Governance & Business Ethics
Committee w.e.f. March 29, 2019
*Ceased to be member of the Health, Safety, CSR and Environment
Committee w.e.f. March 29, 2019 vi. Investment Committee
**Ceased to be member of the Health, Safety, CSR and Environment The role of Investment Committee is to evaluate various
Committee w.e.f. January 31, 2019 options to invest the funds of the Company in terms of
***Appointed as members of the Health, Safety, CSR and Environment the Investment Policy of the Company.
Committee w.e.f. March 29, 2019
As at March 31, 2019, the Investment Committee comprises
v. Governance and Business Ethics Committee the members as stated below.
This Committee ensures the adherence of Code of
Conduct and polices of the Group, decide on the violation Name of the member Category Status
of the Codes / policies by any employee/ Director and Mr. Arun Kumar Purwar ID Chairman
take disciplinary action. Mr. Hardip Singh Wirk ID Member
As at March 31, 2019, the Governance and Business Ethics Mr. N.A. Ansari ED Member
The Company Secretary acts as the Secretary of the Committee
During the Financial year 2018-19, the Committee met
Mr. Sudershan Kumar Garg ID Chairman once on February 1, 2019.
Mr. N.A. Ansari ED Member The details of the attendance of members are as under:

The Company Secretary acts as the Secretary of the Committee Category Status
member Held Attended
During the Financial year 2018-19, the Committee met Mr. Arun ID Chairman 1 1
four times on April 27, 2018, August 4, 2018, October 29, Kumar Purwar
2018 and January 31, 2019. Mr. Arun ID Member 1 1
Kumar*
Mr. Hardip ID Member 1 1
Singh Wirk
Mr. N.A. ED Member 0 0
Ansari**
*Ceased to be member of the Investment Committee w.e.f. March 29,

2019
**Appointed as member of the Investment Committee w.e.f. March
29, 2019
81
Annexure-F Contd..
vii. Corporate Management Committee viii. Risk Management Committee

The Board has delegated specific powers to the Corporate In terms of the Securities and Exchange Board of India (Listing
Management Committee, from time to time, for taking Obligations and Disclosure Requirements) (Amendment)
decisions in connection with day to day affairs of the Regulations, 2018, top 500 listed entities,determined on
Company. the basis of market capitalisation, as at the end of the
immediate previous financial year are required to constitute
As at March 31, 2019, the Corporate Management Risk Management Committee.
Accordingly, The Risk Management Committee is
constituted in terms of the provisions of Regulation 21 of
Mr. Naveen Jindal PD Chairman Listing Regulations.
Mr. Dinesh Kumar Saraogi ED Member As at March 31, 2019, the Risk Management Committee
comprise of members as stated below.
The Company Secretary acts as the Secretary of the Committee Name of the member Category Status
The Corporate Management Committee met 18 times Mr. Arun Kumar Purwar ID Chairman
during the year under review. Mr. R.V. Shahi ID Member
Mr. Sudershan Kumar Garg ID Member
The Company Secretary acts as the Secretary of the Committee
REMUNERATION PAID TO DIRECTORS

Details of remuneration paid to Directors of the Company for the Financial Year ended on March 31, 2019 is as under:
Sr. Name Sitting Salary Perquisites Shares Total

No Fees and in profit/
Benefits Incentive
1. Mr. Naveen Jindal 0 810.00 408.25 0 1,218.25
2. Mrs. Shallu Jindal 1.00 0 0 0 1.00
3. Mr. N.A. Ansari 0 0.77 1.29 0 2.06
4. Mr. Rajeev Bhadauria 0 67.89 256.69 0 324.59
5. Mr. Dinesh Kumar Saraogi 0 51.44 132.20 0 183.64
6. Mr. Arun Kumar 5.60 0 0 0 5.60
7. Mr. Arun Kumar Purwar 4.70 0 0 0 4.70
8. Mr. Ram Vinay Shahi 3.40 0 0 0 3.40
9. Mr. Hardip Singh Wirk 3.20 0 0 0 3.20
10. Mr. Sudershan Kumar Garg 3.20 0 0 0 3.20
11. Mr. Anjan Barua 2.50 0 0 0 2.50
12. Dr. Amar Singh 0 0 0 0 0
13. Mr. Pradyumna Singh Dubey 0 0 0 0 0
Notes:
1. Salary and perquisites include all elements of remuneration i.e. salary, target variable pay for the FY2017-18
reimbursement other allowances and benefits.
2. Target variable pay for the FY 2018-19 shall be paid in due course. In case of Mr. Rajeev Bhadauria, target variable
pay for the part of the FY 2018-19 has been paid at the time of his full and final settlement.
82
Annexure-F Contd..
2019
TENURE OF SERVICE OF EXECUTIVE DIRECTORS

Name Period Date of Appointment Notice period
Mr. Naveen Jindal 3 yrs. October 1, 2017 Nil
Mr. Dinesh Kumar Saraogi 3 yrs. November 9, 2017 Nil
ANNUAL REPORT
Mr. N.A. Ansari 3 yrs. March 29, 2019 Nil

Mr. V.R. Sharma 3 yrs. August 14, 2019 Nil
Appointments of executive directors are governed by WHISTLE BLOWER POLICY/VIGIL

resolutions passed by the Board of Directors and the MECHANISM
Shareholders of the Company, which cover the terms and
STATUTORY REPORTS
conditions of such appointments, read with the service The Company has adopted a Whistle Blower Policy
rules of the Company. There is no separate provision for employees. The main objective of this policy is to
for payment of severance fee under the resolutions provide a platform to directors and employees to raise
governing their appointment. concerns regarding any irregularity, misconduct or
unethical matters / dealings within the group which have
The remuneration paid to executive directors of the a negative bearing on the organisation either financially
company is approved by the Board of directors on or otherwise. This policy provides an additional channel
the recommendation of the NRC. The Company’s to the normal management hierarchy for employees
remuneration strategy is market driven and aims at to raise concerns about any such breaches of Group
attracting and retaining high calibre talent. The strategy values or instances of Group Code of Conduct violations.
is in consonance with existing industry practice and Therefore, it’s in line with the group’s commitment to
is directed towards rewarding performance, based on open communication and to highlight any such matters
review of achievements on periodical basis. which may not be getting addressed in a proper manner.
During the year under Report, no complaint has been
received. No personnel have been denied access to the
CODE OF CONDUCT audit committee.
Commitment to ethical professional conduct is a must
for every employee including Board members and senior SUBSIDIARY COMPANIES
management personnel of JSPL. The Code is intended to
serve as a basis for ethical decision making in conduct of Information on subsidiary companies is forming part of
professional work. The code of conduct enjoins that each the Board’s Report.
individual in the organisation must know and respect
existing laws, accept and provide appropriate professional The Audit Committee reviews the financial statements and
views and be upright in his conduct and observe investments made by the unlisted subsidiary companies.
corporate discipline. The code of conduct is available on The minutes of the proceedings of the Board meetings
the website of the company at www.jindalsteelpower. of the unlisted subsidiary Companies are placed before
com. All Board members and senior management the Board of Director. Policy for determining ‘material’
personnel affirm compliances with the Code of Conduct subsidiaries was adopted by Board of Directors and this
annually. Declaration signed by the wholetime director to policy is uploaded on the website of the Company at:
this effected is as under: https://www.jindalsteelpower.com/img/admin/report/
pdf/policy_on_material_subsidiary.pdf
I declare that all Board members and senior management
personnel have affirmed compliance with the code of
conduct for the financial year 2018-19.
For and on behalf of Board of Directors
N.A. Ansari
Jt. Managing Director
Place: New Delhi
Date: May 21, 2019
83
Annexure-F Contd..
ANNUAL GENERAL MEETING

The Annual General Meetings of the Company during the preceding three years were held at the Registered Office of the
Company at O. P. Jindal Marg, Hisar – 125 005, Haryana on the following dates and times, wherein the following special
resolutions were passed:
AGM Year Date, Day & Time Brief Description of Special Resolutions
39th 2017-18 September 28, 2018, i. Approval of the issuance of further securities for an amount not
Friday, 12.00 Noon exceeding ` 5,000 Crore
ii. Approval of the issuance of non-convertible debentures upto
` 10,000 Crore on private placement basis
iii. Approval of the Jindal Steel & Power Limited Employee Stock
Purchase Scheme – 2018 (“JSPL ESPS 2018”) and issue of shares to
the employees of the Company under the JSPL ESPS 2018
iv. Approval for the issuance of shares to the employees of Subsidiary
Company(ies) of the Company under JSPL ESPS 2018.
v. Ratification and approval of the payment and waiver of the recovery
of excess remuneration paid to Mr. Naveen Jindal, Wholetime
Director designated as the Chairman of the Company
vi. Approval of the holding of office or place of profit/ employment in
the Company by Mr. Venkatesh Jindal
vii. Approval of the amendment in terms and conditions of appointment

of Mr. Rajeev Rupendra Bhadauria, Wholetime Director of the
Company
viii. Approval of the amendment in terms and conditions of appointment
of Mr. Dinesh Kumar Saraogi, Wholetime Director of the Company
38th 2016-17 September 22, 2017, i. Contribution/donation to charitable and other funds
Friday, 12.00 Noon
ii. Re-appointment of Mr. Naveen jindal (DIN: 00001523) as a Wholetime
Director designated as Chairman of the Company
iii. Re-appointment of Mr. Rajeev Rupendra Bhadauria (DIN: 00376562)
as a Wholetime Director of the Company
iv. Re-appointment of Mr. Dinesh Kumar Saraogi (DIN: 06426609) as a
Wholetime Director of the Company
v. Conversion of loan into equity shares of the Company pursuant to
Strategic Debt Restructuring (SDR) Scheme
vi. Approval of the issuance of further securities for an amount not
exceeding ` 5,000 Crore
vii. Approval of the issuance of non-convertible debentures upto
` 5,000 Crore on private placement basis
viii. Approval of Jindal Steel & Power Limited Employee Stock Option
Scheme - 2017 (“JSPL ESOP Scheme – 2017” or “Scheme”)
ix. Approval for granting of options to the Employees of Subsidiary
Company(ies) of the Company under JSPL ESOP Scheme -2017
37th 2015-16 August 1, 2016, i. Approval for issuance of Non-Convertible Debentures upto ` 5,000
Monday, 12.00 Noon crore on Private Placement Basis
ii. Approval for issuance of Securities for an amount not exceeding
` 5,000 crore.
84
Annexure-F Contd..
2019
EXTRA-ORDINARY GENERAL MEETING

No Extra-ordinary General Meeting was held during the financial year ended on March 31, 2019.
POSTAL BALLOT
ANNUAL REPORT
The Company has not approached to the shareholders for seeking their approval through postal ballot during the
financial year ended on March 31, 2019.
MEANS OF COMMUNICATION
Information like quarterly / half yearly / annual financial results and press releases on significant developments in the
Company that have been made available from time to time, to the press and presentations made to institutional investors
or to the analysts are hosted on the Company’s website at www.jindalsteelpower.com and have also been submitted to
STATUTORY REPORTS
the stock exchanges to enable them to put them on their websites and communicate to the shareholders. The quarterly
/ half-yearly / annual financial results are generally published in English and Hindi language newspapers. Moreover, a
report on Management Discussion and Analysis has been given elsewhere in this report. The Company electronically
files all reports / information including quarterly results, shareholding pattern and corporate governance report and so
on, at BSE website at www.listing.bseindia.com and at NSE website at www.connect2nse.com.
GENERAL SHAREHOLDERS INFORMATION

A) Company Registration Details
The Company is registered in the State of Haryana, India. The corporate identification number allotted to the
Company by the Ministry of Corporate Affairs is L27105HR1979PLC009913.
B) Annual General Meeting
Day: Friday
Date: September 27, 2019
Time: 12.00 noon
Venue: O.P. Jindal Marg, Hisar, 125005 (Haryana)
C) Financial Year
April 1 - March 31
D) Financial Calendar 2019-20.
First Quarter Results : on or before August 14, 2019
Second Quarter Results: on or before November 14, 2019
Third Quarter Results : on or before February 14, 2020
Audited Annual Results for the year ended on March 31, 2020: on or before May 30, 2020
E) Dividend and its Payment
No dividend has been recommended by Board of Directors for the Financial Year 2018-19.
F) Listing of Shares on Stock Exchanges and Stock Code

Sr. Name and Address of the Stock Exchange Stock code
No.
1 BSE Limited (BSE), 1st Floor, New Trading Ring, Rotunda Building, P J Towers, 532286
Dalal Street, Fort, Mumbai-400 001
2 The National Stock Exchange of India Limited (NSE), Exchange Plaza, 5th Floor, JINDALSTEL
Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051
Annual listing fees for the year 2019-20 have been paid to BSE and NSE.
85
Annexure-F Contd..
G) Listing of Debt Instruments on Stock Exchanges and Codes

Particulars ISIN Stock code
9.80% - NCDs of Face value of ` 10 lakhs INE749A07151 946489
USNCD –II of Face value of ` 10 lakhs INE749A08126 950811
H) Debenture Trustee(s)
i) Axis Trustee Services Limited ii) IDBI Trusteeship Services Limited
2 Floor ‘E’, Axis House
nd
Asian Building, Ground Floor
Bombay Dyeing Mills Compound, 17. R. Kamani Marg Ballard Estate
Pandurang Budhkar Marg, Mumbai Maharashtra – 400 001, India
Worli, Mumbai - 400 025 Phone: +91 022 40807000
Phone: +91 22 2425 5215/5216 Fax: +91 022 66311776
Fax: +91 22 2425 4200 Email: itsl@idbitrustee.com
Email: debenturetrustee@axistrustee.com
I) Market Price Data – BSE:
BSE Sensex JSPL Share Price

Month No. of Shares
High Low High Price (`) Low Price (`)
Traded (in lakh)
Apr-18 35,213.30 32,972.56 265.00 218.00 144.89
May-18 35,993.53 34,302.89 264.70 222.35 174.64
Jun-18 35,877.41 34,784.68 250.60 208.60 122.16
Jul-18 37,644.59 35,106.57 229.25 177.30 251.67
Aug-18 38,989.65 37,128.99 227.40 189.65 205.50
Sep-18 38,934.35 35,985.63 246.00 186.00 217.66
Oct-18 36,616.64 33,291.58 197.60 157.10 254.39
Nov-18 36,389.22 34,303.38 192.50 150.90 219.46
Dec-18 36,554.99 34,426.29 172.75 140.80 229.09
Jan-19 36,701.03 35,375.51 167.65 127.25 249.85
Feb-19 37,172.18 35,287.16 164.15 123.30 254.99
Mar-19 38,748.54 35,926.94 181.25 157.80 174.18
86
Annexure-F Contd..
2019
PERFORMANCE ON BSE
300 300
250 250
ANNUAL REPORT
No. of shares traded (in Lakh)

JSPL share price (in `)
200 200
JSPL Share High Price (In `)
150 150
JSPL Share Low Price (In `)
100 100
shares traded (in Lakh)

No of Shares Traded (In Lakhs)
STATUTORY REPORTS
50 50
0 0
April-18
May-18
June-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
No. ofMar-19
COMPARISON OF MONTHLY HIGH PRICE WITH BSE SENSEX INDEX VALUE
500 45,000
400 40,000
BSE Sensex Index value
300 35,000
JSPL Share Price (In `)
200 30,000
BSE Sensex Index Value
100 25,000
0 20,000
April-18
May-18
June-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
J) Market Price Data – NSE:

Nifty 50 JSPL Share Price
Month No. of Shares
Traded (In Lakh)
Apr-18 10,759.00 10,111.30 263.75 218.00 167.51
May-18 10,929.20 10,417.80 265.00 222.30 235.33
Jun-18 10,893.25 10,550.90 250.90 208.55 96.24
Jul-18 11,366.00 10,604.65 229.30 177.25 244.42
Aug-18 11,760.20 11,234.95 227.75 189.50 167.27
Sep-18 11,751.80 10,850.30 246.45 182.60 250.71
87
Annexure-F Contd..
Nifty 50 JSPL Share Price

Month No. of Shares
Traded (In Lakh)
Oct-18 11,035.65 10,004.55 197.85 157.00 182.46
Nov-18 10,922.45 10,341.90 192.60 150.80 225.45
Dec-18 10,985.15 10,333.85 172.85 140.75 182.53
Jan-19 10,987.45 10,583.65 165.90 127.10 192.08
Feb-19 11,118.10 10,585.65 164.40 123.25 251.66
Mar-19 11,630.35 10,817.00 181.40 157.35 293.21
PERFORMANCE ON NSE
300 300
250 250
No. of shares traded (in Lakh)
200 200
JSPL Share High Price (In `)
150 150
JSPL Share Low Price (In `)
100 100
No of Shares Traded (In Lakhs)
50 50
0 0
April-18
May-18
June-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
COMPARISON OF MONTHLY HIGH PRICE WITH NIFTY 50 INDEX VALUE
500 12,000
400 10,800
Nifty 50 Index value
300 9,600 JSPL Share High Price (In `)
200 8,400
Nifty 50 Index Value
100 7,200
0 6,000
April-18
May-18
June-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
88
Annexure-F Contd..
2019
K) Registrars and Transfer Agents N) Transfer of Unpaid/Unclaimed Amounts to

All the work relating to the shares held in the physical Investor Education and Protection Fund
form as well as the shares held in the electronic Pursuant to Sections 124 and 125 of the Act read
(dematerialised) form is being done at one single with the Investor Education and Protection Fund
point and for this purpose SEBI registered category I Authority (Accounting, Audit, Transfer and Refund)
ANNUAL REPORT
Registrars and Transfer Agents has been appointed, Rules, 2016 (“IEPF Rules”), dividends, if not claimed
whose details are given below: for a consecutive period of 7 years from the date of
Alankit Assignments Limited transfer to unpaid dividend account of the Company,
Alankit Heights, 1E/13 are liable to be transferred to the Investor Education
Jhandewalan Extension, New Delhi-110 055 and Protection Fund (“IEPF”). Further, shares in respect
Tel: 011-4254 1234, Fax: 011-4254 1201 of such dividends which have not been claimed for
Email: info@alankit.com a period of 7 consecutive years are also liable to be
transferred to the demat account of the IEPF Authority.
STATUTORY REPORTS
The said requirement does not apply to shares in

L) Share Transfer System respect of which there is a specific order of Court,
As on March 31, 2019, 98.82% of equity shares of Tribunal or Statutory Authority, restraining any transfer
the Company are in dematerialised form. Transfers of the shares. In the interest of the shareholders, the
of Equity shares in dematerialised form are done Company sends necessary communication to the
through depositories with no involvement of the shareholders to claim their dividends in order to avoid
Company. With regard to transfer of equity shares transfer of dividends/ shares to IEPF Authority. During
in physical form, the share transfer instruments, the year, the Company has credited ` 1,90,82,383/-
received in physical form, are processed by our R&T (Rupees One Crore Ninety Lakh Eighty Two thousand
Agent and the share certificates are dispatched Three Hundred and Eighty three only) pertaining to
within a period of 15 days from the date of receipt final dividend of the financial year 2010-11 lying in
thereafter subject to the documents being complete the unpaid/ unclaimed dividend account to IEPF and
and valid in all respects. The Company obtains a transferred 4,83,014 (Four Lakh Eighty Three Thousand
half-yearly certificate from a Company Secretary in and Fourteen) equity shares pertaining to financial
practice in respect of the share transfers as required year 2010-11 to the demat account of IEPF Authority.
under Regulation 40(9) of Listing Regulations and The details of the same are available on the website of
files a copy of the said certificate with the Stock the Company at www.jindalsteelpower.com
Exchanges. A summary of transfer/transmission of
securities of the company, so approved, is placed The members who have a claim on above dividends
on quarterly basis at the stakeholders’ relationship and shares may claim the same from IEPF Authority
committee meeting. by submitting an online application in the prescribed
Form No. IEPF-5 available at www.iepf.gov.in and
sending a physical copy of the same, duly signed
M) Reconciliation of Share Capital Audit to the Company, along with requisite documents
The Reconciliation of Share Capital Audit is conducted enumerated in the Form No. IEPF-5. No claims shall
by a Company Secretary in practice and issue report lie against the Company in respect of the dividend/
on the total admitted capital with National Securities shares so transferred to IEPF Authority.
Depository Limited and Central Depository Services
(India) Limited (“Depositories”) and the total issued
O) Equity Shares in the Suspense Account
capital and listed capital. The audit confirms that the
total issued/paid-up capital is in agreement with the The Company has, in accordance with the procedure
aggregate of the total number of shares in physical laid down in Schedule VI of Listing Regulations
form and the total number of shares in dematerialised opened a dematerialisation account namely, ‘Jindal
form (held with Depositories) and that the requests Steel & Power Limited- Unclaimed Suspense Account’.
for dematerialisation of shares are processed by the The details of shares transferred from this account are
R&T Agent within stipulated period of 21 days and given below:
uploaded with the concerned depositories.
89
Annexure-F Contd..
Number of Number of
Particulars
shareholders equity shares
Aggregate number of shareholders and the outstanding shares in the suspense 406 17,79,690
account lying as on April 1, 2018
Number of shareholders who approached the Company for transfer of shares from 3 23,800
suspense account during the year
Number of shareholders to whom shares were transferred from suspense account 3 23,800
during the year
Aggregate number of shareholders and the outstanding shares in the suspense 403 17,55,890
account lying as on March 31, 2019
The voting rights on the shares lying in the suspense account as on March 31, 2019 shall remain frozen till the rightful
owner(s) of such shares claim the shares.
P) Distribution of Shareholding
The shareholding distribution of equity shares as on March 31, 2019 is given hereunder:
(Nominal Value ` 1 per share)
Shareholding between No. of % of Amount % of
Shareholders Total (in `) total
1 to 100 1,00,119 60.76 39,22,879 0.40
101 to 500 37,065 22.50 95,53,213 0.99
501 to 1,000 9,056 5.50 70,37,878 0.73
1,001 to 5,000 15,035 9.12 3,33,92,892 3.45
5,001 to 10,000 1,909 1.16 1,38,00,578 1.43
10,001 to 20,000 875 0.53 1,19,34,720 1.23
20,001 to 30,000 181 0.11 44,34,060 0.46
30,001 to 40,000 111 0.07 39,18,682 0.40
40,001 to 50,000 57 0.03 25,95,982 0.27
50,001 to 1,00,000 120 0.07 88,30,901 0.91
1,00,001 to 5,00,000 127 0.08 2,77,87,923 2.87
5,00,001 and ABOVE 114 0.07 84,07,36,671 86.86
TOTAL 1,64,769 100 96,79,46,379 100
Q) Categories of Shareholders (as on March 31, 2019)

% of total
Sr. Total No of
Particulars Equity Share
No. Equity Shares
Capital
1 Promoter and Promoter Group 56,80,65,037 58.69
2 Mutual Funds / Alternate Investment Fund 7,24,96,382 7.49
3 Financial Institutions / Banks 1916148 0.20
4 Central Government / State Government(s) (IEPF Authority) 40,46,514 0.42
5 Insurance Companies 1,43,82,556 1.48
6 Foreign Portfolio Investors/ Foreign Institutional Investors 16,53,97,559 17.09
7 Bodies Corporate 4,65,83,607 4.81
8 Individuals/HUF 8,78,08,353 9.07
9 Trusts 2,86,501 0.03
10 Non Resident Indians 69,30,242 0.72
11 Foreign Nationals 33,480 0.00
Total 96,79,46,379 100
90
Annexure-F Contd..
2019
Promoter and Promoter Group

2,86,501 69,30,242
33,480 Mutual Funds / Alternate Investment Fund
8,78,08,353
Financial Institutions / Banks
ANNUAL REPORT
4,65,83,607
Central Government State Government(s) (IEPF Authority)
Insurance Companies
16,53,97,559 56,80,65,037
Foreign Portfolio Investors Foreign Institutional Investors
1,43,82,556 Bodies Corporate

40,46,514 Individual / HUF
19,16,148
Trust
STATUTORY REPORTS
7,21,96,382
Non Resident Indians
Foreign Nantionals
R) Dematerialisation of Shares and Liquidity S) Compliances under Listing Regulations

As on March 31, 2019, the number of equity shares The Company is regularly complying with the
held in dematerialised form was 95,65,07,335 Listing Regulations as stipulated under Securities
(98.82%) and in physical form was 1,14,39,044 (1.18%) and Exchange Board of India (Listing Obligations
of the total equity share capital of the Company. and Disclosure Requirement) Regulations, 2015 and
erstwhile Listing Agreement.
To enable us to serve the shareholders better,
we request our shareholders whose shares are in Information, certificates and returns as required
physical mode to get their shares dematerialised under the provisions of Listing Agreement and
and update their bank accounts and email id’s with Listing Regulations have been sent to the stock
respective DP’s. exchanges within the prescribed time.
Subsequent to the March 31, 2019, the Company has T) CEO and CFO Certification
allotted 4,80,00,000 (Four Crore Eighty Lakh) equity In terms of Regulation 17(8) of Listing Regulations,
shares upon conversion of warrants to promoter the Wholetime Director and the CFO of the
group entity and 40,69,592 (Forty Lakh Sixty Nine Company have given compliance certificate stating
Thousand Five Hundred and Ninety Two) equity shares therein matters prescribed under Part B of Schedule
to the to the eligible employees of the Company and II of the said regulations.
its subsidiaries under Jindal Steel & Power Limited
Employee Stock Purchase Scheme-2018. Accordingly, In terms of Regulation 33(2)(a) of Listing Regulations,
the paid up share capital of the Company increased the Wholetime Director and the CFO certify the
from ` 96,79,46,379/- (Rupees Ninety Six Crore Seventy quarterly financial results while placing the financial
Nine Lakh Forty Six Thousand Three Hundred and results before the Board.
Seventy Nine only) comprising of 96,79,46,379 (Ninety
Six Crore Seventy Nine Lakh Forty Six Thousand U) Information on Deviation from Accounting
Three Hundred and Seventy Nine) equity shares of Standards, if any.
` 1/- (Rupee One only) each to ` 1,02,00,15,971/-
(Rupees One Hundred Two Crore Fifteen Thousand There has been no deviation from the Accounting
Nine Hundred and Seventy One only) comprising Standards in preparation of annual accounts for the
of 1,02,00,15,971 (One Hundred Two Crore Fifteen financial year 2018-19.
Thousand Nine Hundred and Seventy One) equity
shares of ` 1/- (Rupee One only) each. All the above
equity shares had been allotted in dematerialised form.
Presently the Company does not have any GDR’s/
ADR’s or any Convertible instruments having any
impact on equity.
91
Annexure-F Contd..
V) Plant locations: v) The details of the provision made for the fees for
the services rendered by Statutory Auditors by the
Works Location
Company and its subsidiaries are as follows:
Raigarh Kharsia Road, Post Box No.1/6, Raigarh –
496 001, Chhattisgarh Sr. Particulars Amount
Raipur 13 K M Stone, G E Road, Mandir Hasaud, no. (` In Crore)
Raipur – 492 001, Chhattisgarh 1. Statutory audit fees 1.02
Patratu Balkudra, Patratu, District Ramgarh, 2. Certification & other charges 0.38
Jharkhand – 829 143 3. Reimbursement of expenses 0.06
Angul Plot No. 751, Near Panchpukhi Chhaka, Total 1.46
Simplipada, Angul – 759 122, Odisha
Barbil Plot No. 507/365, Barbil-Joda Highway, Other information to the shareholders
Barbil – 758 035, Odisha Dividend declared during past 10 years:-
Punjipatra 201 to 204 Industrial Park SSD, Punjipatra, S.no Financial Year Dividend Rate
Raigarh – 496001, Chattisgarh 1 2017-18 Nil
DCPP Dhorabatta, Dongamahua, 2 2016-17 Nil
Raigarh-496001, Chhattisgarh 3 2015-16 Nil
Tensa TRB Iron Ore Mines, P. O. Tensa, Dist. 4 2014-15 Nil
Sundergarh – 700 042, Odisha 5 2013-14 150%
6 2012-13 160%
W) Investor Correspondence 7 2011-12 160%
The Company Secretary Jindal Steel & Power Limited 8 2010-11 150%
Jindal Centre, Tower-B, 4th Floor Plot No. 2, Sector-32 9 2009-10 125%
Gurgoan -122001 (Haryana) 10 2008-09 550%
Ph: 0124-6612000
Green Initiative
Email: investorcare@jindalsteel.com
Pursuant to Section 101 and 136 of the Act read with
X) Commodity price risk or foreign exchange risk Companies (Management and Administration) Rules, 2014
and hedging risk. and Companies (Accounts) Rules, 2014, the Company
can send Notice of Annual General Meeting, financial
The details for the same have been provided else
statements and other communication in electronic forms.
where in this report.
Your Company is sending the Annual Report including
Disclosures the Notice of Annual General Meeting, Audited Financial
Statements (both standalone and consolidated), Directors
i) The Company has not entered into any materially
Report along with their annexures etc. for the Financial
significant related party transactions which have
Year 2018-19 in the electronic mode to the shareholders
potential conflict with the interest of the Company at
who have registered their email ids with the Company
large. Your Board of Directors, on recommendations
and/or their respective Depository Participants (DPs).
of the Audit Committee, had approved a Policy
on Related Party Transactions. The policy can be
Shareholders who have not registered their e-mail
accessed at https://www.jindalsteelpower.com/img/
addresses so far are requested to register their e-mail
admin/report/pdf/RPT_Policy.pdf
addresses. Those holding shares in demat form can
ii) The Company has complied with the requirements register their e-mail addresses with their concerned
of the Stock Exchanges, SEBI and other statutory DPs. Shareholders who hold shares in physical form are
authorities on all matters relating to capital markets requested to register their e-mail addresses with the RTA/
during the last three years. No penalties or strictures Company, by sending a letter, duly signed by the first/sole
have been imposed on the Company by the Stock holder quoting details of Folio No.
Exchanges, SEBI or other statutory authorities
relating to the above. The Annual Report containing Audited Financial
Statements (both standalone and consolidated), Directors
iii) The Company has complied with all the mandatory Report along with their annexures etc. and other
requirements of Corporate Governance as prescribed important information for the Financial Year 2018-19 is
under the Listing Regulations. available in downloadable form on company’s website at
www.Jindalsteelpower.com.
iv) During FY’19, the Company have fully utilised the
proceeds of Qualified Institutional Placements raised
during the FY’18 in accordance with the objects of
the issue.
92
Annexure-F Contd..
2019
CERTIFICATE ON CORPORATE GOVERNANCE

[As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
To,
The Members of
ANNUAL REPORT

Regd. Office: O P Jindal Marg,
Hisar, Haryana -125005,
We have examined the compliance of conditions of Corporate Governance by the Jindal Steel & Power Limited for
the year ended 31st March, 2019 as per regulations 17 to 27, clause (b) to (i) of sub-regulations 2 of Regulations 46
and paragraph C, D and E of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure
STATUTORY REPORTS
Requirements) Regulations, 2015.
The compliance of conditions of corporate governance is the responsibility of the management. Our examination
was limited to procedure and implementation thereof, adopted by the Company for ensuring the compliance of the
conditions of corporate governance. It is neither an audit nor an expression of opinion on the financial statements of
the Company.
In our opinion and to the best of our information, based on the records, documents, books, and other information
furnished and according to the explanations given to us, we certify that the company has complied with the conditions of
Corporate Governance as per regulations 17 to 27, clause (b) to (i) of sub-regulations 2 of Regulations 46 and paragraphs
C, D and E of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as applicable.
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency
or effectiveness with which the management has conducted the affairs of the Company.
For Navneet K Arora & Co LLP

Company Secretaries
CS Navneet Arora
Managing Partner
FCS: 3214, COP: 3005
Place: New Delhi

93
Annexure-F Contd..
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members of
Regd. Office: O P Jindal Marg,
Hisar, Haryana -125005
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of JINDAL
STEEL & POWER LIMITED (CIN L27105HR1979PLC009913) having registered office at O P Jindal Marg, Hisar,
Haryana-125005, (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of
issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the
Company & its directors / officers, we hereby certify that none of the Directors on the Board of the Company as stated
below for the Financial Year ending on 31st March 2019 have been debarred or disqualified from being appointed or
continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs and
any such other statutory authority.
Sr. Date of Appointment

Name of Director DIN
No. in Company
1. MR. NAVEEN JINDAL 00001523 09/05/1998
2. MRS. SHALLU JINDAL 01104507 27/04/2012
3. MR. NAUSHAD AKHTER ANSARI 03340568 29/03/2019
4. MR. DINESH KUMAR SARAOGI 06426609 09/11/2012
5. MR. ARUN KUMAR* 01772163 16/09/2009
6. MR. ARUN KUMAR PURWAR 00026383 30/07/2007
7. MR. RAM VINAY SHAHI 01337591 15/10/2007
8. MR. SUDERSHAN KUMAR GARG 00055651 09/11/2012
9. MR. HARDIP SINGH WIRK 00995449 14/01/2009
10. MR. ANJAN BARUA 01191502 14/02/2017
*Mr. Arun Kumar ceased to be director w.e.f 01st April, 2019
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
For Navneet K Arora & Co LLP

Company Secretaries
CS Navneet Arora
Managing Partner
FCS: 3214, COP: 3005
Place: New Delhi

94
Brief Profile of Directors

2019
Mr. Naveen Jindal is the Chairman of Jindal Steel and steel plant comprises of a 1.5 MTPA Bar Mill, the largest in
Power Limited (JSPL). He also serves as the President the world, catering to the robust demand of TMT Rebars in
of Flag Foundation of India (FFI) and Chancellor of OP the Middle East. In line with the fundamental philosophies
Jindal Global University, and represented Kurukshetra inculcated by Mr. Jindal, Jindal Shadeed, Oman also came up
Parliamentary Constituency in the Indian Parliament. Under in a record time and at amongst the lowest costs as compared
his able leadership, JSPL has significantly enhanced its to manufacturing facilities of similar size and scale. Jindal
ANNUAL REPORT
steelmaking capacities to over 11 MTPA; and created power Shaded, Oman is amongst Top 3 steelmakers in the Gulf
generation capacities of over 5034 MW for the nation. region today. Mr. Jindal also undertook the citizen right to
From a manufacturing facility at Raigarh, JSPL now has display the National Flag with respect, dignity and honour. His
manufacturing and operational presence in Angul – Odisha, spirit of Nationalism was duly rewarded after a decade, when
Patratu – Jharkhand in India; and in key global geographies the Supreme Court of India delivered a historic judgment,
including a 2.4 MTPA integrated steel plant at Oman; and which allowed every Indian to hoist the Indian Flag with pride.
coal mining operations across Australia, Mozambique and
Mr. Naveen Jindal represented Kurukshetra in the Indian
South Africa. JSPL, through its subsidiary Jindal Power
STATUTORY REPORTS
Parliament for 10 years in the 14th and 15th Lok Sabha

Limited, successfully created India’s first private sector power
and was part of several Parliamentary Committees and
plant of 1000 MW, which after expansion, forms the largest
initiatives. As part of his Philanthropic initiative, Mr. Naveen
power generation complex of UMPP scale in Chhattisgarh
Jindal founded the OP Jindal Global University in 2009 with
with a generation capacity of 3400 MW.
a deep desire to ensure quality education to build a strong
Mr. Jindal holds a MBA degree from the University of Texas at foundation for future of India. The University ranks amongst
Dallas, USA. After completing his education, he returned to the country’s most prestigious higher education institutions
India and started contributing to the growth of the Company. today. OP Jindal University at Raigarh offers Engineering and
Mr. Naveen Jindal’s idea of building the nation of his dreams Management courses in diverse disciplines, to further Mr.
inspired him to commit himself towards ‘Making In India’. Jindal’s vision of providing quality higher education.
The spirit of innovation and the dream of using swadeshi
Numerous awards and accolades have conferred upon
raw materials aided the success story of JSPL under his able
Mr. Naveen Jindal for his contributions to multiple disciplines
leadership.
of business, philanthropy, education, sports etc., some of
Manifesting Mr. Naveen Jindal’s vision of Building a Nation them include:
of Our Dreams, today JSPL is amongst the select league of
yy Industry Communicator of the Year 2016 by World
7 global steelmakers with capability to manufacture Head
Steel Association
Hardened Rails for laying future railroads including bullet
trains and hi-speed metros. JSPL also manufactures world’s yy Young Global Leaders – 2007 by World Economic Forum
longest single-piece rails of upto 121-meter length. Inspired yy India’s Best CEO by BT – INSEAD – Harvard Business
by Mr. Jindal’s vision to continually enhance operational Review; JSPL was rated as the Highest value creator in
efficiencies, JSPL has deployed significant process efficiency Indian for the period 1995 – 2011.
enhancers including New Electric Oxygen Furnace, capable yy Top Ten India Inc’s Most Powerful CEO’s – 2011 by The
of operating at Zero Power intake. Economic Times
Led from the front by Mr. Naveen Jindal, JSPL has successfully yy Young Entrepreneur of the Year Award – 2010 by Ernst
completed amongst India’s Most Modern 6 MTPA Integrated & Young in field of Energy and Infrastructure
Steel Plant at Angul – Odisha, comprising of India’s largest 4 yy Justice PN Bhagwati Award for unique contribution to
MTPA Blast Furnace. The Blast Furnace came up in a record legal education and philanthropy by Dr. A.P. J. Abdul Kalam
time of 27 months, establishing new benchmarks in global
steelmaking. The Integrated Steel Plant, initially envisaged Mr. Jindal is an acclaimed shooter and an avid Polo Player. The
as the country’s first steel plant to be based on purely Jindal Panther Polo team consistently ranks amongst the best
swadeshi raw material, involved setting up world’s largest Polo teams of India, winning several laurels under his captaincy.
Coal Gasification Plant (CGP) for Steelmaking through the
DRI route. Housing the world’s largest 1.5 MTPA Bar Mill and Ms. Shallu Jindal is a Non–Executive Director of the Company.
India’s most advanced Plate Mill, JSPL’s steel plant at Angul She is a renowned Kuchipudi dancer and has performed with
will produce 6 MTPA Steel out of which only half will need much acclaim and alacrity, both nationally and internationally
coking, coal rest half based on non-coking coal using a at various venues across India and abroad. She was honoured
prudent mix of DRI and Hot metal in electric and oxygen with the 2nd Aaadhi Aabadi Women Achievers Award, 2010
steelmaking processes adding significant flexibility to its and the ‘Indira Gandhi Priyadarshini Award 2007’ for her
efficient operations. outstanding achievements in the field of Indian classical
dance (Kuchipudi) and contribution in the field of art and
With a strong belief in prudent forward and backward culture, education and community development.
integrations, JSPL established India’s largest 9 MTPA
Pelletisation Complex at Barbil, Odisha. She was awarded the 2012 Rex Karmaveer Puraskaar – ‘artist
for change’ for her outstanding services and achievements
Curated under guidance of Mr. Naveen Jindal, the global in the field of Indian Classical Dance (Kuchipudi). The
manufacturing foray of JSPL was undertaken at Oman, with award also marks her contributions towards social
setting up a 2.4 MTPA integrated steel plant at Sohar. The
95
Brief Profile of Directors Contd..
activities through the field of art and culture, education He is Chairman (Executive) of Energy Infratech Private Limited,
and community development. She has also been awarded an Engineering and Project Development Consulting Company;
with the International Women’s Day award under the Chairman, Advisory Board of Indian Energy Exchange; Chairman,
category of ‘Dance’ (IWD award) by ICUNR (Indian Council Adani Power Advisory Board; Member, Central Advisory
for UN Relations). She has been honoured with ‘Rajiv Committee of Central Electricity Regulatory Commission and
Gandhi Excellence Award’, ‘Devdasi National Award’ & ‘Art Senior Advisor (Energy), South Asia, World Bank.
Karat Award for Excellence’ for Best Classical Danseuse and
He has presented many papers at various National and
remarkable contribution in field of Indian Classical Dance.
International Conferences and edited a book entitled ‘100
She co-chairs JSPL Foundation with her husband Mr. Years of Thermal Power in India’ (2000). He has authored
Naveen Jindal and spearheading the CSR initiatives of the the following books viz. i) Indian Power Sector – Challenge
conglomerate. She focuses on facilitating holistic community and Response (2005), ii) Towards Powering India : Policy
developments through various CSR interventions in the Initiatives and Implementation
operative geographies of JSPL and its subsidiaries. Working
Strategy (2007), iii) Energy Security and Climate Change
towards educating for better minds and helping the
(2009) and iv) Light at the End of the Tunnel? Way forward
underprivileged get access to the best in education is the
For Power Sector (2013).
motto of her life. Women empowerment and working for the
deprived sections of the society are issues close to her heart. He has received several awards which include, among
She is Vice-President of the Flag Foundation of India and has others, the Eminent Engineer Award by the Institution of
initiated various creative ventures. Engineers, Best Power Man of the Millennium Year 2000
Award by the National Foundation of Indian Engineers
She has compiled books like ‘Tiranga- My Life’, ‘My Words and
and Power-Telecom Convergence Award 2000 by the
Freedom’. She is also an applauded author and has authored
Independent Power Producers Association of India and
her first book for children titled ‘India: An Alphabet Ride’. She
National Power Training Institute. He is a Director on the
is the ex-Chairperson of the National Bal Bhavan and Founder
Board of Energy Infratech Private Limited and RV Shahi
President of Young FICCI Ladies Organisation. She has opened-
Advisory Private Limited.
Jindal Art Institute, with the aim of spreading far and wide the
rich artistic heritage of India and world with the masses. She Mr. Arun Kumar Purwar is independent Director on
is also Director on the Board of Miracle Foundation India and the Board of the Company. He holds a master’s degree in
Jindal Steel & Power (Mauritius) Limited. Commerce and a diploma in Business Administration. He
also works as an independent director in leading companies
Mr. Ram Vinay Shahi is an independent Director on the Board
across diverse sectors like Power, Telecom, Steel, Textiles,
of the Company. He holds a bachelor’s degree in Mechanical
Engineering Consultancy, Pharma and Financial Services.
Engineering from the National Institute of Technology,
He also acts as an advisor to Mizuho Securities, Japan. Mr.
Jamshedpur, postgraduation in Industrial Engineering from
Purwar was the Chairman of State Bank of India, the largest
the National Productivity Council, Chennai, post graduate
Bank in the country from November 2002 to May 2006. He
diploma in Business Management (equivalent to MBA) from
held several important and critical positions like Managing
Xavier Institute, Ranchi and a diploma in Advanced Industrial
Director of State Bank of Patiala, Chief Executive Officer of
Management from Delft, Holland. He is a fellow of the World
Tokyo covering almost entire range of commercial banking
Academy of Productivity Sciences. He is also a fellow of
operations in his long and illustrious career at the Bank. He
the Institution of Engineers (India), a fellow of International
was also associated in setting up of SBI Life.
Institute of Electrical Engineers and a fellow of the Indian
National Academy of Engineering. Mr. Purwar also worked as Chairman of Indian Bank
Association during 2005-2006. Post his retirement from
He has technical, administrative and managerial experience
SBI, he was associated with a leading industry house in
of approximately 48 years. He has served as the Secretary,
setting up the first healthcare focused private equity fund,
Ministry of Power, Government of India (GoI), from April
and highly successful NBFC focused on funding real estate
2002 to January 2007, prior to which he was Chairman
projects and educational institutions.
and Managing Director of BSES Limited from 1994 to 2002.
He also worked in various capacities with Hindustan Steel He is regularly invited to various conferences and
Limited (now Steel Authority of India Limited) for over ten workshops and other forums to share his views on Banking
years and NTPC Limited for sixteen years and was Director and Monetary Policy. He is passionate about creation of
(Operations) on the Board of NTPC. infrastructure viz. healthcare, education and solar power.
During his tenure as the Secretary to GoI, the Indian He has received several award which include: CEO of the year
power sector witnessed major restructuring through the Award from The Institute of Technology and Management
formulation and implementation of legislative and policy (2004), ’Outstanding Achiever of the year’ award from Indian
initiatives aimed at creating a competitive market structure. Banks’ Association (2004) ‘Finance Man of the Year’ Award by
These included, among others, the Electricity Act (2003), the Bombay Management Association in 2006.
National Electricity Policy (2005), Electricity Tariff Policy
(2006), Accelerated Power Development Reform Programme He is a Director on Board of, Reliance Communications
(2002) and Ultra Mega Power Project Policy (2006). Limited, IIFL Holdings Limited, ONGC Tripura Power
Company Limited, Alkem Laboratories Limited, Energy
96

2019
Infratech Private Limited, Balaji Telefilms Limited, Tadas Wind Committee and Nomination & Remuneration Committee of
Energy Pvt. Ltd., Eroute Technologies Private Limited and these companies. He is also Director in Jindal Realty Limited.
Mizuho Securities India Private Limited.
Mr. Hardip Singh Wirk is an Independent Director on the
Mr. Sudershan Kumar Garg is an Independent Director of the Board of the Company. He holds a bachelor’s degree in
Company and also the Chairman of Governance and Business law from Delhi University. He started his career in 1998 as
ANNUAL REPORT
Ethics Committee, Member of Nomination & Remuneration a lawyer with Mr. P. V. Kapur, Sr. Advocate and has handled
Committee of the Company. He holds a bachelor’s degree various cases in Delhi High Court, Company Law Board,
in Commerce from Shri Ram College of Commerce and is a Consumer Forum and Supreme Court of India. Thereafter,
Chartered Accountant by profession since 1973. He has 45 he joined M/s Trilegal, a Corporate Law firm, where he
years of varied experience in the field of Oil & Power. He has specialised in foreign investments, real estate and general
worked with Indian Oil Corporation Limited for 29 years and corporate advice. In 2005, he started his independent
has acquired rich experience in Finance, Marketing, Pipelines, practice specialising in foreign investment and real estate.
Excise & Customs, Oil Pricing etc. He was Executive Director
He is a Director on Board of Jindal Power Limited (JPL), Etalin
STATUTORY REPORTS
(Finance) in Indian Oil Corporation. He joined the Board of

Hydro Electric Power Company Limited (EHEPCL) and Kamala
NHPC Limited (A Govt. of India enterprise) as Director (Finance)
Hydro Electric Power Company Limited (KHEPCL) He is a
in 2003. In October 2005, he was appointed Chairman and
Member of Audit Committee, Nomination and Remuneration
Managing Director of NHPC and NHDC Limited (a subsidiary of
Committee and Corporate and Social Responsibility
NHPC) and served at these posts for more than five years till his
Committee of JPL and Audit Committee and Nomination and
superannuation in December 2010. He was also the Chairman
Remuneration Committee of EHEPCL & KHEPCL.
of Loktak Downstream Hydroelectric Corporation Limited.
Under his able guidance, NHPC was conferred with ‘Mini Ratna He is a member of Audit Committee, Nomination and
Category – I’ status by GOI. Remuneration Committee, Stakeholders Relationship
Committee, Governance and Business Ethics Committee
He was instrumental in commissioning five hydro-electric
and Health, Safety, CSR, Environment Committee and
power projects in India with an aggregate installed capacity of
Investment Committee of the company.
1,820 MW. Under his leadership, NHPC got several new hydro,
thermal and wind power projects. Net profit also increased Mr. V.R. Sharma is having more than 36 years of Core
from ` 510 Crore in the year 2002-03 when he joined on the sector industry experience like in Steel, Power, Cement &
Board of NHPC to ` 2,091 Crore during the year 2009-10. As Mining both in India and abroad. He has the specialisation
Chairman and Managing Director of NHPC he was involved in in execution and operations of green field and brown field
business process re-engineering and restructuring, expansion projects. During this period, Prior to joining JSPL now in
of business, IPO of shares etc. He successfully brought maiden 2019, he worked in Companies like Abul Khair Group as
IPO of NHPC, which was oversubscribed by 24 times in 2009 Group Chief Executive Officer for their Steel, Power, Cement
and also introduced enterprise resource planning (ERP) in & Mining business. Jindal Steel & Power Limited as Deputy
the NHPC. He was also on the Board of International Hydro Managing Director and CEO (Steel), Bhushan Power & Steel
Association (IHA). Limited as Jt. Managing Director, Bhushan Steel Ltd. as Whole
Time Director, ISPAT Industries Limited as Executive Director.
He was conferred with ‘Lifetime Achievement Award’ by
Apart from above he also worked with other steel companies
the Institute of Economic Studies in 2010, ‘CA Professional
like Sipta / Comet Steel of Lloyd Steel Group, Socialist Steel
Manager’s Award’ in personal capacity by the Institute of
Limited, Libya, Arrasate Steel Spa, Bilbao, Spain etc.
Chartered Accountants of India in 2008, the ‘SRCC Alumni
award’ by Shri Ram College of Commerce in 2009 and ‘CEPM – He did his B.E. in Mechanical, MBA in marketing from UK and also
PMA Honorary Fellowship Award’ by the Centre for Excellence holds Diploma in Mechanical Engineering from Chandigarh.
in Project Management (CEPM) and Project Management
Associates apart from getting several other awards. In past he represented following professional bodies as
Co-Chairman of CII (Confederation of Indian Industry),
He is the Chief Advisor to M/s Astrazure Private Limited Metals & Metallurgy Steering Committee, Chairman of
dealing in training and human resource solutions. Institute Sponge Iron Manufacturers Association (SIMA), New Delhi.,
of Directors have conferred ‘Golden Peacock National Vice Chairman (India Chapter), Association for Iron & Steel
Training Award’ to M/s Astrazure Private Limited at Dubai. Technology (AIST) USA and presently Chairman of India
He has widely travelled both within India as well as abroad Lead Zinc Development Association, New Delhi, India.
and gained rich experience in oil and power sectors.
Mr. Naushad Akhter Ansari is Joint Managing Director
He holds the position of senior partner in M/s Apra and of the Company. He started his career with Tata Steel,
Associates, Chartered Accountants Firm. In Jindal Power Jamshedpur in 1974 and worked there in various capacities
Limited he is Director in the Board and Chairman of Audit for about 34 years. During this period he worked largely for
Committee and Corporate Social Responsibility Committee modernising the steel plant and developed expertise in
and member of Nomination & Remuneration Committee. He managing large projects. He left Tata Steel when he was GM
also holds directorship in other companies i.e Etalin Hydro Kalinganagar project.
Electric Power Company Limited and Kamala Hydro Electric
Power Company Limited as well as Chairman of Audit He joined JSPL group as Executive Director at Patratu unit
in September 2008. During his tenure at Patratu, he was
97
instrumental in successfully commissioning the two rolling company in India. Mr. Saraogi played a key role in all aspects
mills of combined capacity of 1.6 MTPA. Subsequently he of Angul establishment starting from basic land acquisition to
became Executive Director-Incharge of JSPL Raigarh as well establishing a complete Integrated steel plant.
as whole time Director of JSPL-India, the flagship company
Midway in 2010, his services were critically required as Head
of JSPL group producing over 3.0 MTPA of steel through
of Oman Operations after the acquisition of Shadeed Iron
integrated route. Under his leadership, Raigarh plant not
and Steel LLC, a company incorporated under the laws of
only achieved the rated capacity, but went beyond it.
the Sultanate of Oman. This company was idle for two years
He was actively involved in setting up and turnaround of prior to its acquisition by JSPL, through its 100% subsidiary
Shadeed Iron & Steel Co. As CEO JSIS, he was instrumental Jindal Steel & Power (Mauritius) Ltd. Mr. Saraogi turned around
in transforming the plant to an integrated steel plant with the plant almost five months ahead of schedule with the
installation of new 2 MTPA EAF& 1.4 MTPA Bar Mill. JSIS long production of Hot Briquetted Iron (HBI) on 5th December 2010.
product and “Jindal Panther TMT brand”acquired leadership
Oman’s success brought Mr Saraogi back to Angul in 2012, to
position in Middle East Long product market.
complete the green field task once again. He spearheaded
Mr. Ansari has 43 years of rich industry experience. He led this project and installed the largest SMS Electric Arc Furnace
a large workforce and had been responsible for several plant & the widest Plate Mill in the world. This is one of a
innovative practices. Under his dynamic leadership, various unique plant in the world with Coal to Gas Plant supplying
projects like SMS, Rolling Mills, Sinter plant, Blast Furnace, syn gas as fuel to DRI Plant. This plant is integrated with Coal
Raw Material Handling facilities and Power Plant etc. have Washery, Lime & Dolomite, Oxygen, Power Plant, Process
been completed in record time and cost. Boiler, Railway Siding, RMHS, Rain Water Reservoir, Ash Brick
plant, Domestic Airport, and so on.
Mr. Ansari obtained B.Sc. Engineering degree in Mechanical
Engineering from AMU, Aligarh in 1974, obtaining first class In Feb 2018, after successful accomplishment of 6 Million
first position & thus securing gold medal. He has also done Ton integrated Steel plant at Angul, Mr. Saraogi has taken
various management courses from Wharton School of the challenge of full capacity utilisation at JSPL, Raigarh on
Business, USA, INSEAD, Singapore and ISB, Hyderabad. his strong capable shoulders.
An avid fitness freak, Mr. Ansari loves to play golf during his Mr. Saraogi has visited several plants in India and abroad such
leisure time. as USA, Holland, Austria, France, Thailand, Germany, Korea,
Africa, China, Oman, Saudi Arabia, UAE and others. His rich
Mr. Dinesh Kumar Saraogi is the Chief Operating
experience, knowledge and business sense has added value
Officer (COO) Chhattisgarh which includes JSPL-Raigarh,
to the organisation by winning several awards such as,
Dongamahua Captive Power Plant, Raipur Machinery division,
Raigarh Cement Plant and Steel Structural Division - Punjipatra. - Best Corporate award Leader of Odisha, 2013, at
Bhubaneswar, given by Hon Revenue Minister,
He is the Occupier and Whole-time Director & Mines Owner
of the Company. His professional experience spans 38 years, - Best Corporate award Leader of Odisha, 2014, being
out of which he has been associated with Jindal Group for given by Hon’ble Union Minister, Petroleum & natural gas.
the last 31 years.
- FAME award for “Best director of the year 2019”
Mr. Saraogi holds a degree in Mechanical Engineering from
Mr. Saraogi is a well-known figure in Jindal Group and
Govt Engg. College, Jabalpur (M.P.) in the year 1981. He
admired for his modest & friendly nature. Mr. Saraogi has
started his career at HDC Ltd, Kolkata (WB), and thereafter
successfully led the Company through some of its most
in M.P Carbide & Chemicals Ltd, Katni (MP). He joined
challenging times and enabled it to emerge stronger. Mr.
Jindal Group in Nov 1988 and since then, Mr. Saraogi rose
Saraogi has proven his worth in building the road ahead for
to positions of higher responsibility as he moved from Dy.
Jindal Group. Mr. Saraogi inspires his team to produce the
Manager to the level of COO (CG) on July 06, 2019.
best results irrespective of the odds. He justifies the saying
Mr. Saraogi started his career in Jindal group at Jindal Strips “Satisfaction lies in the effort, not in the attainment. Full
Ltd., Hisar (Haryana) in November 1988. Here he successfully effort is full victory”.
commissioned the pilot plant facilities for the production of
Mr. Anjan Barua has been nominated as Nominee Director
Sponge Iron / Pig Iron and Ferro-alloys using Rotary Kiln for pre-
by State Bank of India. In State Bank of India he had held
reduction followed by smelting in Submerged Arc Furnace.
various assignments the last being Deputy Managing
He was then transferred as Manager [Works] in the year Director in charge of Global Markets. He was a Public
March 1989 to Raigarh [C.G.]. Here he successfully executed Interest Director nominated by SEBI on the Board of National
variety of work including operations, maintenance and Securities Clearing Corporation Ltd. Prior to this he held
projects assigned to him. He worked directly under the Directorship of National Stock Exchange, Central Depository
legendary & visionary leader, Respected Babuji Shri O.P. Services Ltd and The Clearing Corporation of India Ltd. He
Jindal ji, who is the founder of Jindal Group of companies. was also a Member of the Committee appointed by SEBI for
suggesting reforms in the Corporate Debt Market. He has 41
In 2007, Mr. Saraogi was entrusted with the leadership of setting
years experience in Banking in India and abroad.
up a 6 MTPA mega Steel & Power Project at Angul (Orissa). It is
the biggest green field project so far to be executed by any
98
Business Responsibility Report

2019
SECTION A: GENERAL INFORMATION State/Union Territory Location

ABOUT THE COMPANY Odisha Angul
Barbil
1. Corporate Identity Number (CIN) of the Company Tensa
L27105HR1979PLC009913 Jharkhand Patratu
ANNUAL REPORT
2. Name of the Company b. Marketing Offices-

Gurgaon, Raipur, Ranchi, Bhopal, Chandigarh,
3. Registered address Kochi, Kolkata, Jamshedpur, Bengaluru,
O.P. Jindal Marg Hisar-125005, Haryana Kanpur, Mumbai, Bhubaneswar, Chennai,
Jaipur, Hyderabad, Ludhiana, Ahmedabad,
4. Website
Pune, Nagpur, Patna and Visakhapatnam.
www.jindalsteelpower.com
STATUTORY REPORTS
5. E-mail id 10. Markets served by the Company – Local/State/

sustainability@jindalsteel.com National/International
6. Financial Year reported The Company has a global footprint that serves both
2018-19 National and International markets.
7. Sector(s) that the Company is engaged in
SECTION B: FINANCIAL DETAILS OF
(industrial activity code-wise)
THE COMPANY
Group Class Description
1. Paid up Capital
071 0710 Mining of iron ores
` 96.79 Crores
239 2394 Manufacture of cement, lime, plaster
241 2410 Manufacturing of basic iron and steel 2. Total Turnover
251 2511 Manufacture of structural metal products ` 27,730.42 Crores
251 2513 Manufacture of steam generators, except
central heating hot water boilers 3. Total profit after taxes (`)
351 3510 Generation of power (` 262.90) Crores
As per classification under National Industrial Classification 4. Total Spending on Corporate Social Responsibility
(2008), Central Statistical Organisation, Ministry of Statistics and
(CSR) as percentage of profit after tax (%)
Programme Implementation, Government of India, New Delhi.
` 13.72 Crores
8. List three key products/services that the Company 5. List of activities in which expenditure in 6 above
manufactures/ provides (as in balance sheet) has been incurred
yy Plates and Coils a. Health, Nutrition , Drinking Water and Sanitation
yy Parallel flange beams and columns b. Education and Skill Development
yy TMT Bars c. Rural Infrastructure Development
9. Total number of locations where business activity d. Natural Resource Management

is undertaken by the Company e. Entrepreneurship and Livelihood Programmes
i. Number of International Locations (Provide details f. Sports, Art and Culture
of major 5) JSPL’s social commitment include activities in the domains of
The major international locations where JSPL has environmental conservation, education, skill building , health
operational business activities through its subsidiaries & nutrition, population stabilisation, helping the differently
and step-down subsidiaries are Oman, South Africa, able, creating and developing community infrastructure,
Mozambique and Australia. safe drinking water and sanitation, generating livelihoods,
At several locations in Africa and South East Asia entrepreneurship development, community driven natural
(Indonesia) we are involved in exploration activities. resource management, promotion of sports, art & culture
and other activities related to community welfare.
ii. Number of National Locations
a. Plants SECTION C: OTHER DETAILS
State/Union Territory Location 1. Does the Company have any subsidiary company/
Chhattisgarh Raigarh companies?
Raipur
Dongamahua Yes.
99
Business Responsibility Report Contd..
2. Do the subsidiary company/ companies participate yy DIN Number: 03340568

in the BR Initiatives of the parent Company? If
yes, then indicate the number of such subsidiary yy Name: Mr. Naushad Akhter Ansari
company/ companies. yy Designation: Whole time Director
No. Each subsidiary company has independent designated as Jt. Managing Director
business responsibility initiatives.
b) Details of the BR head
3. Do any other entity/entities (e.g. suppliers and
distributors, among others) that the Company Sl. Particulars Details
does business with; participate in the BR No.
initiatives of the Company? If yes, then indicate 1 DIN Number N.A.
the percentage of such entity/entities? [ Less (if applicable)
than 30%, 30-60%, More than 60%] 2. Name Mr. Manish Kharbanda
3. Designation Executive Director- Corporate
JSPL supports and encourages standalone/ Affairs, Environment,
independent activities by other entities Occupational Health & Safety,
CSR & Sustainability
SECTION D: BR INFORMATION 4. Telephone 011-41462000
1. Details of Director/Directors responsible for BR number
5. e-mail id manish.kharbanda@jindalsteel.com
a) Details of the Director/Directors responsible for
the implementation of the BR policy/policies
2. Principle-wise (as per NVGs) BR policy / policies

(Reply in Y / N):
The list of policies which address these principles is mapped at the end of this table.
Sl. Questions P1- Ethics, P2- Product P3- P4- P5- P6- P7- Policy P8- P9-
No. Transparency Life Cycle Employee Stakeholder Human Environment Advocacy Inclusive Customer
and Sustainability Wellbeing Engagement Rights Growth Value
Accountability
1 Do you have policy/policies Y Y Y Y Y Y Y Y Y
for....
2 Has the policy been formulated Y Y Y Y Y Y Y Y Y
in consultation with the
relevant stakeholders?1
3 Does the policy conform to Y Y Y Y Y Y Y Y Y
any national / international JSPL is signatory to World Steel Sustainable Development Charter, 2015 and is also a Climate Action member with World
standards? If yes, specify. Steel Association. The Company’s policies reflect the purpose and intent of United Nation Global Compact, World Steel
Sustainable Development Charter, GRI guidelines and as per international standards, such as ISO 14001, OHSAS 18001,
ISO 9001. The company is in process to implement ISO 50001 across all its plant locations in India. At present few of it’s
plants are ISO 50001 certified.
4 Has the policy been approved Y Y Y Y Y Y Y Y Y
by the Board? If yes, has it been
signed by MD / owner / CEO /
appropriate Board Director?2
5 Does the Company have a Y Y Y Y Y Y Y Y Y
specified committee of the
Board / Director / Official to
oversee the implementation of
the policy?
6 Has the policy been formally Y Y Y Y Y Y Y Y Y
communicated to all
relevant internal and external
stakeholders?
7 Does the Company have in- Y Y Y Y Y Y Y Y Y
house structure to implement
the policy/policies?
8 Does the Company have a Y Y Y Y Y Y Y Y Y
grievance redressal mechanism
related to the policy/policies to
address stakeholders’ grievances
related to the policy/policies?
9 Has the Company carried out Y Y Y N N Y N Y Y
independent audit/evaluation
of the working of this policy by
an internal or external agency?
1
While formulating the policy, the top management was consulted and all employees were engaged via questionnaires and town hall sessions.
2
All policies are reviewed by the Board members and approved by the respective Board Committee. The policy is then signed by either the Whole
time Director or the CEO.
2019
All the policies in JSPL are carved from its Guiding Principles and Core Values. These policies are mapped to each principle hereunder:
Principle 1: Businesses should conduct and govern a. Group Whistle Blower Policy http://www.jindalsteelpower.com/sustainabilities/governance.html
themselves with Ethics, Transparency and Accountability b. Group Code of Business Conduct http://www.jindalsteelpower.com/sustainabilities/governance.html
c. Code of Conduct for Board of Directors and Senior Management https://www.jindalsteelpower.com/img/admin/report/pdf/CODE_OF_
of the Company. CONDUCT_FOR_SENIOR_MANAGMENT.pdf
d. Code of Internal Procedures and Conduct for Prevention of http://www.jindalsteelpower.com/img/admin/report/pdf/CODE_OF_
Insider Trading in Shares of the Company INTERNAL_PROCEDURES_AND_CONDUCT_FOR_PREVENTION_OF_
INSIDER_TRADING_IN_SHARES_OF_THE_COMPANY_as_amended.pdf
Principle 2: Businesses should provide goods and services a. Environment Policy http://www.jindalsteelpower.com/policies.html
that are safe and contribute to sustainability throughout b. Quality Policy http://www.jindalsteelpower.com/policies.html
their life cycle
c. Total Productivity Management Policy http://www.jindalsteelpower.com/policies.html
d. Sustainability embedded in Life Cycle of Products Available on JSPL Intranet
Principle 3: Businesses should promote the wellbeing of a. Employee Well Being Policy Available on JSPL Intranet
all employees b. Safety & Occupational Health Policy http://www.jindalsteelpower.com/policies.html
Principle 4: Businesses should respect the interests of, and a. Stakeholder Mapping and Stakeholder Engagement Policy Available on JSPL Intranet
be responsive towards all stakeholders, especially those b. CSR Policy http://www.jindalsteelpower.com/policies.html
100
who are disadvantaged, vulnerable and marginalised

Principle 5: Businesses should respect and promote a. Human Rights Protection Policy Available on JSPL Intranet
human rights b. Prohibition of Sexual Harassment of Women Employees at Work Available on JSPL Intranet
Place http://www.jindalsteelpower.com/sustainabilities/governance.html
c. Group Code of Business Conduct http://www.jindalsteelpower.com/sustainabilities/governance.html
d. Group Whistle Blower Policy http://www.jindalsteelpower.com/img/admin/report/pdf/CODE_OF_
e. Code of Conduct for Board of Directors and Senior Management CONDUCT_FOR_SENIOR_MANAGMENT.pdf
of the Company
Principle 6: Businesses should respect, protect, and make a. Environment Policy http://www.jindalsteelpower.com/policies.html
efforts to restore the environment b. Energy Policy Available on JSPL Intranet
c. Code of Conduct for Board of Directors and Senior Management http://www.jindalsteelpower.com/img/admin/report/pdf/CODE_OF_
of the Company CONDUCT_FOR_SENIOR_MANAGMENT.pdf
d. Group Code of Business Conduct http://www.jindalsteelpower.com/sustainabilities/governance.html
Principle 7: Businesses, when engaged in influencing a. Policy Advocacy Available on JSPL Intranet
public and regulatory policy, should do so in a responsible
manner
Principle 8: Businesses should support inclusive growth a. CSR Policy http://www.jindalsteelpower.com/policies.html
and equitable development
Principle 9: Businesses should engage with and provide value a. Quality Policy http://www.jindalsteelpower.com/policies.html
to their customers and consumers in a responsible manner b. Group Code of Business Conduct http://www.jindalsteelpower.com/sustainabilities/governance.html
101
2A. If answer to S. No. 1 against any principle, is ‘No’, please explain why.
Sl. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 The Company has not - - - - - - - - -
understood the principles
2 The Company is not at a stage - - - - - - - - -
where it finds itself in a position
to formulate and implement the
policies on specified principles
3 The Company does not - - - - - - - - -
have financial or manpower
resources available for the task
4 It is planned to be done within - - - - - - - - -
next six months
5 It is planned to be done within - - - - - - - - -
the next one year
6 Any other reason (please specify) - - - - - - - - -
3. Governance related to BR the contract includes clauses in relation to Human

yy Indicate the frequency with which the Board Rights Protection and Corrupt practices. JSPL’s Group
of Directors, Committee of the Board or CEO to Code of Conduct explicitly includes the behaviour
assess the BR performance of the Company. expected from employees on the following aspects
The Health, Safety, CSR & environment Committee a. Workplace conduct
(“HSCE Committee”) of the Board meet once b. Dealing with outside parties/stakeholders
every quarter to assess the BR performance of
c. Community Responsibilities
the Company. This Committee is chaired by an
Independent director. During the year HSCE d. Protection of Companies Asset
committee met 5 times for reviewing company’s On regular basis, the Company organises a
performance on Social and Environmental concerns. certification programme on GCoC for all employees
through e- learning module, in which it explains all
yy Does the Company publish a BR or a Sustainability clauses via practical examples and also test their
Report? What is the hyperlink for viewing this learning. All employees are mandatorily required
report? How frequently is it published? to complete this certification and sign off on
The Company publishes all the relevant information declarations pertaining to compliance of the GCoC.
in various sections of its annual report and Further, every employee is required to give three
also discloses detailed information about CSR declarations pertaining to any ‘conflict of interest’
intervention supported by the company through related to:
Annual CSR report which is published on regular
basis. The same is available on the website of the yy Ownership of Property,
Company i.e. www.jindalsteelpower.com yy Employment of Relative,
yy Business Relation vis-a-vis JSPL as Principal
Principle 1: Ethics, Transparency and Accountability Employer.
1. Does the policy relating to ethics, bribery and The Company has also implemented a whistle blower
corruption cover only the Company? Yes/ No. mechanism, which is being governed by the Group
Does it extend to the Group/Joint Ventures/ Whistle Blower Policy. The policy covers instances
Suppliers/Contractors/NGOs /Others? pertaining to negligence, impacting public health
JSPL has adopted the JSPL Group Code of Conduct and safety, criminal offence and unethical/favoured/
(GCoC) to remain consistently vigilant and ensure biased behaviour, among others. The policy
ethical conduct of its operations. All internal encourages employees to report any violations
stakeholders of the JSPL Group are subjected to work to the Group Ethics Officer without any fear and
within boundaries of the GCoC. The Company ensures provides them with protection. The company has
compliance of ethical standards by its vendors and placed mechanisms for ensuring confidentiality and
contractors through appropriate clauses in its work protecting the whistle blower from any harassment/
contracts to which they are obligated. Generally victimisation. The policy is directly monitored by the
Chairman of the Audit Committee.
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2019
2. How many stakeholder complaints have been 4. Has the Company taken any steps to procure
received in the past financial year, and what goods and services from local & small producers,
percentage was satisfactorily resolved by the including communities surrounding their place
management? of work? If yes, what steps have been taken to
improve their capacity and capability of local
Stakeholders Stakeholders Percentage of
ANNUAL REPORT
and small vendors?

Complaint Complaints Complaints
Yes, JSPL promotes procurement of goods and
Received Resolved Resolved
services from local vendors and small producers.
Nil Nil This is primarily done while hiring equipment and
services, as well as procuring minor raw materials,
Principle 2: Product Life Cycle Sustainability stationary items and food supplies.
1. List up to 3 of your products or services whose For example, the Company has hired local
STATUTORY REPORTS
design has incorporated social or environmental contractors for hiring mining equipment, dozers,
concerns, risks and/or opportunities. tractors, dumpers. It also recruits workers from local
Parallel Flange Beams and Columns- JSPL pioneered communities for construction and operation of its
the production of medium and heavy Hot Rolled plants. Minor fabrication works and materials are
Parallel Flange Beams and Column Sections in India, also sourced from local suppliers.
and is also the leading supplier in India. Due to the
JSPL continuously builds and improves the skills and
higher load carrying capacity, these sections enable
capacity of local contractors. For example, vendor
savings in steel consumption, and hence, enable
development programmes are encouraged for local
reduced energy consumption in transportation, as
suppliers, and are conducted on a periodic basis.
well as during construction.
All JSPL plant sites procure vegetables and other
food items from local producers and vendors. JSPL
2. For each such product, provide the following also engages with these local vendors in capacity
details in respect of resource use (energy, water building and skill upgradation activities. In JSPL
and raw material, among others) per unit of townships, local farmers, under the aegis of local
product (optional). farmer clubs, have been provided counters for sale
For producing 1 tonne of Parallel Flange Beam and of vegetables and farm produce.
Column, the Company consumes 1.07 tonne of
Crude Steel (beam blank). In some of the Company’s plant sites, milk and milk
products for the colony, guest house and canteens,
3. Does the Company have procedures in place for among others are sourced from the local Self Help
sustainable sourcing (including transportation)? Groups (SHGs), run by women in a bid to promote
If yes, what percentage of your inputs was women empowerment. These SHGs are also provided
sourced sustainably? Also, provide details training on livestock management, best practices and
thereof, in about 50 words or so. so on. JSPL has also supported the development
of irrigation and agriculture infrastructure in the
JSPL has a clear preference to work with ISO 14001 local communities. Its overall objective is to create
and OHSAS 18001 certified contractors/ manpower a business model, which strategically benefits the
suppliers/ vendors. All its contractors/ vendors Company, as well as the local communities.
are checked and bound to ethical, human rights
5. Does the Company have a mechanism to
protection and health and safety, discrimination,
recycle products and waste? If yes, what is the
disciplinary practices, and remuneration and
percentage of recycling of products and waste
working hour related clauses in their Job/Work
(separately as <5%, 5-10%, >10%)?
contracts with JSPL.
Waste generated from JSPL’s operations include
Compliance to all clauses of the contracts and also tailings produced during extraction and beneficiation
statutory laws are continuously monitored by the processes, slag and sludge during mineral processing,
Company’s procurement and other functional teams. fly ash from power plant, tar and char. For recycling
In steel production, coal is an important raw material. waste, such as fines and iron dust, the Company has
Therefore, the Company locates its plants at the installed a sinter plant at Raigarh. Slag produced is
nearest possible distance from coal mines, so that being utilised in cement manufacturing and brick
emissions from transportation can be reduced to the making. Fly ash generated from JSPL’s plants is utilised
minimum possible level. For example, JSPL’s captive in manufacturing of fly ash bricks and other available
power plant in Raigarh is located on a coal pit head waste management avenues. The Company is working
continuously to increase its utilisation percentage.
103
Most important; we are also utilising the EAF dust, 7. Please indicate the Number of complaints relating
mill scale and sintered fines to make iron bearing to child labour, forced labour, involuntary labour,
bricks which used in blast furnace. This is gainful sexual harassment in the last financial year, and
utilisation of solid wastes in manufacturing of pending, as on the end of the financial year.
conventional products. S. Category No. of No. of
JSPL has also ventured into construction material No. complaints complaints
business of which most of the products are filed during resolved as on
manufactured from the waste material generated the financial the end of the
out of Steel and Power production process. Few year financial year
1. Child labour/ Nil Nil
examples are Cement, Bricks, Paver Blocks, Light forced labour/
weight aggregate. involuntary labour
2. Sexual Nil Nil
Principle 3: Employee Wellbeing – harassment
1. Please indicate the total number of employees. 3. Discriminatory Nil Nil
6031 employment
Please indicate the total number of employees
2.
8. What percentage of your under-mentioned
hired on temporary/contractual/casual basis.
employees was given safety and skill up-
14,368
gradation training in the last year?
3. Please indicate the number of permanent yy Permanent Employees 80%* (Safety)
women employees. yy Casual/Temporary/Contractual Employees
174 100% (Safety)
4. Please indicate the number of permanent * This also includes for associate manpower as well.
employees with disabilities.
12 Principle 4: Stakeholder Engagement
5. Do you have an employee association that is 1. Has the Company mapped its internal and
recognised by the management? external stakeholders?
yy Jindal Steel & Power Factory workers Union at JSPL has established a dedicated policy for ‘Stakeholder
Raigarh, Chhatisgarh Mapping and Stakeholder Engagement’. This policy
contains principles and criteria for mapping and
yy Jindal Steel & Power Mazdoor Sangha, JSPL engagement of stakeholders. The Company has
Industrial Workers Union, Jindal Steel & Power identified investors, shareholders, employees, labour
Labour Union and Jindal Mazdoor Sabha at unions, local communities, civil societies, NGOs, legal
Angul, Odisha institutions, trade associations, media, suppliers,
business partners, customers, dealers, government,
6. What percentage of your permanent employees is regulators and competitors as its key stakeholder
members of this recognised employee association? groups. Engagement responsibility for each stakeholder
At Raigarh 100% Non-Supervisory Permanent group is entrusted with specific teams in the Company.
Employees are members of the employee association.
The union is not affiliated to any political stream, nor 2. Out of the above, has the Company identified
has any outsider nonemployee in the team of its the disadvantaged, vulnerable and marginalised
office bearers. The union is called for discussions with stakeholders?
the management on regular intervals. Since JSPL’s HR Yes, JSPL has identified disadvantaged, vulnerable
policies are so designed that its service conditions and marginalised stakeholders.
are far more beneficial than the requirements of law
and other similar industries in the region, there have 3. Are there any special initiatives taken by the
been no dispute or disagreement on issues so far. The Company to engage with the disadvantaged,
Company was never required to enter into any wage vulnerable and marginalised stakeholders? If so,
revision agreement, till date. JSPL has cordial relations provide details thereof, in about 50 words or so.
with its workers and the union, and they are always Yes, the Company undertook activities to improve the
eager to support the Company in all its endeavours, quality of lives of the disadvantaged and vulnerable
from the very beginning. JSPL sincerely recognises and section in local communities by undertaking
appreciates the support rendered by workers union. multifaceted sustainable socio –economic and
ecological Projects/ Programmes as elucidated below.
All other employee unions cater to contractual
workers at Angul, Odisha.
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2019
Stakeholder Initiatives
group
Elderly yy Health camps to check the morbidity rates
yy Adult education to empower the community
Girl child& yy Kishori Express - Adolescent anaemia control programme at Angul which also impacts the IMR & MMR
women
ANNUAL REPORT
yy Kishori Mandals - Reproductive health and personal hygiene awareness programme

yy Health and nutrition awareness camps
yy Scholarship programmes to promote higher studies
yy Skill building and entrepreneurship development for income generation and women empowerment
yy Project Sneh – To combat malnutrition
Specially-abled yy Asha The Hope– Providing children with special needs a platform to access community-based rehabilitation services
yy Counselling for families and parents
yy Camps for raising awareness and vocational courses
STATUTORY REPORTS
Tribal yy Tribal Development programme for Birhor at Patratu, Pahariya Bhuiyas at Angul (Pallahara), Ho at Barbil &
population Jereldaburu, Munda at Tensa– Development oriented activities, with focused initiatives for women, children
and marginal farmers for sustainable & integrated development of the tribal.
Migrant workers yy Awareness on health issues like HIV & AIDS & vector borne diseases and sanitation for containing the morbidity rates.
yy Pre-school programme for migrant workers children and for facilitating to mainstreaming.
Principle 5: Human Rights contractors, customers, communities and for that

1. Does the policy of the Company on human matter all stakeholders in preserving the ecological
rights cover only the Company or extend to the balance, optimising use of natural resources and
Group/Joint Ventures/Suppliers/Contractors/ striving for continuous improvement through
NGOs/Others? monitoring, regular review and adoption of latest
technologies.
JSPL has established a dedicated policy for
‘Protection of Human Rights’ that commits to protect The Policy only extends to the plants & facilities of
the human rights of its employees, workers, and the Company. The subsidiary companies like JPL,
other key stakeholders involved in its operations. In NSPL, etc. have separate Environmental policies.
addition to this policy, human rights related clauses
are also covered under the Company’s Group Code 2. Does the Company have strategies/ initiatives
of Business Conduct, Group Whistle Blower Policy, to address global environmental issues, such as
Safety & Occupational Health Policy and Corporate climate change, global warming, etc? Y/N. If yes,
Guiding Principles. JSPL has zero tolerance for please give hyperlink for webpage etc.
discrimination based on any grounds. All its Yes. The Company has BEE certified energy engineers
business partners (Suppliers, Contractors, NGOs) are at plant sites for identifying and implementing energy
contractually obliged to respect human rights. efficient and carbon mitigation measures for optimising
energy consumption and thus in turn reducing
2. How many stakeholder complaints have been GHG emissions. https://www.jindalsteelpower.com/
received in the past financial year and what sustainabilities/environment-3.html
percent was satisfactorily resolved by the
management? 3. Does the Company identify and assess potential
JSPL has received no such complaint pertaining to environmental risks? Y/N
sexual harassment during the reporting year 2018- Yes, the Company assesses all the potential
19. environmental impacts before undertaking any
new project or modification activity. Furthermore
Principle 6: Environmental the Company undertakes continuous Environment
1. Does the policy related to Principle 6 cover improvement activities under ISO 14001 certification.
only the Company or extend to the Group/Joint
Ventures/ Suppliers/ Contractors/ NGOs/ others? 4. Does the Company have any project related to
A well-laid Environmental Policy is in place, outlining Clean Development Mechanism? If yes, whether
guiding principles and implementation procedures any environmental compliance report is filed?
formulated by the Board of Directors of the Not for the period 2018-19.
Company. However, the Company had a project (power
generation from waste heat of non-recovery type
The guiding principles prescribe that all business
Coke Ovens at Raigarh) registered under Clean
decisions be guided by sensitivity towards
Development Mechanism and the same was
environment, need for sustainable development
approved by National CDM authority.
and importance for environmental impact and social
welfare, maximising participation of employees,
105
5. Has the Company undertaken any other Principle 8: Inclusive Growth

initiatives on–clean technology, energy 1. Does the Company have specified programmes/
efficiency, renewable energy, etc.? Y/N. If yes, initiatives/projects in pursuit of the policy
please give hyperlink for web page etc. related to Principle 8? If yes details thereof.
Yes, the Company has undertaken several energy yy The growth of Jindal Steel and Power Limited(JSPL)
efficient measures during the year 2018-19. The has a parallel positive impact on the improvement
energy efficiency measure undertaken during the of civic amenities, level of household income,
year 2018-19 have been provided elsewhere in this drudgery-reduction and an overall upliftment in the
report. quality of life of the local community living in the
6. Is the Emissions/Waste generated by the vicinity of its business locations.
Company within the permissible limits given yy The objective and endeavors of JSPL Foundation,
by CPCB/SPCB for the financial year being the executing arm further Group CSR activities
reported? by Jindal Steel and Power Limited has been to
Yes, the emissions/ waste generated by the implement sustainable social development projects
Company at all its plant locations was within the and also to supplement efforts of government and
permissible limits. civil societies to accelerate societal development.
7. Number of show cause/ legal notices received yy JSPL Foundation believes in a cohesive and
from CPCB/SPCB, which are pending (i.e. not integrated society, in which all individuals have
resolved to satisfaction) as on end of Financial access to opportunities for personal growth. This
Year. will foster inclusive development, propel economic
No show cause notice from CPCB or SPCB was growth and also enhance its competitiveness, so
pending in FY 2018-19. that growth of economy is not polarised.
yy JSPL and JPL (Jindal Power Limited, a subsidiary
Principle 7: Policy Advocacy of Jindal Steel and Power) have also implemented
1. Is your Company a member of any trade and several multidimensional CSR project for sustainable
chamber or association? If yes, name only those growth and development of the community which
major ones that your business deals with. has ignite both private and public investment
in Farm, Non-Farm, Service, Irrigation, Health,
Yes, JSPL is a member of industrial and trade bodies.
Education, Sports facilities etc.
The Company is most actively engaged with the
following: yy Environmental foot print is minimised consciously
through plantation, ponds creation and water
a) Confederation of Indian Industry (CII)
harvesting systems.
b) Federation of Indian Chambers of Commerce
and Industry (FICCI) yy The Company has adopted the principles of Reduce,
Reuse and Recycle which has translated in to
c) Associated Chambers of Commerce and
installation of Fly Ash Brick Plant and Zero discharge
Industry of India (ASSOCHAM)
measures and also other green technologies.
d) Federation of Indian Mineral Industries (FIMI)
yy The Social Development Projects implemented
e) Sponge Iron Manufacturers Association (SIMA)
by the Foundation can be encompassed into the
f ) Association of Power Producers (APP) verticals: Health, Nutrition, Drinking Water and
g) World Steel Association (WSA) Sanitation/ Education and Skill Development/
Entrepreneurship Development & Livelihood/
2. Have you advocated/lobbied through Natural Resource Management/ Rural Infrastructure
above associations for the advancement or Development/ Sport, Art and Culture.
improvement of public good? Yes/No; if yes
specify the broad areas (drop box: Governance
and Administration, Economic Reforms,
Inclusive Development Policies, Energy security,
Water, Food Security, Sustainable Business
Principles, Others).
Yes, JSPL is actively involved in the following areas
for advocating public good:
yy Energy and Raw Material Security
yy Sustainable Business principles
yy Governance
yy Safety and Skill Development
yy Economic Reforms
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2019
yy These interventions are also aligned with the 17 Sustainable Development Goals launched by United Nations on
December 30, 2015.
ANNUAL REPORT
STATUTORY REPORTS
yy The effectiveness and implementation of JSPL’s 2. Are the programmes/projects undertaken through
social commitment is ensured by extending the in-house team/own foundation/external NGO/
governance responsibility to the Company’s Board government structures/any other organisation?
through the Health, Safety, CSR & Environment The Programmes are being implemented under the
Committee, as well as the Governance and Business umbrella support of JSPL Foundation, the CSR Arm of
Ethics Committee. the company. Some of the initiatives are linked with
yy These Board level committees meet quarterly to existing government schemes (either supplementing
monitor plans, actions and outcomes of JSPL’s social or complementing the scheme), and require
commitment partnering with respective government agencies.
yy R & R (Resettlement and Rehabilitation) guide lines 3. Have you done any impact assessment of your
of both State/Central are being strictly followed not initiative?
only by resettling the Displaced Families (D/F) on the JSPL carries out assessment for all its major programmes
basis of the Govt Guideline but also rehabilitating internally, as well as by third party consultants (as and
their Quality Of Life through appropriate CSR when required). The Vatsalya Project for Women and
interventions i.e. Health, Education, Livelihood, Child healthcare at Tamnar and the Kishori Express for
Awareness Generation etc. the adolescent girl anemia control at Angul had been
yy JSPL Foundation believes that alone economic the two flagship projects for which impact assessment
investment without targeting social equity will studies were carried out.
result in social imbalances. Therefore the company
consciously pursues the strategy of inclusive & 4. What is your Company’s direct contribution to
equitable growth in our CSR project. community development projects- Amount in
INR and the details of the projects undertaken?
JSPL’s direct contribution towards community
development projects during the financial year 2018-19
is ` 13.72 Crores. The details of the project undertaken
during the financial year 2018-19 are as follows:
107
Area Partners Involved Project

State AIDS Control Society, National AIDS Control Organisation and For HIV & AIDS prevention through
Integrated Counselling and Testing Center (ICTC). awareness and screening.
Red Cross Society, District Blood Banks. RIMS, Ranchi for Blood Blood Donation Camp
donation Camps
National Vector Borne Diseases Control Program (NVBDCP) For Vector Borne Disease programme
ICDS(Integrated Child Development Scheme), ZSS(Zilla Swastha Population stabilisation initiatives activities
Health Samiti), NRHM(National Rural Health Mission). (Aanchal Programme including Kishori
Express)
Adivasi Vikash Samiti-Joda Supplementary Nutritional Programme
Niramaya Hospital, Ranchi for Cataract Operations, CHC-Patratu, For other community health care projects
GOJ for population stabilisation programme. Telemedicine Centre like tele medicine, health camp, school
linked with Dist. Hospital & District Health Administration and health camp, eye operation, awareness
National Health Mission (NHM), etc.
John Augustus Prison & Social Welfare Services – Athagarh, Odisha Distribution of study material to Jail
Inmates Programme
Buddy 4 Study For Scholarship Programme
DAV College Managing Committee For Management of DAV Savitri Jindal
Education
School
Department of School and Mass Education, Sarva Shiksha Abhiyan, Other Educational initiatives
State Resource Centre, District Literacy Mission and Civil Society
Organisations, RAWA Academy, JEWS-Raigarh, Loomba Foundation
Office of Chief District Veterinary Officer Animal Vaccination & De worming Camp
Office of District Horticultural Officer, Krishi Vigyan Kendra and Jan For Farm Based Activities
Shiksha Sansthan and District Agriculture Office,
Odisha Livelihood Mission, Food Preservation & Processing For Non-Farm Activities
Entrepreneurship
Training- Office of District Horticultural Officer Mission Shakti,
and Livelihood
Marketing of SHG products in various Fairs-ORMAS (Odisha
Rural Development and Marketing Society), Office of the District
Industry Centre (DIC),WOSCA Keonjhar AND NRDC Sonepur AND
District Rural Development Authority.
Rural District Administration, District Rural Development Authority, Civil For all rural development projects
Infrastructure Society Organisations, State Electricity Board and Public Works
Development Department, Village Committee etc.
Odisha Olympic Association, Odisha Cricket Association, Directorate Development of Youth, organising village
of Sports (PYKKA), District Sports Office, Dist. Administration , Angul level and district level tournament
Sports, Art and Volley Home, Youth Hostel Association ,Dist. Athletic Association &
Culture Dist. Cricket Association
Sports Hostel Of Orissa, Dist. Administration, District Sports Office, Coaching Support for Promising Youth
Dist. Athletic Association & Dist. Cricket Association
5. Have you taken steps to ensure that this community development initiative is successfully adopted by the
community? Please explain in 50 words, or so.
Company has adopted 360 degree project for implementation of all its CSR interventions. Through this approach the
company ensures successful implementation and adoption of the Company’s community projects. While designing and
implementation of intervention, JSPL consults and engages with all appropriate stakeholders. Techniques like Participatory
Rural Appraisal (PRA), Need-Profile Analysis and Need-prioritisation are used as effective community participation tools in
the ground communities are also involved in delivery, as well as during participatory monitoring phases of the programmes.
Customised well defined and structured Exit Policy for the implemented Projects with the simultaneous formation/
strengthening of Village Institutions is in place for facilitating Community Ownership of the Projects. JSPL Foundation, the
CSR Arm of JSPL, through the CSR Team has been steering the Community Participation and Ownership of CSR Projects by
way of capacity building and effective collaboration between the Company and the Community.
a. Participatory Rural Appraisal: The local people themselves identify the available resources in their village
by creating indigenous resource maps and seasonal diagrams, and identify stress periods. The course of
action is thereafter chalked out in a process where people take their own decisions to act upon their action
plan with JSPL Foundation playing the role of a facilitator and catalyzer.
108

2019
b. Need-Profile Analysis and Need-prioritisation: c. JSPL follows a 360 degree Approach to

The JSPL Foundation focuses upon the window Ensure the Sustainability of CSR Initiatives
4 in the vulnerable regions having tribal taken by JSPL.
predominance and mining rich area. Followed by
that window 2,3, and 1 are also given the focus.
ANNUAL REPORT
Baseline Study &

need assessment
FELT NEED & FELT NEED & Participatory
EXPRESSED NEED UNEXPRESSED NEED Launching a Planning /
fresh Project Collaboration
format
NOT FELT NOT

EXPRESSED BUT A FELT & SUPRESSED
REAL NEED NEED
STATUTORY REPORTS
Learning & CSR Project

redesigning of
the project PROJECTS Formulation
Social audit &

Collaboration
evaluation(External
Implementation
agency)
Monitoring
(Concurrent &
Internal)
d. Consultation process, information sharing and exit mechanism :

Consulting is a continuous process which is done in the following manner:
WHOM WHEN WHAT HOW
Community Village festivities - Village needs - street plays, AV aids
as a Whole - our projects - household / temple
- cultural bonding interaction
Women SHG meetings, Bank linkage - family savings, Quality of Life, health vis- - household contacts
day, parent interface a-vis project impact - AV aids
Mukhiya Gram Sabha, Village - participation - meeting interactions
and committee meeting, - PPP projects - AV aids
Sarpanch Panchayat meeting - ecological issues - brochures
Youth Sports/cultural events, - village infra construction issues - Meeting interactions /
Group Club meetings - project opportunities goodwill ambassadors
- skill training - AV aids
- Brochures/pamphlets
Opinion Village meetings, Banyan - project impact - Academia ambassadors
Makers/ tree/Temple meetings, - socio-economic benefits - Meeting interactions /
Leaders Non-political events, as - appropriate media exposure goodwill ambassadors
and when required - sustainability and eco-comforts - AV aids
- under current issues - Brochures
Local Regular intervals, as and - General feedback - Exposure visits
Recruits when required - Grievance redressal - Recreations
- Inputs on innovation (projects, etc.) - Leadership programmes
109
yy The mode of dialogue and interaction varies from 2. Does the Company display product information
one target group to the other and is issue specific. on the product label, over and above what
Regular interactions help in monitoring and is mandated as per local laws? Yes/No/N.A. /
reviewing the progress of the on-going schemes Remarks (additional information)
and initiatives, in making fresh assessment of the JSPL’s products do not have any mandatory
emerging aspirations of the people and in preparing labelling requirements. However, in order to convey
the fresh blue print for the integrated development useful information to customers, JSPL’s products
of the community. bear information labels providing details about
yy Timely consultations with the people at the village specifications, sizes and quality of the respective
level are carried out on a monthly basis in order to products. Against every sale, customers are provided
ensure effective implementation of the schemes as with test certificates issued by certified third parties
well as creative participation of the people. that contain quality parameters, as well as the
chemical and physical properties of the product.
yy Dialogue with NGOs, PRI representatives, community The above information is also available in product
members and opinion leaders are conducted often brochures that are given to customers.
in an informal mode
3. Is there any case filed by any stakeholder
yy Dialogue with the local administration, it is carried against the Company regarding unfair trade
on in a formal way based on the administrative practices, irresponsible advertising and/or anti-
requirement and also to understand the gaps in competitive behaviour during the last five years
Govt’s reach or for supplementing the Govt. Support. and pending as on end of financial year?
yy Monthly sharing of Progress with the appropriate No such case has been filed by stakeholders against
Administrative Departments & Functionaries, Reviews the Company regarding unfair trade practices,
are also undertaken by the Dist. Administration. irresponsible advertising and anti-competitive
behaviour during the last five years. Therefore, no
yy Infrastructures created are handed over to the such cases remain pending as on the end of the
villagers who own the property. A self-supportive financial year 2018-19.
village institution is groomed right from the
inception to partner in implementation. The assets 4. Did your Company carry out any consumer
created in the project are finally handed over to survey/ consumer satisfaction trends?
those institutions.
Yes, Customer satisfaction is computed by the
yy As mentioned above every programme is Company every month in respect of Key Accounts of
conceived and implemented in Collaboration with the Company based on the feedback collected from
the Community Grass root level institutions like the Key Customers. JSPL’s Management regularly
Village Watershed Committee, Kishori Mandal,Pani reviews the feedback/suggestion received by its
Panchayats, Farmers Club, Gaon Kalyan Samiti, sales team and customer care.
Cooperative and SHG Federation etc which are being For getting better understanding about
promoted and strengthen by JSPL/JSPL Foundation. stakeholder’s requirement and perception of its
These grassroot level institutions hand over the product & services, Company provides a platform
projects at the end of the projects period. The to its stakeholders by organising meets for masons,
grassroot level institutions facilitate to collaborate architects, structural engineers, designers, customers
with the Govt. Departments/Funding bodies for dealers, and distributors on regular basis. In these
ensuring sustainability of the interventions/impacts. meets top management of the company directly
interacts with its stakeholders.
Principle 9: Customer Value
1. What percentage of customer complaints/consumer For and on behalf of Board of Directors
cases are pending as on the end of financial year?
Naveen Jindal
100% customer complaints were resolved
Chairman
satisfactorily by the company during the year. In
DIN: 00001523
total company has received 44 valid complaints and
no complaint was pending as on the end of financial
Place: New Delhi
year 2018-19.
110
Independent Auditor’s Report

2019
To the Members of Jindal Steel & Power Limited for the year ended 31st March, 2019 which has been
Report on the Audit of the Standalone Financial shown as good and recoverable.
Statements
This matter was also qualified by us in our audit report on
standalone financial statements for the year ended 31st
QUALIFIED OPINION
ANNUAL REPORT
March, 2018.
We have audited the accompanying Standalone Financial
Statements of Jindal Steel & Power Limited (“the We conducted our audit in accordance with the Standards
Company”), which comprise the Balance Sheet as at 31st on Auditing (SAs) specified under Section 143(10) of
March 2019, the Statement of Profit and Loss (including the Act. Our responsibilities under those Standards are
Other Comprehensive Income), the Statement of Changes further described in the Auditor’s Responsibilities for the
in Equity and the Statement of Cash Flows for the year then Audit of the Standalone Financial Statements section
ended, including a summary of the significant accounting of our report. We are independent of the Company in
STANDALONE FINANCIAL
policies and other explanatory information (herein after accordance with the Code of Ethics issued by the Institute
referred to as “standalone financial statements”). of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the
In our opinion and to the best of our information and standalone financial statements under the provisions of
according to the explanations given to us, except for the the Act and the Rules thereunder, and we have fulfilled
effects / possible effects of our observations stated in “Basis our other ethical responsibilities in accordance with these
for Qualified Opinion”section below, the aforesaid standalone requirements and the Code of Ethics. We believe that
financial statements give the information required by the the audit evidence we have obtained is sufficient and
Companies Act, 2013 (“the Act”) in the manner so required appropriate to provide a basis for our qualified opinion.
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
KEY AUDIT MATTERS
Rules, 2015, as amended, (“Ind AS”) and other accounting Key Audit Matters are those matters that, in our professional
principles generally accepted in India, of the state of affairs judgement, were of most significance in our audit of the
of the Company as at 31st March, 2019, its loss (including standalone financial statements for the year ended 31st
Other comprehensive income/loss), changes in equity and March 2019. These matters were addressed in the context
its cash flows for the year ended on that date. of our audit of the standalone financial statements as a
whole, and informing our opinion thereon, and we do not
provide a separate opinion on these matters.
BASIS FOR QUALIFIED OPINION
We draw attention regarding impact on the net carrying In addition to the matters described in the Basis for
value of fixed assets/investment made in mining assets Qualified Opinion section we have determined the
not been considered for the reason stated in the Note No. matters described below to be the key audit matters to be
58 to the standalone financial statements of the Company communicated in our report:-
S. Description of Key Audit Matter How our audit addressed the key audit matters
No.
1 Recognition and measurement of taxation and tax litigation
The Company has significant tax and other Our procedures included:
litigations against it. There is a high level of We evaluated the design and tested the operating effectiveness of controls in
judgement required in estimating the level of place for the determination and recognition of tax and deferred tax balances. We
provisioning required and appropriateness of determined that we could rely on these controls for the purposes of our audit;
disclosure of those litigations as Contingent
Liabilities. We tested the underlying data in support of tax calculations;
The recognition and measurement of taxation We made enquiries regarding the tax assessments as well as the results of
(current tax, MAT, deferred tax assets and previous claims/ demands, and changes to the tax environments.
liabilities) requires management judgement For legal regulatory and tax matters our procedures included examining external
and assumptions. The recognition of deferred opinions obtained by management, examining relevant Group correspondences
tax assets and MAT credit entitlement involved discussing with Company’s legal counsel and tax head.
management’s estimation regarding likelihood We also involved our internal tax specialists to gain an understanding and to
of the realisation of these assets, in particular determine the level of exposure for tax litigation of the Company.
whether there will be taxable profits in future
periods that support recognition of these assets. In assessing management’s conclusions with respect to the recognition of
deferred tax assets/ MAT Credit entitlement, we evaluated the amount of tax
Refer Note 18, 25 and 40(a)(ii) (b) to the losses recognised in light of the future projected profitability.
Standalone Financial Statements
We determined that the tax balances were supportable and provision for taxes,
deferred tax assets and liabilities are recorded and assessed the adequacy of
disclosures in the standalone financial statements.
111
Independent Auditor’s Report Contd..
No.
2 Revenue Recognition
Revenue from the sale of goods (hereinafter Our procedures included:
referred to as “Revenue”) is recognised when Evaluating the integrity of the general information and technology control
the Company performs its obligation to its environment and testing the operating effectiveness of key IT application controls
customers and the amount of revenue can
be measured reliably and recovery of the Evaluating the design and implementation of Company’s controls in respect
consideration is probable. The timing of such of revenue recognition.
recognition in case of sale of goods is when Testing the effectiveness of such controls over revenue cut off at year-end
the control over the same is transferred to Testing the supporting documentation for sales transactions recorded during
the customer, which is mainly upon delivery. the period closer to the year end and subsequent to the year end, including
The timing of revenue recognition is examination of credit notes issued after the year end to determine whether
relevant to the reported performance of revenue was recognised in the correct period.
the Company. The management considers Performing analytical procedures on current year revenue based on monthly
revenue as a key measure for evaluation of trends and where appropriate, conducting further enquiries and testing.
performance. There is a risk of revenue being
recorded before control is transferred. Assessing the appropriateness of the Company’s revenue recognition
accounting policies in line with IND AS 115 (“Revenue from Contracts with
Refer Note 3.13 of the Standalone Financial Customers”) and testing thereof.
Statements – Significant Accounting Policies
INFORMATION OTHER THAN THE Standards (Ind AS) specified under Section 133 of the Act.
FINANCIAL STATEMENTS AND This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
AUDITOR’S REPORT THEREON the Act for safeguarding of the assets of the Company and
The Company’s Board of Directors is responsible for the for preventing and detecting frauds and other irregularities;
other information. The other information comprises the selection and application of appropriate accounting
information included in the Annual report, but does not policies; making judgments and estimates that are
include the standalone financial statements and our auditor’s reasonable and prudent; and design, implementation and
report thereon. The Annual Report is expected to be made maintenance of adequate internal financial controls, that
available to us after the date of this Auditors’ Report. were operating effectively for ensuring the accuracy and
Our opinion on the standalone financial statements does completeness of the accounting records, relevant to the
not cover the other information and we do not express preparation and presentation of the standalone financial
any form of assurance conclusion thereon. statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other In preparing the standalone financial statements,
information and, in doing so, consider whether the other management is responsible for assessing the Company’s
information is materially inconsistent with the financial ability to continue as a going concern, disclosing, as
statements or our knowledge obtained in the audit or applicable, matters related to going concern and using the
otherwise appears to be materially misstated. going concern basis of accounting unless management
When we read Annual Report, if we conclude that there either intends to liquidate the Company or to cease
is a material misstatement therein, we are required to operations, or has no realistic alternative but to do so.
communicate the matter to those charged with governance.
Those Board of Directors are also responsible for
RESPONSIBILITY OF MANAGEMENT overseeing the Company’s financial reporting process.
AND THOSE CHARGED WITH
GOVERNANCE FOR THE STANDALONE AUDITOR’S RESPONSIBILITIES FOR
FINANCIAL STATEMENTS THE AUDIT OF THE STANDALONE
FINANCIAL STATEMENTS
The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to Our objectives are to obtain reasonable assurance about
the preparation of these standalone financial statements whether the standalone financial statements as a whole
that give a true and fair view of the financial position/ are free from material misstatement, whether due to fraud
state of affairs, financial performance, total comprehensive or error, and to issue an auditor’s report that includes
income, changes in equity and cash flows of the Company our opinion. Reasonable assurance is a high level of
in accordance with the accounting principles generally assurance, but is not a guarantee that an audit conducted
accepted in India, including the Indian Accounting in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
112

2019
fraud or error and are considered material if, individually We communicate with those charged with governance
or in the aggregate, they could reasonably be expected regarding, among other matters, the planned scope
to influence the economic decisions of users taken on the and timing of the audit and significant audit findings,
basis of these standalone financial statements. including any significant deficiencies in internal control
that we identify during our audit.
ANNUAL REPORT
As part of an audit in accordance with SAs, we exercise

professional judgment and maintain professional skepticism We also provide those charged with governance with
throughout the audit. We also: a statement that we have complied with relevant
ethical requirements regarding independence, and to
yy Identify and assess the risks of material misstatement
communicate with them all relationships and other
of the standalone financial statements, whether
matters that may reasonably be thought to bear on our
due to fraud or error, design and perform audit
independence, and where applicable, related safeguards.
procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide

From the matters communicated with those charged with
a basis for our opinion. The risk of not detecting
governance, we determine those matters that were of
a material misstatement resulting from fraud is
most significance in the audit of the standalone financial
higher than for one resulting from error, as fraud
statements of the current period and are therefore the key
may involve collusion, forgery, intentional omissions,
audit matters. We describe these matters in our auditor’s
misrepresentations, or the override of internal control.
report unless law or regulation precludes public disclosure
yy Obtain an understanding of internal control relevant about the matter or when, in extremely rare circumstances,
to the audit in order to design audit procedures that we determine that a matter should not be communicated
are appropriate in the circumstances. Under Section in our report because the adverse consequences of doing
143(3)(i) of the Act, we are also responsible for so would reasonably be expected to outweigh the public
expressing our opinion on whether the Company has interest benefits of such communication.
adequate internal financial controls system in place
and the operating effectiveness of such controls. Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
yy Evaluate the appropriateness of accounting policies
aggregate, makes it probable that the economic decisions
used and the reasonableness of accounting estimates
of a reasonably knowledgeable user of the financial
and related disclosures made by management.
statements may be influenced. We consider quantitative
yy Conclude on the appropriateness of management’s materiality and qualitative factors in (i) planning the
use of the going concern basis of accounting and, scope of our audit work and in evaluating the results of
based on the audit evidence obtained, whether our work; and (ii) to evaluate the effect of any identified
a material uncertainty exists related to events or misstatements in the standalone financial statements.
conditions that may cast significant doubt on the
ability of the Company to continue as a going concern. REPORT ON OTHER LEGAL AND
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report
REGULATORY REQUIREMENTS
to the related disclosures in the standalone financial 1. As required by the Companies (Auditor’s Report)
statements or, if such disclosures are inadequate, to Order, 2016 (“the Order”), issued by the Central
modify our opinion. Our conclusions are based on the Government of India in terms of sub-section (11) of
audit evidence obtained up to the date of our auditor’s Section 143 of the Act, we give in the “Annexure A” a
report. However, future events or conditions may cause statement on the matters specified in paragraphs 3
the Company to cease to continue as a going concern. and 4 of the Order, to the extent applicable.
yy Evaluate the overall presentation, structure and content 2. As required by Section 143(3) of the Act, we report that:
of the standalone financial statements, including the
a) We have sought and obtained all the
disclosures, and whether the standalone financial
information and explanations which to
statements represent the underlying transactions and
the best of our knowledge and belief were
events in a manner that achieves fair presentation.
necessary for the purposes of our audit.
b) In our opinion, proper books of account
as required by law have been kept by the
Company so far as it appears from our
examination of those books.
113
c) The Balance Sheet, the Statement of Profit and 10.24 crores of earlier years/period, is subject to
Loss including other comprehensive income, the approval of members (read with note no. 54
the Statement of Changes in Equity and the (B) (a) to the standalone financial statements).
Statement of Cash Flows dealt with by this Report
h) With respect to the other matters to be
are in agreement with the books of account.
included in the Auditor’s Report in accordance
d) In our opinion, except for the effect / possible with Rule 11 of the Companies (Audit and
effect of the matters described in ‘Basis for Auditors) Rules, 2014, in our opinion and to the
Qualified Opinion’ section above, the aforesaid best of our information and according to the
standalone financial statements comply with explanations given to us:
the Indian Accounting Standards specified
i. The Company has disclosed the impact of
under Section 133 of the Companies Act, 2013.
pending litigations on its financial position
e) On the basis of the written representations in its standalone financial statements
received from the directors as on 31st March, – Refer Note No. 40 to the standalone
2019 taken on record by the Board of Directors, financial statements;
none of the directors is disqualified as on ii. The Company has made provision, as
31st March, 2019 from being appointed as a required under the applicable law or
director in terms of Section 164 (2) of the Act. Indian accounting standards, for material
f ) With respect to the adequacy of the internal foreseeable losses, if any, on long-term
financial controls over financial reporting of contracts including derivative contracts;
the Company and the operating effectiveness iii. There has been no delay in transferring
of such controls, refer to our separate Report amounts, required to be transferred, to
in “Annexure B”. Our report expresses modified the Investor Education and Protection
opinion on the adequacy and operating Fund by the Company during the year
effectiveness of the Company’s internal ended 31st March, 2019.
financial controls over financial reporting.
g) In our opinion and to the best of our
information and according to the explanations
For Lodha & Co.
given to us, the managerial remuneration for
Chartered Accountants
the year ended 31st March, 2019 has been paid/
FRN : 301051E
provided for by the Company to its directors
in accordance with the provisions of Section
197 read with Schedule V to the Act. In respect
(N. K. Lodha)
of remuneration/ excess remuneration paid/
Place: New Delhi Partner
provided for of ` 27.33 crores (including Rs.
Date: 21st May 2019 M. No. 085155
114
ANNEXURE “A”
2019
to the Independent Auditor’s Report

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date on the Standalone Financial Statements of JINDAL STEEL & POWER LIMITED for the year ended 31st
March 2019)
(i) (a) The Company has maintained proper records (v) In our opinion and according to the information
showing full particulars including quantitative and explanations given to us, the Company has not
ANNUAL REPORT
details and situation of fixed assets. accepted deposits from public within the provision
of section 73 to 76 of the Act or any other relevant
(b) The fixed assets have been physically verified
provisions of the Act and the rules framed there
by the management as per the regular
under (to the extent applicable). We have been
programme of periodical physical verification
informed that no order has been passed by the
in a phased manner, which, in our opinion is
Company Law Board or National Company Law
reasonable having regard to the size of the
Tribunal or Reserve Bank of India or any Court or
Company and the nature of its fixed assets.
other Tribunal in this regard.

The discrepancies noticed on such physical
verification were not material. (vi) We have broadly reviewed the books of account
maintained by the company pursuant to the rules
(c) According to the information and explanations
made by the Central Government for the maintenance
given to us and on the basis of our examination
of cost records under section 148(1) of the Act in
of the records of the Company, the title
respect of the company’s products to which the said
deeds of immovable properties(which are
rules are made applicable and are of the opinion that
included under the head ‘Property, plant and
prima facie, the prescribed records have been made
equipment’) are held in the name of the
and maintained. We have, however, not made a
Company read with footnote (5) of Note No. 5
detailed examination of the said records with a view
of the standalone financial statements.
to determine whether they are accurate or complete.
(ii) The inventories of the Company [except stock lying
(vii) According to the records of the company and
with the third parties (read with Note No. 55) and in
information and explanations given to us, in respect
transit], part of stores and spares, have been physically
of statutory dues:
verified by the management at reasonable intervals.
In our opinion, the procedures of physical verification (a) The Company has generally been regular in
of inventory followed by the management are depositing undisputed statutory dues, including
reasonable in relation to the size of the Company and Provident Fund, Employee’s State Insurance,
nature of its business. The discrepancies noticed on Income Tax, Custom Duty, Cess and other
such physical verification of inventory as compared to material statutory dues with the appropriate
book records were not material. authorities except of Goods and Service Tax , and
electricity duty where some delay in deposit have
(iii) The Company has not granted any secured or
been noticed, to the extent applicable. There
unsecured loan to any companies, firms, Limited
were no undisputed statutory dues payable as
Liability Partnerships or other parties covered in
at March 31, 2019 which were outstanding for
the register maintained under Section 189 of the
a period of more than six months from the date
Companies Act, 2013. Accordingly, the provisions of
they become payable .
Clauses 3(iii) (a), (b) & (c) of the Order are not applicable.
(b) The dues in respect of income tax, service tax,
(iv) According to the information, explanations and
duty of customs, duty of excise, , sales tax and
representations provided by the management and
value added tax that have not been deposited
based on the audit procedures performed, we are
with the appropriate authorities on account of
of the opinion that in respect of loans, investments,
any dispute and the forum where the dispute
guarantees and security, the Company has complied
is pending are given below: -
with the provisions of the Section 185 and 186 of the
Companies Act, 2013.
115
ANNEXURE “A”
to the Independent Auditor’s Report Contd..
S. Name of Nature Net of Pre- Period to which amount Closing Forum where dispute is pending
No. Statute of Dues Deposit 31.03.19 relates
1 219.83 FY 2010-11 to FY 2014-15 & CESTAT,Kolkata
March-11 to Nov-14
2 3.39 FY 2011-12 to FY 2014-15 Commissioner (Appeals),BBSR
3 0.33 FY 2012-13 to FY 2014-15 Asst. Commissioner, CEX
4 2.43 FY 2012-13 to FY 2014-15 Commissioner, CEX
5 102.7 FY 2007-08 to FY 2008-09 & CCE,Raipur
FY 2011-12 to FY 2015-16
6 4.81 FY 2003-04 & FY 2010-2014 High Court Bilaspur
7 43.54 FY 2007-08 , 2009-10 & FY CESTAT - Delhi
Central 2010-11 to 2014-15
Excise
8 Excise Act, 0.12 FY 2016-17 ACCE, Raigarh
Duty
1944
9 666.45 FY 2009-10 to FY 2013-14 Odisha High Court
10 19 FY 2010-11 to FY 2011-12 & CESTAT,BBSR
FY 2013-14 to FY 2014-15
11 0.31 FY 2015-16 to FY 2016-17 Assistant Commissioner of Central Excise,
Raipur
12 39.78 FY 2014-15 to FY 2016-17 Commissioner, Central Excise, Customs and
Service Tax
13 4.92 FY 2015-16 Principal Commissioner, GST & CX
Commissionerate, Rourkela
14 0.81 FY 2010-11 CESTAT Bhubaneshwar-II
15 0.09 FY 2005-06 Deputy Commissioner, Sales tax, Rourkela
16 0.45 FY 2006-07 Deputy Commissioner,Commercial Tax, Cuttack
17 7.52 FY 2012-13 to FY 2013-14 Hon’ble Orissa High Court
18 0.09 FY 2010-11 PENDING AT REVISION BOARD (Tribunal)
19 0.17 FY 2011-12 to FY 2013-14 Joint Commissioner
Central
20 Central 9.26 FY 2010-11 , FY 2012-13 & DCCT,Ramgarh
Sales Tax,
Sales Tax FY 2011-12 to FY 2013-14
1956
21 0.82 FY 2011-12 & 2014-15 Commissioner of Commercial Tax,Ranchi
22 39.62 FY 2014-15 Joint Commissioner of sales Tax, Angul
23 6.88 FY 2011-12 Deputy Commissioner of Commercial Taxes,
RAMGARH
24 1.36 FY 2015-16 Deputy Commissioner, CT & GST, Angul
25 8.62 FY 2013-14 to FY 2014-15 CESTAT - Hyderabad
26 2.14 FY 2011-12 DCC - Paradeep
Custom Custom
27 Act, 1962 Duty 3.66 FY 2012-13 CESTAT - Kolkata
28 5.75 FY 2005-06, FY 2011-12 & CESTAT, Mumbai
FY 2014-15
116
ANNEXURE “A”
2019
S. Name of Nature Net of Pre- Period to which amount Closing Forum where dispute is pending
No. Statute of Dues Deposit 31.03.19 relates
29 60.62 01.04.2007 to 31.10.2011 Sales Tax Tribunal Cuttack
30 Odisha 8.53 01.11.2010 to 31.07.2011 Odisha High Court
Entry Tax Entry Tax
ANNUAL REPORT
31 Act, 1999 58.87 01.04.2011 to 31.03.2015 Additional Commissioner of Sales Tax, Angul
32 38.03 April 2015 to June 2017 Deputy Commissioner of CT & GST, Angul
33 Jharkhand State 1.42 FY 2012-13 & FY 2014-15 Commissioner of Commercial Tax,Ranchi
34 VAT Act Sales Tax 0.3 FY 2013-14 DCCT,Ramgarh
35 5.99 FY 2014-15 Joint Commissioner of sales Tax, Angul
The
36 Odisha 0.58 FY 2015-16 Addl. Commissioner of CT & GST, Angul
State
37 Value 0.16 FY 2006-07 Deputy Commissioner,Commercial Tax

Sales Tax
Added Tax (Appeals),Cuttack
Act, 2004
38 17.07 FY 2012-13 to FY 2013-14 Hon’ble Orissa High Court
39 Tamil State 0.72 FY 2008-2009 to FY 2009-10 The Appellate Deputy Commissioner-III,
Nadu Vat Sales Tax Chennai
40 63.75 FY 2010-11 to FY 2015-16 CESTAT - New Delhi
41 0.38 FY 2011-12 to FY 2015-16 Commissioner (Appeals),Raipur
42 36.48 FY 2009-10 to FY 2016-17 CESTAT, Kolkata
43 0.16 FY 2015-16 to FY 2016-17 Assistant Commissioner of Central Excise,
The
Service Raipur
Finance
Tax
44 Act, 1994 6.88 October 2016 to June 2017 Assistant Commissioner CGST & CX, Division
Ramgarh
45 2.46 FY 2012-13 to FY 2015-16 Commissioner (Appeals) BBSR
46 0.34 FY 2015-16 Assistant Commissioner, Central GST & Excise,
Angul
47 965.13 FY 2005-06, 2006-07, ITAT,New Delhi
The 2009-10, 2010-11, 2011-12,
Income 2012-13
Income tax
Tax
48 Act,1961 452.76 FY 2008-09, 2009-10, Punjab & Haryana High Court
2010-11
49 0.05 FY 2010-11 Pending at Revision Board (Tribunal)
West State
50 Bangal Vat Sales Tax 0.23 FY 2013-14 Appellate Authority before Senior Joint
Commissioner
117
ANNEXURE “A”
(viii) In our opinion, on the basis of audit procedures and the standalone financial statements as required by
according to the information and explanations given the applicable Indian accounting standards [Read
to us, the company has not defaulted in repayment of with Note No. 54 (B)].
dues to banks and financial institutions. As at March
(xiv) During the year, the Company has not made any
31, 2019, there was no overdue financial obligations
preferential allotment or private placement of shares
to banks/ financial institutions/debenture holders.
or fully or partly convertible debentures and hence
(ix) The Company has not raised moneys by way of initial reporting under clause (xiv) of the Order is not
public offer or further public offer (including debt applicable to the Company (read with note no. 67 of
instruments). Money raised on term loans have been the standalone financial statements).
applied for the purposes for which loans were raised.
(xv) In our opinion and according to the information
(x) Based on the audit procedure performed and and explanations given to us, during the year,
according to the information and explanations given the Company has not entered into non-cash
to us by the management, no fraud by the Company transactions with its Directors or persons connected
or no material fraud on the Company by its officers to its directors and hence provisions of Section 192
or employees has been noticed or reported during of the Companies Act, 2013 are not applicable to the
the year. Company.
(xi) In our opinion and according to the information and (xvi) The Company is not required to be registered under
explanations given to us, managerial remuneration section 45-IA of the Reserve Bank of India Act, 1934.
has been paid or provided in accordance with the
requisite approvals mandated by the provisions of
Section 197 read with Schedule V of the Companies
Act, 2013, except for Remuneration paid to Key
Management Personnel, subject to members approval, For Lodha & Co.
as stated in footnote to Note No. 54(B)(a). Chartered Accountants
FRN : 301051E
(xii) The Company is not a Nidhi company and hence
reporting under clause 3(xii) of the Order is not
applicable to the Company.
(N. K. Lodha)
(xiii) In our opinion and according to the information Place: New Delhi Partner
and explanations given to us, the Company is Date: 21st May 2019 M. No. 085155
in compliance with Sections 177 and 188 of the
Companies Act, 2013 where applicable, for all
transactions with the related parties and the details
of related party transactions have been disclosed in
118
ANNEXURE “B”
2019

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)
Report on the Internal Financial Controls Over financial reporting, assessing the risk that a material
Financial Reporting under Clause (i) of Sub-section 3 weakness exists, and testing and evaluating the design
of Section 143 of the Companies Act, 2013 (“the Act”) and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on
We have audited the internal financial controls over the auditor’s judgement, including the assessment of the
ANNUAL REPORT
financial reporting of JINDAL STEEL & POWER LIMITED risks of material misstatement of the financial statements,
(“the Company”) as of 31st March 2019 in conjunction whether due to fraud or error.
with our audit of the standalone financial statements of
the Company for the year ended on that date. We believe that the audit evidence obtained is sufficient
and appropriate to provide a basis for our audit opinion
MANAGEMENT’S RESPONSIBILITY FOR on the Company’s internal financial controls system over
financial reporting.
INTERNAL FINANCIAL CONTROLS
The Company’s management is responsible for establishing

and maintaining internal financial controls based on the
MEANING OF INTERNAL FINANCIAL
internal control over financial reporting criteria established CONTROLS OVER FINANCIAL REPORTING
by the Company considering the essential components A company’s internal financial control over financial
of internal control stated in the Guidance Note on Audit reporting is a process designed to provide reasonable
of Internal Financial Controls Over Financial Reporting assurance regarding the reliability of financial reporting
issued by the Institute of Chartered Accountants of India. and the preparation of financial statements for external
These responsibilities include the design, implementation purposes in accordance with generally accepted
and maintenance of adequate internal financial controls accounting principles. A company’s internal financial
that were operating effectively for ensuring the orderly control over financial reporting includes those policies
and efficient conduct of its business, including adherence and procedures that (1) pertain to the maintenance of
to respective company’s policies, the safeguarding of its records that, in reasonable detail, accurately and fairly
assets, the prevention and detection of frauds and errors, reflect the transactions and dispositions of the assets
the accuracy and completeness of the accounting records, of the company; (2) provide reasonable assurance
and the timely preparation of reliable financial information, that transactions are recorded as necessary to permit
as required under the Companies Act, 2013. preparation of financial statements in accordance with
generally accepted accounting principles, and that
AUDITOR’S RESPONSIBILITY receipts and expenditures of the company are being made
only in accordance with authorisations of management
Our responsibility is to express an opinion on the Company’s
and directors of the company; and (3) provide reasonable
internal financial controls over financial reporting based on
assurance regarding prevention or timely detection
our audit. We conducted our audit in accordance with the
of unauthorised acquisition, use, or disposition of the
Guidance Note on Audit of Internal Financial Controls Over
company’s assets that could have a material effect on the
Financial Reporting (the “Guidance Note”) issued by the
standalone financial statements.
Institute of Chartered Accountants of India and the Standards
on Auditing prescribed under Section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of INHERENT LIMITATIONS OF INTERNAL
internal financial controls. Those Standards and the Guidance FINANCIAL CONTROLS OVER FINANCIAL
Note require that we comply with ethical requirements and REPORTING
plan and perform the audit to obtain reasonable assurance Because of the inherent limitations of internal financial
about whether adequate internal financial controls over controls over financial reporting, including the possibility
financial reporting was established and maintained and if of collusion or improper management override of
such controls operated effectively in all material respects. controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any
Our audit involves performing procedures to obtain evaluation of the internal financial controls over financial
audit evidence about the adequacy of the internal reporting to future periods are subject to the risk that
financial controls system over financial reporting and their the internal financial control over financial reporting may
operating effectiveness. Our audit of internal financial become inadequate because of changes in conditions,
controls over financial reporting included obtaining or that the degree of compliance with the policies or
an understanding of internal financial controls over procedures may deteriorate.
119
ANNEXURE “B”
QUALIFIED OPINION financial reporting criteria established by the Company

considering the essential components of internal control
According to the information and explanations given to us
stated in the Guidance Note on Audit of Internal Financial
and based on our audit, the following material weaknesses
Controls Over Financial Reporting issued by the Institute
has been identified in the operating effectiveness of
of Chartered Accountants of India.
the Company’s internal financial controls over financial
reporting as at 31st March 2019:
We have considered material weakness identified and
reported above in determining the nature, timing, and
(a) Provision/Impact of the net carrying value of fixed
extent of audit tests applied in our audit of the 31st March,
assets/investment made in mining assets not been
2019 standalone financial statements of the Company
considered (presently not determinable); which may
and these material weaknesses affect our opinion on
result in carrying the assets at higher value. (Read
standalone financial statements of the Company for the
with Note No. 58)
year ended 31st March 2019 [our audit report dated May
A ‘material weakness’ is a deficiency, or a combination 21, 2019, which expressed an qualified opinion on those
of deficiencies, in internal financial control over financial standalone financial statements of the Company].
reporting, such that there is a reasonable possibility that a
material misstatement of the Company’s annual or interim
financial statements will not be prevented or detected on
a timely basis. For Lodha & Co.
In our opinion, except for the effects / possible effects of the FRN : 301051E
material weaknesses described above in (a) under ‘Qualified
Opinion’ paragraph on the achievement of the objectives
of the control criteria, the Company has, in all material (N. K. Lodha)
respects, an adequate internal financial controls system Place: New Delhi Partner
over financial reporting and such internal financial controls Date: 21st May 2019 M. No. 085155
over financial reporting were operating effectively as
of March 31, 2019, based on the internal control over
120
Balance Sheet
2019
as at 31st March, 2019
` in crore
Particulars Note As at As at
31st March 2019 31st March 2018
ASSETS
(1.) Non - current assets
ANNUAL REPORT
(a) Property, plant and equipment 5 44,293.04 45,564.06

(b) Capital work - in - progress 5 1,584.10 2,653.99
(c) Intangible assets 6 69.68 72.37
(d) Intangible assets under development 40.02 35.30
(e) Biological assets other than bearer plants 7 0.14 0.14
(f ) Financial assets
(i) Investments 8 1,692.92 1,490.36
(ii) Loans 9 103.67 150.43
(iii) Bank balances 10 1.10 10.48
(g) Other non - current assets 11 465.79 387.61

(2.) Current assets
(a) Inventories 12 3,893.18 3,098.89
(b) Financial assets
(i) Trade receivables 13 903.60 794.31
(ii) Cash and cash equivalents 14 66.56 101.19
(iii) Bank balances other than (ii) above 15 34.24 24.92
(iv) Loans 16 1,619.52 1,046.54
(v) Other financial assets 17 315.81 1,018.49
(c) Current tax assets (net) 18 393.99 458.03
(d) Other current assets 19 2,150.58 3,169.49
(e) Assets held for sale 57 44.30 -
Total assets 57,672.24 60,076.60
EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 20 96.79 96.79
(b) Share warrant 21 a 4.80 4.80
(c) Other equity 21 b 22,446.97 22,690.97
LIABILITIES
(1) Non - current liabilities
(a) Financial liabilities
(i) Borrowings 22 12,338.00 14,411.05
(ii) Other financial liabilities 23 340.21 714.09
(b) Provisions 24 67.96 43.08
(c) Deferred tax liabilities (net) 25 3,366.47 3,673.45
(d) Other non - current liabilities 2,854.00 2,854.00
(2) Current liabilities
(i) Borrowings 26 5,257.37 6,910.19
(ii) Trade payables
(a) Total outstanding, dues of micro and small enterprises 84.39 -
(b) Total outstanding, dues of creditors other than 27 4,097.49 3,380.36
micro and small enterprises
(iii) Other financial liabilities 28 4,024.85 3,598.70
(b) Other current liabilities 29 2,649.27 1,667.76
(c) Provisions 30 43.67 31.36
Total Equity & Liabilities 57,672.24 60,076.60
See accompanying notes to the standalone financial statements
The notes referred to above form an integral part of financial statements
As per our report of even date For & on behalf of the Board of Directors
For Lodha & Co. Naveen Jindal N.A. Ansari

Chartered Accountants Chairman Joint Managing Director
Firm Registration No. 301051E DIN: 00001523 DIN: 03340568
N.K Lodha Deepak Sogani Jagdish Patra
Partner Chief Financial Officer Company Secretary
Membership No. 085155
Place: New Delhi
Date: 21st May, 2019
121
Statement of Profit and Loss

for the year ended 31st March, 2019
` in crore
Particulars Note Year ended Year ended

31st March, 2019 31st March, 2018
I Revenue from operations 31 27,863.33 18,112.34

Less: Captive Sales for own projects (147.36) (589.30)
II Other income 32 14.45 -
III Total income (I + II) 27,730.42 17,523.04
IV Expenses
Cost of materials consumed 33 11,902.71 6,915.13
Purchases of stock - in - trade 34 1,124.57 201.44
Changes in inventories of finished goods, 35 (109.71) (279.21)
work -in -progress and scrap
Employee benefits expense 36 619.77 525.18
Finance costs(Net) 37 2,895.76 2,391.15
Depreciation and amortisation expense 5&6 2,307.06 1,909.66
Excise Duty - 457.87
Other expenses 38 8,309.02 6,318.88
Total expenses 27,049.18 18,440.10
26,901.82 17,850.80
V Profit / (loss) before exceptional items and tax (III - IV) 828.60 (327.76)
VI Exceptional items(net) 62 1,398.38 344.02
VII Profit / (loss) before tax (V - VI) (569.78) (671.78)
VIII Tax expense
Deferred tax (expense)/credit 39 306.88 310.17
Total tax 306.88 310.17
IX Profit / (loss) for the period (VII - VIII) (262.90) (361.61)

X Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans (21.24) (0.29)
Income tax effect on above 7.35 0.10
(13.89) (0.19)
XI Total comprehensive income for the period (IX + X) (276.79) (361.80)
XII Earnings per equity share 41
(1) Basic (2.72) (3.95)
(2) Diluted (2.72) (3.95)

Place: New Delhi
122
Cash Flow Statement

2019
for the year ended 31st March,2019
` in crore
Particulars Year ended Year ended

31st March, 2019 31st March,2018
OPERATING ACTIVITIES
ANNUAL REPORT
Profit before tax (569.78) (671.78)

Adjustments to reconcile profit before tax to net cash flows
Depreciation & Amortisation 2,307.06 1,909.66
Loss/(Gain) on disposal of property, plant & equipment (0.69) 143.42
Loss/(Gain) on exceptional items (refer note no. 62) 1,398.38 -
Gain on sale of Investments - (249.40)
Liability / Provisions no longer required written back/ written off(net) (140.05) 284.78
Bad debts written off/ Provision for Doubtful debts & advances 11.47 30.00
Unbilled revenue written off 86.53 -
Unrealised foreign exchange loss/(Gain) (34.41) 23.16
Adjustment in the value of Non current investments (9.90) (7.11)
Share Option Outstanding Account/ ESPS 2.78 -
Finance costs (Net) 2,895.76 2,391.15
Operating Profit before Working Capital Changes 5,947.15 3,853.88
Working capital adjustments
Decrease/ (Increase) in trade and other receivables (120.76) (27.11)
Decrease/ (Increase) in inventories (772.12) (1,211.92)
Decrease/ (Increase) in Financial Assets 85.81 178.26
Decrease/ (Increase) in Non Current/ Current term Loans (5.20) (56.89)
Decrease/ (Increase) in Other Non Current/ Current Assets 248.15 831.05
Increase/ (decrease) in trade and other payables 864.17 1,012.16
Increase/ (decrease) in Other Financial Liabilities (441.88) (197.98)
Increase/ (decrease) in Other Current Liabilities 1,083.80 490.94
Increase/ (decrease) in Provisions 23.30 (2.01)
6,912.42 4,870.38
Income - tax paid 75.09 (10.19)
Net cash flows from (used in) operating activities (after 6,987.51 4,860.19
exceptional)
Investing activities
Purchase of property, plant & equipment, including CWIP and capital (716.37) (1,918.70)
advances
Proceeds from sale of property, plant & equipment 12.48 969.70
Short term loans given/ taken (net) (668.36) (275.00)
Interest Received 25.64 87.93
Proceeds from sale of non current investment - 251.40
Deposit with original maturity more than three months 1.87 8.33
Unpaid dividend accounts (1.82) (1.47)
Advance for sale of Investment - 8.13
Net cash flows from (used in) investing activities (1,346.56) (869.68)
Financing activities
Proceeds from issue of shares - 1,219.92
Proceeds from issue of share warrant - 168.37
Working Capital Borrowings from Banks/other short term loans (net) (1,583.93) (851.18)
123
Cash Flow Statement

for the year ended 31st March,2019 Contd..
` in crore
Proceeds from long term Borrowings 1,408.36 598.04
Repayment of long term borrowings (2,763.67) (1,912.26)
Interest Paid (2,736.34) (3,250.11)
Net cash flows from (used in) financing activities (5,675.58) (4,027.22)
Net increase (decrease) in cash and cash equivalents (34.63) (36.71)
Cash and cash equivalents at the beginning of the year 101.19 137.90
Cash and cash equivalents at year end 66.56 101.19
Components of cash and cash equivalent
Cash on hand 0.46 0.37
Cheques/Drafts in hand 0.54 0.02
Balances with banks:
On current accounts 32.61 85.73
On deposits accounts with original maturity of less than three months 32.93 15.06
on others 0.02 0.01
Cash and bank balances 66.56 101.19
Cash and cash equivalents as per note 14 66.56 101.19

Place: New Delhi
2019
STANDALONE FINANCIAL JINDAL STEEL & POWER LIMITED ANNUAL REPORT
A. EQUITY SHARE CAPITAL

` in crore
As at Movement As at Movement As at
1st April,2017 during 2017-18 31st March, 2018 during 2018-19 31st March, 2019
91.5 5.29 96.79 - 96.79
B. SHARE WARRANTS
` in crore
- 4.80 4.80 - 4.80
C. OTHER EQUITY
` in crore
Particulars Reserves and Surplus Items of other Total
comprehensive income
Securities Capital Debenture Share Option General Retained Remeasurement
124
premium Redemption Redemption Outstanding Reserve earnings of Defined Benefit

for the year ended 31st March,2019
account Reserve Reserve (DRR) Account Obligation / Plan

Balance as at 1st April, 2017 1.51 72.00 1,140.18 1,484.59 18,962.89 13.53 21,674.70
Profit & Loss for the year (361.61) (361.61)
Other comprehensive income for the year - (0.19) (0.19)
Movement during the year 1,378.20 198.41 (198.41) (0.13) 1,378.07
Balance as at 31st March, 2018 1,379.71 72.00 1,338.59 - 1,484.59 18,402.87 13.21 22,690.97
Other comprehensive income for the year - (13.89) (13.89)
Movement during the year - 215.14 32.79 (215.14) 32.79
As at 31st March, 2019 1,379.71 72.00 1,553.73 32.79 1,484.59 17,924.83 (0.68) 22,446.97
Statement of Changes in Equity

Place: New Delhi
125
Notes to the Standalone Financial Statements

as at and for the year ended 31st March, 2019
1. OVERVIEW (b) Application of New Accounting Pronouncements

Jindal Steel & Power Limited (“the Company”) is one The company has applied the following Ind AS
of the India’s leading steel producers with significant pronouncements pursuant to issuance of the
presence in sectors like mining and power generation. Companies (Indian Accounting Standards) Amendment
It is listed on the National Stock Exchange of India Rules, 2018. The effect is described below:
and Bombay Stock Exchange in India. Its business
(i) The Company has adopted Ind AS 115, Revenue
is spread across India and overseas. The registered
from Contract with Customers with effect from
office is situated in the state of Haryana, the corporate
1st April 2018 and it is detailed in note 3.13.
office is situated in New Delhi and the manufacturing
plants in India are in the states of Chhattisgarh, Odisha, (ii) The Company has elected to recognise
Jharkhand etc. The Company has global presence cumulative effect of initially applying Ind
through subsidiaries, mainly in Australia, Botswana, AS 115 retrospectively as an adjustment to
Cameroon, Dubai, Indonesia, Liberia, Mauritania, opening balance sheet as at 1st April 2018 on
Mauritius, Mozambique, Madagascar, Namibia, South the contracts that are not completed contract
Africa, Sultanate of Oman, Tanzania and Zambia and as at that date. There was no impact of above
representative office in China. There are several business on the opening balance sheet as at 1st April
initiatives running simultaneously across continents. 2018 and on the Statement of Profit and Loss
for the year ended 31st March, 2019.
These financial statements were approved and
adopted by the Board of Directors of the Company (iii) The Company has adopted Appendix B to
in their meeting held on 21st May, 2019. Ind AS 21, Foreign currency transactions and
advance consideration with effect from 1st
April 2018 prospectively to all assets, expenses
2. and income initially recognised on or after 1st
(a) Basis of Preparation of Financial Statements April 2018 and the impact on implementation
The financial statements have been prepared in of the Appendix is immaterial.
accordance with Indian accounting standards as
prescribed under Section 133 of the Companies 3. SIGNIFICANT ACCOUNTING POLICIES
Act, 2013 (the ‘Act’) read with Companies (Accounts)
3.1 Basis of Measurement
Rules, 2015 (Indian Accounting Standards (IND
AS)). The Company has consistently applied the These financial statements have been prepared
accounting policies used in the preparation of its under the historical cost convention on the accrual
financial statements. basis, except for the following assets and liabilities
which have been measured fair value:
The standalone financial statements provide
comparative information in respect of previous year. yy Property, Plant & Equipment (at fair value as
deemed cost as at 1st April 2015),
The significant accounting policies used in preparing
the financial statements are set out in Note no. 3 of yy Derivative financial instruments,
the Notes to the Standalone Financial Statements.
yy Defined benefit plans- plan assets measured at
The preparation of the financial statements in fair value
conformity with Indian Accounting Standards (Ind
AS) requires management to make judgments, yy Financial assets and liabilities except certain
estimates and assumptions that affect the reported investments and borrowings carried at
amounts of revenues, expenses, assets and liabilities, amortised cost (refer accounting policy
and the accompanying disclosures at the date of regarding financial instruments).
the financial statements. The judgments, estimates yy Share based payments
and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates The financial statements are presented in Indian
are recognised in the period in which the estimate Rupees (`) which is the Company’s functional and
is revised if the revision effects only that period or in presentation currency and all amounts are rounded
the period of the revision and future periods if the to the nearest crore (` 00,00,000) and two decimals
revision affects both current and future years and, if thereof, except as otherwise stated.
material, their effects are disclosed in the notes to
the financial statements. Actual results could vary
from these estimates. (Refer Note no. 4 on critical
accounting estimates, assumptions and judgments).
126

2019
as at and for the year ended 31st March, 2019 Contd..
3.2 Fair Value Measurement The residual values, useful lives and methods of
depreciation of property, plant and equipment are
Fair value is the price that would be received to sell
reviewed at each financial year end and adjusted
an asset or paid to transfer a liability in an orderly
prospectively.
transaction between market participants at the
measurement date. Capital work-in-progress: Expenditure related to
ANNUAL REPORT
and incurred on implementation of new/expansion-

The fair value of an asset or a liability is measured
cum-modernisation projects is included under capital
using the assumptions that market participants
work-in-progress until the relevant assets are ready
would use when pricing the asset or liability,
for its intended use. All other expenditure (including
assuming that market participants act in their
trial run/test run expenditures) during construction/
economic best interest.
erection period (net of income) are shown as part
A fair value measurement of a non- financial asset of pre-operative expenditure pending allocation/
takes into account a market participant’s ability to capitalisation and the same is allocated to the respective
generate economic benefits by using the asset in asset on completion of its construction/erection.
its highest and best use or by selling it to another
Depreciation: Depreciation on property, plant and
market participant that would use the asset in its
equipment is provided on straight-line method
highest and best use.
(SLM) as per the useful life of assets, as estimated by
For the purpose of fair value disclosures, the the management / independent professional, which
Company has determined classes of assets and is generally in line with Schedule II to the Companies
liabilities on the basis of the nature, characteristics Act, 2013 except for certain assets specified below:
and risks of the asset or liability and the level of the
1. Plant and equipment :
fair value hierarchy in which they fall.
yy Power generating units: 40-60 years
3.3 Property, plant and equipment yy Certain continuous process plants: 25-
On transition to IND AS, the Company has adopted 48 years
optional exception under IND AS 101 to measure yy Certain Other Plant and equipment: 15-
Property, Plant and Equipment at fair value. 35 years
Consequently the fair value has been assumed to be
2. Certain non–factory buildings: 18-30 Years
deemed cost of Property, Plant and Equipment on
the date of transition. Subsequently Property, Plant Subsequent to adoption of fair value as deemed
and Equipment are stated at cost/ deemed cost less cost of property, plant and equipment as at 1st
accumulated depreciation and impairment losses, if April 2015 under IND AS 101, depreciation is
any. Costs include costs of acquisition or construction charged on fair valued amount less estimated
including incidental expenses thereto, borrowing salvage value.
costs, and other attributable costs of bringing the Based on management evaluation, depreciation
asset to its working condition for its intended use and rates currently used fairly reflect its estimate of
are net of available duty/tax credits. the useful lives and residual values of property,
Subsequent expenditure relating to property, plant and equipment.
plant and equipment is capitalised only when it is Certain plant and machinery have been
probable that future economic benefits associated considered as continuous process plant on the
with these will flow to the Company and the cost of basis of technical assessment and depreciation
the item can be measured reliably. All other repair on the same is provided for accordingly.
and maintenance costs are recognised in Statement
of Profit & Loss as incurred. Leasehold land is amortised on a straight line
basis over the period of lease.
Gains or losses arising from discard/sale of Property,
Plant and Equipment are measured as the difference 3.4 Intangible assets
between the net disposal proceeds and the Capital expenditure on purchase and development
carrying amount of the asset and are recognised in of identifiable non monetary assets without physical
the statement of profit and loss when the asset is substance is recognised as Intangible Assets when:
discarded / sold.
yy it is probable that the expected future
The Company adjusts exchange differences arising economic benefits that are attributable to the
on translation/settlement of long-term foreign asset will flow to the entity; and
currency monetary items as referred in Policy for
Foreign exchange transactions. (Refer Note no 5) yy the cost of the asset can be measured reliably.
127

Such Intangible assets are stated at cost less accumulated 3.6 Biological assets
amortisation and impairment losses, if any.
Biological assets are measured at cost. Feeding and
Intangible Assets are amortised on straight-line maintenance costs are expensed as incurred.
method over the expected duration of benefits. The
amortisation period and the amortisation method 3.7 Investment property
for an intangible asset with a finite useful life are
Investment properties are measured at cost,
reviewed at least at the end of each financial year.
including transaction costs less accumulated
Changes in the expected useful life or the expected
depreciation and impairment losses, if any.
pattern of consumption of future economic benefits
embodied in the assets are considered to modify the
amortisation period or method, as appropriate, and 3.8 Impairment
are treated as changes in accounting estimates and The carrying amount of Property, plant and
adjusted prospectively. equipment, Intangible assets and Investment
Estimated useful lives of intangible assets are as property are reviewed at each Balance Sheet date
follows: to assess impairment, if any based on internal /
external factors. An asset is treated as impaired
yy Computer software - 1 to 10 years when the carrying cost of asset or exceeds its
recoverable value being higher of value in use and
yy Design & Drawings- 5 years
net selling price. An impairment loss is recognised
yy Licenses - 25 years as an expense in the Statement of Profit & Loss in
the year in which an asset is identified as impaired.
3.5 Intangible assets under development The impairment loss recognised in prior accounting
Mines development expenditure incurred in respect period is reversed, if there has been an improvement
of new iron ore/coal and likewise mines are shown in recoverable amount.
under ‘Intangible assets under development’. On
mines being ready for intended use, this amount 3.9 Leases
is transferred to appropriate head under intangible The determination of whether an arrangement is,
assets and amortised over a period of ten years or contains, a lease is based on the substance of
starting from the said year or the future expected the arrangement at the inception date, whether
extraction period of the reserves based on actual fulfillment of the arrangement is dependent on the
extraction till date, whichever is shorter. use of a specific asset or assets or the arrangement
Development expenditure incurred on an individual conveys a right to use the asset, even if that is not
project is recognised as an intangible asset when explicitly specified in an arrangement.
the Company can demonstrate all the following: a. Finance lease
yy The technical feasibility of completing the A lease that transfer substantially all the risk
intangible asset so that it will be available for use and rewards incidental to ownership to the
or sale Company is classified as finance lease.
yy Its intention to complete the asset Assets taken on lease are capitalised at the
yy Its ability to use or sell the asset commencement of the lease at the inception
date at lower of fair value of the lease property
yy How the asset will generate future economic or present value of the minimum lease
benefits payments.
yy The availability of adequate resources to Lease payments are apportioned between
complete the development and to use or sell finance charges and reduction of lease liability
the asset so as to achieve a constant rate of interest on
yy The ability to measure reliably the expenditure the remaining balance of the liability. Finance
attributable to the intangible asset during charges are recoginsed in finance cost in the
development. Statement of Profit or Loss. A leased asset is
depreciated over its useful life.
128

2019
b. Operating lease 3.12 Foreign Currency Transactions

An operating lease is a lease other than a yy Transactions in foreign currencies are initially
finance lease. Lease in which a significant recorded by the Company at rates prevailing
portion of the risks and rewards of ownership at the date of the transaction. Subsequently,
are retained by lessor are classified as operating monetary items are translated at closing
ANNUAL REPORT
leases. The rental payments under operating exchange rates of balance sheet date and the
lease are recognised as expense in the resulting exchange difference recognised in
statement of profit and loss on a straight-line profit or loss. Differences arising on settlement
basis over the lease term unless the payments of monetary items are also recognised in profit
are structured to increase in line with expected or loss. Non-monetary items that are measured
general inflation to compensate for the in terms of historical cost in a foreign currency
expected inflationary cost increases. are translated using the exchange rates at the
dates of the transaction. Non-monetary items

3.10 Borrowing Costs (Other than investment in shares of Subsidiaries,
Joint Ventures and Associates) carried at
Borrowing costs include interest and other costs
fair value that are denominated in foreign
that the Company incurs in connection with the
currencies are translated at the exchange rates
borrowing of funds.
prevailing at the date when the fair value was
Borrowing costs related to a qualifying asset that determined. Exchange component of the gain
necessarily takes a substantial period of time to or loss arising on fair valuation of non-monetary
get ready for its intended use is worked out on the items is recognised in line with the gain or loss
basis of actual utilisation of funds out of project of the item that gave rise to such exchange
specific loans and/or other borrowings to the difference.
extent identifiable with the qualifying asset and is
yy The Company has availed the exemption
capitalised with the cost of qualifying asset, using
available in IND AS 101, to continue
the effective interest method. All other borrowing
capitalisation of foreign currency fluctuation
costs are charged to statement of profit and loss.
on long term foreign currency monetary
In case of significant long term loans, other costs liabilities outstanding on transition date.
incurred in connection with the borrowing of funds
are amortised over the period of respective Loan. 3.13 Revenue Recognition
yy Revenue from contracts with customers is
3.11 Valuation of Inventories
recognised on transfer of control of promised
Inventories are valued at lower of cost, computed on goods or services to a customer at an amount
weighted average basis, or net realisable value. Cost that reflects the consideration to which the
of inventories includes in case of raw material, cost of Company is expected to be entitled to in
purchase and incidental expenses; in case of work- exchange for those goods or services.
in-progress, estimated direct cost and appropriate
yy Revenue towards satisfaction of a performance
proportion of administrative and other overheads;
obligation is measured at the amount of
in case of finished goods, estimated direct cost and
transaction price (net of variable consideration)
appropriate administrative and other overheads and
allocated to that performance obligation. The
excise duty; and in case of traded goods, cost of
transaction price of goods sold and services
purchase and other costs.
rendered is net of variable consideration on
Scrap is valued at estimated realisable value. However account of various discounts and schemes
raw materials, components, stores and spares held offered by the Company as part of the contract.
for use in the production of finished goods are not This variable consideration is estimated based
written down below cost if the finished products are on the expected value of outflow. Revenue
expected to be sold at or above cost. (net of variable consideration) is recognised
only to the extent that it is highly probable that
Net realisable value is the estimated selling price in the amount will not be subject to significant
the ordinary course of business, less estimated costs reversal when uncertainty relating to its
of completion and estimated costs necessary to recognition is resolved.
make the sale.
yy Revenue from sale of products is recognised
Initial cost of inventories includes the transfer of gains when the control on the goods have been
and losses on qualifying cash flow hedges, recognised transferred to the customer. The performance
in OCI, in respect of the purchases of raw materials.
129

obligation in case of product is satisfied at a 3.15 Other Income

point in time i.e., when the material is shipped
yy Claims receivable
to the customer or on delivery to the customer,
The quantum of accruals in respect of claims
as may be specified in the contract. Revenue
receivable such as from railways, insurance,
is measured at fair value of the consideration
electricity, customs, excise and the like are
received or receivable. The Company recognises
accounted for on accrual basis to the extent
revenue from sale of products net of discounts,
there is reasonable certainty of realisation.
sales incentives, rebates granted, returns, GST,
VAT, sales tax and duties when the products are yy Dividend Income from Investment
delivered to customer or when delivered to a Dividend income from investments is
carrier for export sale, which is when significant recognised when the right to receive payment
risks and rewards of ownership pass to the has been established.
customer, Sale of product is presented gross of
yy Interest Income
manufacturing taxes like excise duty, wherever
Interest income is recognised on a time
applicable.
proportion basis taking into account the
yy Income from aviation and other services is amount outstanding and the applicable interest
accounted for at the time of completion of rate. Interest income is netted off from interest
service and billing thereof. cost under the head “Interest Cost (Net)” in the
statement of profit and loss.
yy Revenue from sale of power is recognised
when delivered and measured based on 3.16 Employee Benefits
bilateral contractual arrangements.
yy Short term employee benefits are recognised
yy Export benefits available are accounted for in as an expense in the Statement of Profit and
the year of export, to the extent the realisation Loss of the year in which the related services
of the same is not considered uncertain by the are rendered.
Company.
yy Payment to defined contribution plan is
yy Government grants/ subsidies are recognised recognised as expense when employees
at fair value where there is reasonable certainty have rendered services. Re-Measurements of
that the grant /subsidy will be received and all the defined benefit liability/asset comprising
attached conditions will be complied with. The actuarial gains and losses are recognised in
grant/subsidy is recognised in the statement other comprehensive income.
of profit and loss on a systematic basis over the
yy The liability for gratuity, a defined benefit
periods in which the Company recognises as
plan is determined using the projected
expenses the related costs for which the grants
unit credit method, on the basis of actuarial
are intended to compensate.
valuations carried out by third party actuaries
at each balance sheet date. Re-Measurements
3.14 Inter-Division Transfers/Captive sales
comprising actuarial gains and losses arising
yy Inter-division transfer of independent from experience adjustments and changes in
marketable products, produced by various actuarial assumptions are charged / credited
divisions and used for further production/sales to Other Comprehensive Income in period in
is accounted for at approximate prevailing which they arise. Other costs are accounted for
market price/other appropriate price. in Statement of Profit and Loss.
yy Captive sales are in regard to products yy Liability in respect of compensated absences
produced by various divisions and used for due or expected to be availed within one
capital projects. These are transferred at factory year from the Balance Sheet date is estimated
cost to manufacture. on the basis of valuation carried out by third
party actuaries at each Balance Sheet date. Re-
yy The value of inter-divisional transfer and
Measurements comprising actuarial gains and
captive sales is netted off from sales and
losses arising from experience adjustments
corresponding cost under cost of materials
and changes in actuarial assumptions are
consumed and total expenses respectively.
charged / credited to profit and loss in the
The same is shown as a contra item in the
period in which they arise.
statement of profit and loss.
yy Any unrealised profit on unsold/unconsumed
stocks is eliminated while valuing the inventories.
130

2019
yy Share based compensation benefits are 3.19 Provisions, contingent liabilities,

recognised in the profit and loss in the year in commitments and contingent assets
which the same is granted as per Employees
Provisions are recognised for present obligations
Share Purchase Scheme/ JSPL Employees Stock
of uncertain timing or amount arising as a result
Option Plan of the Company.
of a past event where a reliable estimate can
ANNUAL REPORT
be made and it is probable that an outflow of

3.17 Research and Development expenditure
resources embodying economic benefits will be
Revenue expenditure on research is expensed as required to settle the obligation.
incurred. Capital expenditure incurred on research is
Where it is not probable that an outflow of
added to the cost of Property, plant and equipment/
resources embodying economic benefits will
respective intangible asset.
be required or the amount cannot be estimated
reliably, the obligation is disclosed as a contingent
3.18 Taxes on Income

liability and commitments, unless the probability
Tax expense comprises current and deferred tax. Current of outflow of resources embodying economic
income-tax is measured at the amount expected to benefits is remote.
be paid to the tax authorities in accordance with the
Contingent assets are not recognised but
Income-tax Act, 1961 enacted in India and tax laws
disclosed in the financial statements when an
prevailing in the respective tax jurisdictions where the
inflow of economic benefits is probable.
company operates. The tax rates and tax laws used to
compute the amount are those that are enacted or If the effect of the time value of money is material,
substantively enacted, at the reporting date. provisions are discounted using a current pre-tax
rate that reflects, when appropriate, the risks
Deferred tax is provided on temporary difference
specific to the liability. When discounting is used,
arising between the tax bases of assets & liabilities and
the increase in the provision due to the passage
their carrying amounts for financial reporting purposes
of time is recognised as a finance cost.
at the reporting date. Deferred tax is measured using
the tax rate that are expected to apply in the year when
3.20 Earnings per share
the asset is realised or the liability is settled based on
the tax rates and the tax laws enacted or substantively Basic earnings per share is computed using the net
enacted at the reporting date. Deferred tax relating to profit/ (loss) for the year (without taking impact of
items recognised directly in equity/OCI is recognised in OCI) attributable to the equity shareholders’ and
equity/OCI and not in the statement of profit and loss. weighted average number of shares outstanding
during the year. The weighted average numbers
Deferred tax asset is recognised to the extent that it
of shares also includes fixed number of equity
is probable that sufficient future taxable profit will be
shares that are issuable on conversion of
available against which the deductible temporary
compulsorily convertible preference shares,
differences and the carry forward unused tax credits
debentures or any other instrument, from the
and unused tax losses can be utilised. The carrying
date consideration is received (generally the date
amount of deferred tax assets is reviewed at each
of their issue)of such instruments. The diluted EPS
reporting date and reduced to the extent that it is no
is calculated on the same basis as basic EPS, after
longer probable that sufficient taxable profit will be
adjusting for the effect of potential dilutive equity
available to allow all or part of the deferred tax asset to
shares unless impact is anti-dilutive.
be utilised.
In the situations where the Company is entitled to a tax 3.21 Segment Reporting
holiday under the Income-tax Act, 1961 enacted in India
yy Identification of Operating segments
or tax laws prevailing in the respective tax jurisdictions
The Company’s operating businesses
where it operates, no deferred tax [asset or liability] is
are organised and managed separately
recognised in respect of temporary differences which
according to the nature of products
reverse during the tax holiday period.
manufactured and services provided, with
Minimum Alternate tax (MAT) credit is recognised as an each segment representing a strategic
asset only when and to the extent there is convincing business unit that offers different products
evidence that the Company will pay normal income tax and as reviewed by the Chief operating
during the specified period. decision maker of the Company.
131

yy Inter-segment transfers cash flows that are solely payments of

principal and interest on the principal
The Company recognises inter-segment sales
amount outstanding.
and transfers as if they were to third parties at
current market prices. yy Financial assets at fair value through
other comprehensive income
yy Allocation of common costs
A financial asset is subsequently
Common allocable costs are allocated to each
measured at fair value through other
segment on reasonable basis.
comprehensive income which is held
yy Unallocated items with objective to achieve both collecting
contractual cash flows and selling
It includes general administrative expenses,
financial assets and the contractual
corporate & other office expenses, income
terms of the financial asset give rise on
that arises at the enterprise level and relate to
specified dates to cash flows that are
enterprise as a whole being not allocable to
solely payments of principal and interest
any business segment and also un-allocable
on the principal amount outstanding.
assets & liabilities that relate to the company as
The Company has made an election
whole and not allocable to any segment.
for its investments which are classified
yy Segment Policies as equity instruments (other than
investment in shares of Subsidiaries,
The Company prepares its segment information Joint Ventures and Associates) to present
in conformity with the accounting policies the subsequent changes in fair value
adopted for preparing and presenting the through profit and loss account
financial statements of the Company as a whole.
yy Financial assets at fair value through
3.22 Financial Instruments profit or loss
A financial instrument is any contract that gives A financial asset which is not classified
rise to a financial asset of one entity and a financial in any of the above categories are
liability or equity instrument of another entity. subsequently fair valued through profit
or loss. The Company has elected to
yy Initial Recognition measure its investments which are
The Company recognises financial assets and classified as equity instruments (other
financial liabilities when it becomes a party to than investment in shares of Subsidiaries,
the contractual provisions of the instrument. Joint Ventures and Associates) at fair
All financial assets and liabilities are recognised value through profit and loss account.
at fair value on initial recognition. Transaction yy Impairment of financial assets
costs that are directly attributable to the
acquisition or release of financial assets and The Company recognises loss allowances
financial liabilities respectively, which are not using the expected credit loss (ECL)
at fair value through profit or loss, are added model for the financial assets which are
to the fair value of underlying financial assets not fair valued through profit or loss.
and liabilities on initial recognition. Trade For impairment purposes significant
receivables and trade payables that do not financial assets are tested on an individual
contain a significant financing component are basis, other financial assets are assessed
initially measured at their transaction price. collectively in groups that share similar
credit risk characteristics.
yy Subsequent Measurement
The Company recognises lifetime
a. Non- Derivative Financial Instruments expected losses for all trade receivables.
For all other financial assets, expected
yy Financial assets carried at amortised cost credit losses are measured at an amount
A financial asset is subsequently equal to the 12 month expected credit
measured at amortised cost which is losses or at an amount equal to the life
held with objective to hold the asset in time expected credit losses if the credit
order to collect contractual cash flows risk on the financial asset has increased
and the contractual terms of the financial significantly since initial recognition. The
asset give rise on specified dates to amount of expected credit losses (or
132

2019
reversal) that is required to adjust the loss b. Derivative Financial Instruments

allowance at the reporting date to the
Derivative instruments such as forward
amount that is required to be recognised
currency contracts are used to hedge foreign
is recognised as an impairment gain or
currency risks, and are initially recognised
loss in profit or loss.
at their fair values on the date on which a
ANNUAL REPORT
The Company follows ‘simplified derivative contract is entered into and are
approach’ for the recognition of subsequently re-measured at fair value on each
impairment loss allowance on trade and reporting date. A hedge of foreign currency
other receivables. risk of a firm commitment is accounted for as
a fair value hedge. Any gains or losses arising
The application of simplified approach
from changes in the fair value of derivatives
does not require the Company to
are taken directly to Statement of Profit and
track changes in credit risk. Rather, it
Loss. However, if hedging instrument hedges

recognises impairment loss allowance
an equity instrument for which the Company
based on lifetime ECLs at each reporting
has elected to present changes as at fair value
date, right from its initial recognition.
through other comprehensive income, then
The Company uses a provision matrix to fair value changes are recognised in Other
determine impairment loss allowance Comprehensive Income.
on portfolio of its trade receivables. The
yy Derecognition
provision matrix is based on its historically
observed default rates over the expected The Company derecognises a financial
life of the receivables and is adjusted asset when the contractual rights to the
for forward-looking estimates. At every cash flows from the financial asset expire
reporting date, the historical observed or it transfers the financial asset and the
default rates are updated and changes transfer qualifies for derecognition as per
in the forward-looking estimates are Ind AS 109. A financial liability (or a part
analysed. of a financial liability) is derecognised
from the company’s balance sheet when
yy Financial liabilities
the obligation specified in the contract is
Financial liabilities are subsequently discharged or cancelled or expires.
carried at amortised cost using the
yy Offsetting of financial instruments
effective interest method. Financial
liabilities at fair value through profit and Financial assets and financial liabilities
loss includes financial liability held for are offset and the net amount is
trading and financial liability designated reported in the balance sheet if there
upon initial recognition as at fair value is a currently enforceable legal right to
through profit and loss. offset the recognised amounts and there
is an intention to settle on a net basis, to
yy Investment in Subsidiaries,
realise the assets and settle the liabilities
Associates and Joint Ventures
simultaneously.
Investment in equity shares of
yy Reclassification of financial assets
subsidiaries, associates and joint ventures
is carried at cost in the standalone The Company determines classification
financial statements. of financial assets and liabilities on initial
recognition. After initial recognition, no
yy Cash and cash equivalents
reclassification is made for financial assets
Cash and cash equivalents consist of cash, which are equity instruments and financial
bank balances in currents and short-term liabilities. For financial assets which are
highly liquid investments that are readily debt instruments, a reclassification is made
convertible to known amounts of cash only if there is a change in the business
and which are subject to an insignificant model for managing those assets. Changes
risk of changes in value. to the business model are expected to
be infrequent. The company’s senior
management determines change in the
business model as a result of external or
internal changes which are significant to
133

the Company’s operations. Such changes obsolescence, excess inventory and inventories
are evident to external parties. A change with carrying values in excess of net realisable value
in the business model occurs when the based on assessment of the future demand, market
company either begins or ceases to conditions and specific inventory management
perform an activity that is significant to initiatives. In all cases inventory is carried at the
its operations. If the company reclassifies lower of historical cost and net realisable value.
financial assets, it applies the reclassification
prospectively from the reclassification date
Accounting Standards, interpretations and
which is the first day of the immediately
amendments to existing standards that are effective
next reporting period following the
from 1st April , 2019
change in business model. The company
does not restate any previously recognised
Ministry of Corporate Affairs (“MCA”), through companies
gains, losses (including impairment gains
(Indian Accounting Standards) Amendment Rules, 2019
or losses) or interest.
and Companies (Indian Accounting Standards) Second
Amendment Rules, has notified the following new
4. CRITICAL ACCOUNTING ESTIMATES, amendments and IND ASs which are effective from 1st
ASSUMPTIONS AND JUDGEMENTS April 2019
4.1 Property, plant and equipment 1. W.e.f. 1st April 2019 Ind AS 116 Leases will replace
External advisor and/or internal technical team existing leases standard, Ind AS 17 Leases. Lessee
assess the remaining useful life and residual value will follow Single Lease Accounting. There is no
of property, plant and equipment. Management classification as operating or finance Lease for Lessee.
believes that the assigned useful lives and residual Under Ind AS 116 Lessee will recognise assets and
values are reasonable. liabilities for all leases with the term of more than 12
months, unless the underlying assets of low value.
4.2 Intangibles Lessee would recognise depreciation expense on
the right to use of asset and interest expense on
Internal technical and user team assess the the lease liability, classify the lease payment into
remaining useful lives of Intangible assets. principle and interest component
Management believes that assigned useful lives are
reasonable. All Intangibles are carried at net book Management is currently reviewing the operating
value on transition. lease contracts in place to determine the impact of
this standard.
4.3 Mine restoration obligation
2. The Following standards or amendments made in
In determining the cost of the mine restoration below mentioned standards are not expected to
obligation the Company uses technical estimates to have a material impact over financials statements :
determine the expected cost to restore the mines
and the expected timing of these costs. i) Ind AS 12 - Income Taxes (amendments relating
to income tax consequences of dividend and
4.4 Liquidated damages uncertainty over income tax treatments).
Liquidated damages payable or receivable are ii) Ind AS 28 - Long Investment in Associates and
estimated and recorded as per contractual terms/ Joint Ventures, and
management assertion; estimate may vary from iii) Ind AS 112 - Disclosure of Interest in other
actuals as levy by customer/vendor. entities.
4.5 Other estimates iv) Ind AS 109 - Prepayments features with

negative compensation.
The Company estimates the un-collectability of
accounts receivable by analyzing historical payment v) Ind AS 19 - Plan Amendment, Curtailment or
patterns, customer concentrations, customer Settlement.
credit-worthiness and current economic trends. If vi) Ind AS 23 - Borrowing Costs
the financial condition of a customer deteriorates,
additional allowances may be required. Similarly,
as stated above the Company provides for other
receivables / recovery against services, interest,
etc. Also, the Company provides for inventory
2019
5. PROPERTY, PLANT & EQUIPMENT

` in crore
Particulars Freehold Lease Hold Building Plant & Electrical Furniture Vehicles Aircrafts Office Total
Land Land including Machinery Fittings fixtures equipment
roads and others
Gross Carrying value (Cost/ Deemed cost) -
As at 01st April,2017 2,727.79 2,633.46 6,541.55 32,658.86 831.84 75.07 75.36 21.31 39.33 45,604.57
Additions 0.43 0.06 760.67 5,845.22 658.25 4.02 1.64 - 5.85 7,276.14
Disposals (1.18) - (30.90) (1,164.37) (20.50) (0.46) (8.27) - (0.93) (1,226.61)
Other adjustments - - 2.72 18.86 2.73 - 0.00 - (0.00) 24.31
As at 31st March,2018 2,727.04 2,633.52 7,274.04 37,358.57 1,472.32 78.63 68.73 21.31 44.25 51,678.41
Additions 3.36 18.53 220.56 911.05 28.53 22.90 0.43 - 3.47 1,208.83
Disposals - - - (12.37) - - (3.27) - (0.02) (15.66)
Other adjustments (21.15) (14.93) (14.13) (140.09) (2.63) (0.38) (0.08) - (0.42) (193.81)
As at 31st March, 2019 2,709.25 2,637.12 7,480.47 38,117.16 1,498.22 101.15 65.81 21.31 47.28 52,677.77
Accumulated Depreciation as at 01st April,2017 - 76.38 675.60 3,246.80 126.51 26.38 26.63 3.47 20.43 4,202.19
134
Charge for the year - 39.21 321.08 1,557.29 76.76 11.03 11.17 1.74 7.41 2,025.69
Disposals - - (5.62) (102.02) (1.92) (0.12) (3.40) - (0.45) (113.53)
Adjustments - - - 0.00 0.00 0.00 - - 0.00 0.00
Accumulated Depreciation as at 31st March,2018 - 115.59 991.06 4,702.07 201.35 37.29 34.40 5.21 27.39 6,114.36
Charge for the year - 39.61 306.11 1,813.48 113.99 10.69 8.64 1.76 6.39 2,300.67
Disposals - - - (2.22) - - (1.64) - (0.02) (3.88)
Adjustments - (2.22) (1.92) (21.22) (0.56) (0.15) (0.05) - (0.30) (26.42)
As at 31st March, 2019 - 152.98 1,295.25 6,492.11 314.78 47.83 41.35 6.97 33.46 8,384.73
Net Block
As at 31st March, 2018 2,727.04 2,517.93 6,282.98 32,656.51 1,270.97 41.34 34.32 16.10 16.86 45,564.06
As at 31st March, 2019 2,709.25 2,484.14 6,185.22 31,625.05 1,183.44 53.32 24.46 14.34 13.82 44,293.04
Capital work in progress (CWIP)
As at 31st March, 2018 2,653.99
As at 31st March, 2019 1,584.10
1. Borrowing cost incurred during the year and transferred to capital work-in-progress is Nil (March 31, 2018 ` 293.25 crore).
2. Depreciation capitalised during the year Nil (March 31, 2018 ` 125.42 crore)
3. As per the policy, the Company continues to capitalise foreign currency fluctuation on all long term foreign currency borrowings outstanding on March 31, 2016.
Accordingly additions /(adjustments) to plant and machinery/ capital work-in-progress includes addition of ` 1.10 crore (March 31, 2018 ` 11.54 crore) on account of
foreign exchange fluctuation (Gain)/loss.
4. Other adjustment includes assets held for sale (refer note 57).
5. Freehold land of ` 24.54 Crore (March 31, 2018 ` 24.54 Crore) is in the process of registration.
135

6. INTANGIBLE ASSETS
` in crore
Particulars Licenses Design & Computer Total
Drawings software
Gross carrying value (Cost)
As at 01st April, 2017 80.56 0.33 11.96 92.85
Additions - - 8.31 8.31
Disposals - - (0.11) (0.11)
As at 31st March, 2018 80.56 0.33 20.16 101.05
Additions - - 3.69 3.69
Disposals - - -
As at 31st March, 2019 80.56 0.33 23.85 104.74
Amortisation
As at 01st April, 2017 12.84 0.33 6.18 19.35
Additions 6.95 - 2.44 9.39
Disposals - - (0.06) (0.06)
As at 31st March, 2018 19.79 0.33 8.56 28.68
Additions 4.14 - 2.24 6.38
Disposals - - -
As at 31st March, 2019 23.93 0.33 10.80 35.06
Net Carrying Value
As at 31st March, 2018 60.77 - 11.60 72.37
As at 31st March, 2019 56.63 - 13.05 69.68
7. BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS

` in crore
Particulars Live stock Total

As at 01st April, 2017 0.14 0.14
Additions - -
Disposals - -
As at 31st March, 2018 0.14 0.14
Additions - -
Disposals - -
As at 31st March, 2019 0.14 0.14
8. INVESTMENTS(NON CURRENT)
` in crore
Particulars Face value As at 31st March,2019 As at 31st March,2018
` unless No. of units Amount No. of units Amount
otherwise
stated
Unquoted
(i) Investment in equity instruments (Fully Paid up
unless otherwise stated)
a) Subsidiary/Step down subsidiary companies(at
cost or deemed cost)
Everbest Steel and Mining Holdings Limited 10 2,69,994 0.11 2,69,994 0.11
Sky High Overseas Limited US$1 2,23,50,029 111.03 2,23,50,029 111.03
JB Fabinfra Private Limited 10 20,00,000 2.00 20,00,000 2.00
Jindal Power Limited (Note1) 10 1,30,05,75,000 867.05 1,30,05,75,000 867.05
Jindal Steel Bolivia S.A. Bs100 33,45,600 227.84 33,45,600 227.84
Jindal Steel & Power (Mauritius) Limited (Note 2) US$1 8,35,41,278 575.73 7,50,00,000 383.13
Jindal Angul Power Ltd 10 50,000 0.05 50,000 0.05
136

2019
` in crore
otherwise
stated
ANNUAL REPORT
Attunli Hydro Electric Power Company Limited (` 10) 10 1 0.00 1 0.00

Etalin Hydro Electric Power Company Limited (` 10) 10 1 0.00 1 0.00
Kamala Hydro Electric Power Company Limited (` 10) 10 1 0.00 1 0.00
Trishakti Real Estate Infrastructure and Developers 10 3,71,60,000 37.16 3,71,60,000 37.16
Private Limited
Raigarh Pathalgaon Expressway Limited 10 50,000 0.05 50,000 -
Sub Total (a) 1,821.04 1,628.39
b) Joint Ventures (at cost or deemed cost)

Jindal Synfuels Limited 10 7,00,000 0.70 7,00,000 0.70
Shresht Mining and Metals Private Limited 10 76,94,248 7.69 76,94,248 7.69
Urtan North Mining Company Limited 10 1,15,03,618 11.50 1,15,03,618 11.50
Sub Total (b) 19.89 19.89
c) Others (at fair value through profit & loss)
Angul Sukinda Railway Limited 10 6,00,00,000 60.00 6,00,00,000 60.00
Brahmputra Capital and Financial Service Limited 10 1,92,00,000 19.20 1,92,00,000 19.20
Danta Enterprises Private Limited (` 14,470) 10 1,447 0.00 1,447 0.00
Haridaspur Paradip Railway Company Limited 10 50,00,000 5.00 50,00,000 5.00
Jindal Holdings Limited 10 24,14,000 14.48 24,14,000 14.48
Jindal Petroleum Limited 10 49,400 0.05 49,400 0.05
Jindal Rex Exploration Private Limited 10 9,800 0.01 9,800 0.01
OPJ Trading Private Limited (` 14,470) 10 1,447 0.00 1,447 0.00
Sahyog Holdings Private limited (formerly known as 10 1,447 0.00 1,447 0.00
Sahyog tradecorp private limited) (` 14,470)
Stainless Investments Limited 10 12,42,000 6.05 12,42,000 6.05
Virtuous Tradecorp Private Limited (` 14,470) 10 1,447 0.00 1,447 0.00
X-Zone SDN BHD RM 1 36,250 0.04 36,250 0.04
Indusglobe Multiventures Pvt Ltd (` 1450) 10 145 0.00 145 0.00
Strata Multiventures Pvt Ltd (` 1450) 10 145 0.00 145 0.00
Genova Multisolutions Pvt Ltd (` 1450) 10 145 0.00 145 0.00
Radius Multiventures Pvt Ltd (` 1450) 10 145 0.00 145 0.00
Divino Multiventures Pvt Ltd (` 1450) 10 145 0.00 145 0.00
Sub Total (c) 104.84 104.84
Total Investments in equity instruments 1,945.77 1,753.12
(i i) Investments in Convertible Preference Shares
(at amoritsed cost)
Indusglobe Multiventures Pvt Ltd 10 14,500 0.00 14,500 0.00
Strata Multiventures Pvt Ltd 10 14,500 0.00 14,500 0.00
Genova Multisolutions Pvt Ltd 10 14,500 0.00 14,500 0.00
Radius Multiventures Pvt Ltd 10 14,500 0.00 14,500 0.00
Divino Multiventures Pvt Ltd 10 14,500 0.00 14,500 0.00
Total (ii) 0.07 0.07
(iii) Investments in government securities
(at amoritsed cost)
National Saving Certificates 0.12 0.12
(Pledged with Government departments)
Total (iii) 0.12 0.12
137

` in crore
otherwise
stated
(iv) Investments in Debentures/bonds-Amortised Cost
- Joint Venture
Jindal Synfuels Limited
Fully Paid up
0% Compulsory Convertible debentures 10 7,76,99,440 74.78 7,76,99,440 66.08
0% Compulsory Convertible debentures 100 10,00,000 9.02 10,00,000 8.13
Partly Paid up
0% Compulsory Convertible debentures(Note-3) 100 10,00,000 4.25 10,00,000 3.93
Total (iv) 88.05 78.14
Total Investment (i+ii+iii+iv) 2,034.01 1,831.45
Less: Provision for impairment (341.09) (341.09)
Total Non Current Investment 1,692.92 1,490.36
Aggregate book value of unquoted investments 2,034.01 1,831.45

Aggregate provision for impairment in value of 341.09 341.09
investments
Notes:-
1) Pledged 47,20,80,000 (previous year 13,48,79,999) number of shares in favour of lenders (refer foot note 22).
2) The Company has converted its loan to the extent of USD 2.78 crores into equity share capital of face value of USD
1 per share at USD 3.26 per share (including security premium of USD 2.26 per share).
3) Partly paid up ` 48.80 (Previous year ` 48.80) per debenture.
4) The Company has Invoked 2,00,00,000 share of Bharat NRE Coke Limited, pledge against advance to one of vendor
@ Nil Value.
9. NON-CURRENT FINANCIAL ASSETS- LOANS

` in crore
Particulars As at As at
31st March,2019 31st March,2018
Unsecured, considered good
- Security deposits to related party (refer note 54) 29.40 48.50
- Security deposits to others 74.27 101.93
Total 103.67 150.43
10. NON-CURRENT FINANCIAL ASSETS- BANK BALANCES

` in crore
Bank balances (other than cash & cash equivalents)
Fixed deposits with original maturity of more than 12 months (Pledged 1.10 10.48
with government department and others)
Total 1.10 10.48
138

2019
11. OTHER NON-CURRENT ASSETS

` in crore
ANNUAL REPORT
Capital advances 243.35 281.45

Prepaid expenses 222.44 106.16
465.79 387.61
12. INVENTORIES
(As taken by the management)
` in crore
(Valued at lower of cost and net realisable value)
Raw Materials
- Inventories 1,732.65 994.86
- Goods In Transit 296.02 597.22
Work-in-progress
- Work-in-progress 274.83 251.57
Finished Goods
- Inventories 749.93 664.57
- Stock in trade 1.05 -
Stores & Spares
- Inventories 813.38 586.02
Others
- Scrap 0.09 0.05
Total inventories 3,893.18 3,098.89
13. TRADE RECEIVABLES

` in crore
- Considered good - Secured 87.54 54.56
- Considered good - Unsecured 816.06 739.75
Trade Receivables which have significant increase in credit risk - -
Trade Receivables - Credit impaired 93.64 82.17
Less: Provision for Impairment (93.64) (82.17)
Total Trade receivables 903.60 794.31
14. CASH & CASH EQUIVALENTS

` in crore
- Balances with banks
Current accounts 32.61 85.73
Bank deposits with original maturity of less than 3 months* 32.93 15.06
- Cheques/Drafts in hand 0.54 0.02
- Cash on hand 0.46 0.37
- Others 0.02 0.01
66.56 101.19
* Pledged with banks towards margin
139

15. OTHER BANK BALANCES

` in crore
- Fixed deposits* 29.26 18.12
- Earmarked - Unpaid dividend accounts 4.98 6.80
34.24 24.92
* Pledged with banks towards margin
16. CURRENT FINANCIAL ASSETS-LOANS

` in crore
Secured, considered good
- Loans to related parties (refer note 54) - 715.18
- Loans to related parties (refer note 54) 1,538.67 27.48
- Loans to others 26.06 301.06
- Security deposits to related party (refer note 54) 48.50 -
- Security deposits to others 6.29 2.82
1,619.52 1,046.54
17. CURRENT FINANCIAL ASSETS-OTHERS

` in crore
Interest receivable* 250.29 659.63
Unbilled Revenue - 86.53
Other Receivable 59.77 267.40
Advance to employees 5.75 4.93
Total curent financial assets 315.81 1,018.49
*Including recoverable from related parties (Refer note 54)
18. CURRENT TAX ASSETS / LIABILITIES (NET)

` in crore
Advance income tax* 3,361.94 3,425.98
Less: Provision for income tax (2,967.95) (2,967.95)
Net current tax assets 393.99 458.03
* includes Tax paid under protest ` 427.03 Crore (Previous year ` 487.05 crore)
140

2019
19. OTHER CURRENT ASSETS

` in crore
ANNUAL REPORT
Advances other than capital advances

- Securtiy deposit* 65.66 98.35
- Others* 1,843.58 2,540.03
- Others Considered doubtful 48.31 48.31
- Provision for doubtful advances (48.31) (48.31)
1,909.24 2,638.38
Others
- Unamortised Premium on Forward Contract - 0.99

- Prepaid expenses 52.03 211.18
- Due from Government Authorities & others 189.31 318.94
241.34 531.11
2,150.58 3,169.49
*Including recoverable from related parties (Refer note 54)
20. SHARE CAPITAL

` in crore
Authorised
200,00,00,000 (31st March,2018: 200,00,00,000 ) 200.00 200.00
Equity shares of ` 1 each
1,00,00,000 (31st March 2018: 1,00,00,000) 100.00 100.00
Preference Shares of ` 100 each
300.00 300.00
Issued, subscribed & fully paid up
96,79,46,379 (31st March 2018 : 96,79,46,379 )Equity shares of ` 1 each 96.79 96.79
96.79 96.79
(a) Reconciliation of the number of shares outstanding at the beginning and end of the year
` in crore
Equity Shares As at As at
Shares outstanding at the beginning of the year 96,79,46,379 91,50,24,234
Add: Equity Shares issued during the year - 5,29,22,145
Shares outstanding at the end of the year 96,79,46,379 96,79,46,379
b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of ` 1 per share. Each holder of equity share is
entitled to one vote per share. The Company declares dividend in Indian Rupees. The dividend, if any, proposed by
the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company after payment of all liabilities. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting date:
In accordance with Section 77 of the Companies Act,1956 and buy back regulations of SEBI, the Company during
the financial year 2013-14 bought back and extinguished 1,99,59,584 equity shares of ` 1 each and created a
141

Capital Redemption Reserve of ` 2.00 crore out of surplus in the Statement of Profit and Loss. The premium on
buy back of ` 498.80 crore had been utilised from Securities Premium Account ` 122.96 crore and out of surplus in
Statement of Profit and Loss ` 375.84 crore.
During the five years immediately preceding 31st March, 2019, the Company has not allotted any equity shares as
bonus shares and also not issued any share for consideration other than cash.
In addition the Company allotted 1,50,000 equity shares during the preceding five years under its various
Employees Stock Option Schemes / Employee Stock Purchase Scheme
d) Details of shareholders holding more than 5% shares in the Company

` in crore
Name of the shareholder As at 31st March, 2019 As at 31st March, 2018
No. of Shares % Holding No. of Shares % Holding
Equity Shares of ` 1 each fully paid
Danta Enterprises Private Limited 6,22,38,816 6.43% 6,22,38,816 6.43%
Gagan Infraenergy Limited 4,97,09,952 5.14% 4,97,09,952 5.14%
Opelina Finance and Investment Limited 9,13,00,393 9.43% 9,13,00,393 9.43%
OPJ Trading Private Limited 18,76,37,898 19.39% 18,76,37,898 19.39%
Virtuous Tradecorp Private Limited 6,43,95,867 6.65% 6,43,95,867 6.65%
As per records of the Company, including its register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
e) Employees Stock Purchase Scheme

The Board of Directors in its meeting held on 25th January , 2018 approved the JSPL Employee Stock Purchase
Scheme 2018 (JSPL ESPS Scheme-2018) and the same was approved by the shareholders in the Annual General
Meeting held on 28th September 2018, in accordance with SEBI(Share Based Employee Benefits) Requlations, 2014.
In accordance with SEBI (Share Based Employees Benefits) Regulations, 2014 and pursuant to Jindal Steel & Power
Limited Employee Stock Purchase Scheme-2018, the Company has on 23rd March 2019 and on 27th April 2019
granted 20,32,007 nos. and 20,56,704 nos. equity shares of Re. 1 each at an exercise price of ` 166.65/- per share
and ` 175.15/- per share respectively under Jindal Steel & Power Limited Employee Stock Purchase Scheme- 2018
to the employees of the Group (Jindal Steel & Power Limited and its subsidiaries). Subsequently the Company
allotted 20,15,597 Equity shares of ` 1/- each on May 13, 2019(out of options granted on 23rd March, 2019) to the
eligible employees.
Particulars Year ended 31st March, 2019

No. of Share Options Exercise Price
Granted during the year 20,32,007 166.65
Exercised during the year 18,01,034 166.65
Outstanding shares, end of the year 2,30,973
f) Employees Stock Option Scheme

The Board of Directors in its meeting held on 8th August, 2017 approved the JSPL Employee Stock Option Plan
2017(JSPL ESOP Scheme-2017) and the same was approved by the shareholders in the Annual General Meeting
held on 22nd September 2017, in accordance with SEBI(Share Based Employee Benefits) Requlations, 2014.
Pursuant to the JSPL ESOP Scheme-2017 , the Company may grant upto 4,50,00,000 options convertible into equal
number of equity shares of ` 1 each.
The Nomination and Remuneration Committee of the Board in its meeting held on 5th January, 2018 granted
51,21,735 options convertible into equal number of equity shares of the Company, to the eligible employees of
the Company and its subsidiaries, at an exercise price of ` 244.55 per option. As per JSPL ESOP Scheme-2017 the
vesting period shall not be less than one year and maximum period will be three years. The employee shall exercise
his options within a period of six months from respective vesting. 40,65,837 options have been surrendered,
5,67,348 options have lapsed and balance outstanding is 4,88,550 options as on 31st March, 2019.
2019
Salient features of the grants are as under:

Vesting Schedule Options will vest from the date of grant based on the performance conditions mentioned below in the following ratio:
Vesting Schedule 5th January 2019 5th January 2020 5th January 2021
Eligibility * 35% 35% 30%
‘* Maximum percentage of options that can vest
Performance Conditions Numbers of options have been granted based on individual performance rating measured on 5 point scale.
21 A. SHARE WARRANTS
` in crore
st st st
As at 1 April, 2017 Movement during 2017-18 As at 31 March, 2018 Movement during 2018-19 As at 31 March, 2019
- 4.80 4.80 - 4.80
21 B. OTHER EQUITY
` in crore
142
Particulars Reserves and Surplus Items of other Total

comprehensive income
Securities Capital Debenture General Share Option Retained Remeasurement
premium Redemption Redemption Reserve Outstanding Earnings of Defined Benefit
account Reserve Reserve Account Obligation/ Plan
Balance as at 1st April,2017 1.51 72.00 1,140.18 1,484.59 18,962.89 13.53 21,674.70
Other comprehensive income for the year (0.19) (0.19)
Addition during the year - -

Movement during the year 1,378.20 198.41 (198.41) (0.13) 1,378.07
Balance as at 31st March,2018 1,379.71 72.00 1,338.59 1,484.59 - 18,402.87 13.21 22,690.97
Other comprehensive income for the year (13.89) (13.89)
Movement during the year 215.14 32.79 (215.14) 32.79
As at 31st March, 2019 1,379.71 72.00 1,553.73 1,484.59 32.79 17,924.83 (0.68) 22,446.97
Notes-
(i) Securities Premium Reserve represents the amount received in excess of par value of securities issued by the company. This reserve is utilised/to be utilised in accordance
with provisions of the act.
143

(ii) The Company is required to create Debenture to the current year end the Company has allotted
Redemption Reserve out of the profits which 4,80,00,000 fully paid up equity shares of ` 1/- each
is available for the purpose of redemption of at a Issue price of ` 140.31 per share (including
debentures. premium of ` 139.31 per share), upon conversion of
warrants issued on November 9, 2017, to a promoter
(iii) Capital Redemption Reserve represents the
group company on receipt of balance 75% amount
statutory reserve created on buy back of shares. It is
aggregating to ` 505.12 crores.
not available for distribution.
v) Share Option Outstanding Account relate to stock
(iv) During the previous year company issued 4,80,00,000
option granted by the company to employee under
convertible warrants at issue price of ` 140.31 each
JSPL employee stock option plan, 2017 of ` 2.78
to a promoter group company on preferential basis.
crore. This reserve is transferred to retained earning
These warrants are convertible in to equal number
on cancellation of vested option. The above reserve
of fully paid equity shares of ` 1 each upon exercise
also includes ` 30.01 crores pertaining to JSPL
of the option of conversion of the warrants held by
employee stock purchase scheme, 2018 (ESPS) (refer
the holder(s), within a period of 18 months from the
note no, 20(e & f )).
date of allotment of warrants. Out of ` 168.37 crores
(i.e 25% of the total consideration of ` 673.49 crores) vi) Other Comprehensive income reserve represents
received. ` 4.80 crores has been shown as ‘Money the balance in equity for items to be accounted in
Received against Share warrants’ and balance classified into i) Items that will not be reclassified to
amount of ` 163.57 crores has been included profit & loss ii) Items that will be reclassified to profit
under ‘Securities premium account’. Subsequent & loss.
22. NON CURRENT FINANCIAL LIABILITIES- BORROWINGS

` in crore
1 Secured
i) Debentures
Nil (Previous Year 6,500), 9.15% Secured Redeemable Non - 650.00
Convertible Debentures of ` 1,000,000 each
(Privately placed initially with HDFC Bank Limited )
10,000 (Previous Year 10,000), 9.80% Secured Redeemable Non 1,000.00 1,000.00
Convertible Debentures of `1,000,000 each
(Privately placed initially with Life Insurance Corporation of India)
4,100 (Previous Year 5,000), 9.80% Secured Redeemable Non 410.00 500.00
Nil (Previous Year 10,000), 9.65% Secured Redeemable Non - 1,000.00
(Privately placed initially with Kotak Mahindra Bank)
372 (Previous Year 496), 9.80% Secured Redeemable Non 37.20 49.60
(Privately Placed initially with SBI Life Insurance Company Limited)
1,447.20 3,199.60
ii) Term Loan
From Banks 12,478.18 11,935.80
From Other Parties 187.96 191.91
iii) Other Loans from Banks (Buyer’s Credit) - 592.12
14,113.34 15,919.43
Less current maturities presented in Note 28 1,785.10 1,838.73
12,328.24 14,080.70
144

2019
DEBENTURES redeemable at par in 3 equal annual instalments. The

debentures are secured by way of first ranking pari
Security passu charge over the both movable and immovable
i) Debentures of ` Nil (March 31, 2018 - ` 650 crore) fixed assets, both present & future, and other related
placed initially with HDFC Bank Limited on private miscellaneous assets etc. of the Angul Phase 1A Plant
ANNUAL REPORT
placement basis. The debentures were secured (Angul Phase 1A plant means collectively the Angul
by way of first and exclusive pledge, in favour of ISP and PM Project, the Angul DRI Project and the
Debenture trustee, over 5,78,05,714 nos. equity Angul CPP Project) at Angul, Odisha of the company
shares of Jindal Power Limited held by the Company. in favour of the Debenture Trustees.
ii) Debentures of ` 1000 crore (March 31, 2018 ` 1000
crore) placed initially with Life Insurance Corporation TERM LOANS FROM BANKS
of India on private placement basis are redeemable Security
at par in 2 equal annual instalments at the end of 9.5

i) a) Loans of ` 1,442.42 crore (March 31, 2018 ` 1,508.72
and 10.5 years from the date of respective allotments
crore) repayable in 23 quarterly instalments are
i.e. ` 100 crore (12.10.2009), ` 150 crore (22.10.2009),
secured by way of a first charge on pari passu
` 150 crore (24.11.2009), ` 150 crore (24.12.2009),
basis over all the movable and immovable fixed
` 150 crore (25.01.2010), ` 150 crore (19.02.2010) and
assets (plate mill & ISP facility, DRI, Captive Power
` 150 crore (26.03.2010). The debentures are secured
Plant and other misc. assets etc.), both present and
by way of first ranking pari passu charge over the
future, of plant phase 1A at Angul, Odisha. The next
both movable and immovable fixed assets, both
instalment is due on 30th June, 2019.
present & future, and other related miscellaneous
assets etc.of the Angul Phase 1A Plant (Angul Phase b) Loan of ` 450.00 crore (March 31, 2018 ` 475.00
1A plant means collectively the Angul Integrated crore) is repayable in 8 quarterly instalments are
Steel Plant (ISP) and Plate Mill (PM) Project, the Angul secured by way of a first charge on pari passu
Direct Reduced Iron (DRI) Project and the Angul basis over all movable fixed assets (plate mill &
Captive Power Plant (CPP) Project) at Angul, Odisha ISP facility, DRI, CPP and other misc. assets etc.),
of the Company in favour of the Debenture Trustees. both present and future, of plant phase 1A at
Angul, Odisha. Further, charge in favor of lender
iii) Debentures of ` 410 crore (March 31, 2018 ` 500
in respect of said loan by way of a first charge on
crore) placed initially with Life Insurance Corporation
immovable fixed assets, both present and future,
of India on private placement basis are redeemable
of Plant Phase 1A at Angul, odisha is to be created.
at par in 2 equal annual instalments at the end of 9.5
The next instalment is due on 30th June, 2019.
i.e. ` 100 crore (24.08.2009), ` 80 crore (08.09.2009), ii) Loans of ` 5,858.82 crore (March 31, 2018 ` 5,983.03
` 80 crore (08.10.2009), ` 80 crore (09.11.2009), crore) are repayable in 67 quarterly instalments are
` 80 crore (08.12.2009) and ` 80 crore (08.01.2010) secured by way of first ranking pari passu charge over
. The debentures are secured on first ranking pari- the both movable and immovable fixed assets, both
passu charge basis by way of hypothecation of present & future, and other related miscellaneous
movable fixed assets of the Company (excluding assets etc. of the Angul Phase 1A Plant (Angul Phase
assets charged on exclusive basis) in favour of the 1A plant means collectively the Angul ISP and PM
Debenture Trustees. In addition a first ranking pari Project, the Angul DRI Project and the Angul CPP
passu mortgage on a part of immovable property Project) at Angul, Odisha of the Company. The next
pertaining to unit located at Kharsia Road, Raigarh instalment is due on 30th June, 2019.
and a part of the immovable property pertaining
iii) Loan of ` 805.00 crore (March 31, 2018 ` 1055.05
to unit located at 13 KM Stone, G E Road, Mandir
crore) on bilateral basis is repayable in 19 quarterly
Hasaud, Raipur in favour of the Debenture Trustees.
instalments; the next instalment is due on 15th
iv) Debentures of ` Nil (March 31, 2018 - ` 1000 crore) April, 2019. Loans of ` 649.91 crore (March 31, 2018
placed initially with Kotak Mahindra Bank on private ` 799.95 crore) on bilateral basis are repayable in 12
placement basis. The debentures were secured quarterly instalments; the next instalment is due on
by way of first and exclusive pledge, in favour of 30th June, 2019. Loan of ` 1,094.54 crore (March 31,
Debenture trustee, over 7,70,74,285 nos. equity 2018 ` 1,274.66 crore) is repayable in 20 quarterly
shares of Jindal Power Limited held by the Company. instalments; the next instalment is due on 30th June,
2019. Above loans are secured by way of a first
v) Debentures of ` 37.20 crore (March 31, 2018
ranking pari passu charge on all the present movable
` 49.60 crore) placed initially with SBI Life Insurance
Fixed Assets of units located at Balkudra, Patratu,
Company Limited on private placement basis are
District Ramgarh, Jharkand; 13 KM Stone, G E Road,
145

Mandir Hasaud, Raipur; 201 to 204, Industrial Park SSD, OTHER LOANS
Punjipatra, Raigarh, Chhattisgarh; Bhikaji Cama Place,
New Delhi; and all movable Fixed Assets (present Security
as well as future) located at Kharsia Road, Raigarh, Other loan of ` 187.96 crore (March 31, 2018 ` 191.91
Chhattisgarh. In addition a first ranking mortgage and crore) is repayable in 67 quarterly installments and is
pari passu charge on immovable property pertaining secured by way of first ranking pari passu charge over the
to unit located at Kharsia Road, Raigarh and a part of both movable and immovable fixed assets, both present
the immovable property pertaining to unit located at & future, and other related miscellaneous assets etc. of
13 KM Stone, G E Road, Mandir Hasaud, Raipur. the Angul Phase 1A Plant. (Angul Phase 1A plant means
collectively the Angul ISP and PM Project, the Angul DRI
iv) Loans of ` 359.13 crore (March 31, 2018 ` 366.86
Project and the Angul CPP Project) at Angul, Odisha of the
crore) are repayable in 67 quarterly instalments and
Company. The next installment is due on 30th June, 2019.
are secured by way of first ranking pari passu charge
over both the immovable and movable fixed assets,
Note-
both present and future, (including related rights,
titles claims and demands in the contracts etc.) of a) Secured debentures of ` 1,447.20 crore included in
Dongamahua Captive Power Plant (CPP) Project A. note no. 22(i) and Secured term loans of ` 11,310.59
(Dongamahua CPP Project A means the 2*135 MW crores included in note no. 22(ii), are further secured
(Phase -1) captive power plant situated at village (charge created/ to be created) by second ranking
Dongamahua, Chattisgarh). The next instalment is pari passu floating charge by way of hypothecations
due on 30th June, 2019. over current assets, both present and future, of the
company.
v) Loans of ` 462.81 crore (March 31, 2018 ` 472.53
crore) are repayable in 67 quarterly instalments b) Secured debentures of ` 37.20 crore included in
and are secured by way of a first ranking pari note no. 22(i), Secured term loan of ` 11,310.59
passu charge over both the immovable and crores included in note no. 22(ii), working capital
movable assets, both present and future, (including facility of ` 2,461.57 crores included in note no. 26(ii)
related rights, titles claims and demands in the are further secured (charge created/ to be created)
contracts etc.) of the Dongamahua CPP Project B. by way of first ranking pari passu charge by way
(Dongamahua CPP Project B means the 2*135 MW of pledge over 4,31,00,000 no’s of equity shares of
(Phase -2) captive power plant situated at village Jindal Steel & Power Limited held by OPJ Trading
Dongamahua, Chattisgarh). The next instalment is Private Limited (The Promoter Company).
due on 30th June, 2019. Loans of ` Nil ( Previous Year ` 592.12 crore) were
vi) Loan of ` 1,355.55 crore (March 31, 2018 ` Nil ) is secured by first ranking pari-passu charge by way
repayable in 36 quarterly installments and is secured of hypothecation over all of the Company’s current
(charge to be created) by way of a first ranking pari assets, both present and future and second ranking
passu charge on all movable fixed assets, immoveable pari passu charge (charge created/to be created) over
fixed assets and all related infrastructure of the the entire fixed assets, both movable & immovable, of
company both present and future (except the assets the Company, both present and future.
which are exclusively charged to other lenders i.e. In Respect of certain Loan, charges are in process of
Dongamahua Captive power plant, Barbil pellet plant satisfaction to the Standalone Financial Statements
and Tensa iron ore mines) and second ranking pari as at and for the year ended 31st March, 2019
passu floating charge by way of hyphothecation over
current assets, both present and future, of the company Repayments and Interest rates for the above Secured
with priority over cash flows under TRA agreement Debentures,Term Loans are as follows:
and security in case of liquidation. The said loan is
further secured by way of pledge over 40,46,40,000 ` in crore
nos. of equity shares of Jindal Power Limited (Wholly Year 2019-20 2020-21 2021-22 2022-23
owned subsidiary) held by the company as interim & Above
security till the creation and perfection of primary Loan 1,785.10 1,825.87 1,088.28 9,414.09
security. Further, Company has given Non Disposal
Undertaking over 6,74,40,000 nos. of equity shares of The interest rate for the above term loans from banks
Jindal Power Limited (Wholly owned subsidiary) held and others (excluding penal interest) varies from 9.45%
by the company under the said facility till creation and to 12.60% p.a
perfection of primary security. The next installment is
due on 30th June, 2019.
146

2019
22. NON CURRENT FINANCIAL LIABILITIES- BORROWINGS (CONT.)

` in crore
Unsecured
ANNUAL REPORT
i) Debentures
3,000 (Previous Year 3,000), 10.48% Unsecured Redeemable Non 300.00 300.00
Convertible Debentures of `1,000,000 each (Privately placed
initially with ICICI Bank Limited)
300.00 300.00
ii) External Commercial Borrowings 29.26 50.59
329.26 350.59
Less current maturities presented in Note 28 319.50 20.24

9.76 330.35
12,338.00 14,411.05
Debentures
Debentures of ` 300 crore (March 31, 2018 ` 300 crore) placed initially with ICICI Bank Limited on private placement basis
are redeemable at par at the end of 5 years from the date of allotment i.e. 11.08.2014.
External Commercial Borrowings

The balance amount of ECA of ` 29.26 crore (March 31, 2018 : ` 50.59 crore) repayable in 3 half yearly installments. The
next installment is due on 09th September, 2019.
Repayments and Interest rates for the above Unsecured Debenture & External Commercial Borrowings are as follows:
` in crore
Year 2019-20 2020-21 2021-22 2022-23 & Above
Loan 319.50 9.75 - -
The interest rate for the above External Commercial Borrowings is 0.93% p.a
23. NON-CURRENT FINANCIAL LIABILITIES-OTHERS

` in crore
Security Deposits
- From related parties 271.57 272.77
- From others 68.64 60.19
Others (refer note 60) - 381.13
340.21 714.09
24. PROVISIONS- NON CURRENT

` in crore
Provision for employee benefits
- Gratuity 56.90 30.73
- Other Defined Benefit Plan 11.06 12.35
67.96 43.08
147

25. DEFERRED TAX ASSETS/(LIABILITIES)

` in crore
Deferred tax assets
- Unabsorbed depreciation & Carried forward tax losses 4,856.91 4,870.76
- Difference between book & tax base related to Investments 2.05 5.49
- Disallowance as per Income Tax Act, 1961 319.18 214.81
Total (A) 5,178.14 5,091.06
Deferred tax liabilities
- Difference between book & tax base related to PPE (including CWIP) 9,327.20 9,107.65
- Difference between book & tax base related to Intangible assets 12.42 10.80
- Difference between book & tax base related to others - 441.07
Total (B) 9,339.62 9,559.52
Net liability (A-B) (4,161.48) (4,468.46)
MAT credit entitlement 795.01 795.01
(3,366.47) (3,673.45)
Reconciliation of Deferred Tax Asset/ (Liabilities):

` in crore
Opening Balance (4,468.46) (4,778.63)
Deferred tax income / (expense) during the period recognised in profit & loss 306.88 310.17
Deferred tax income / (expense) during the period recognised in Other
Comprehensive Income
Others adjustment 0.10
Closing Balance (4,161.48) (4,468.46)
26. CURRENT FINANCIAL LIABILITIES-BORROWINGS

` in crore
Secured
i) Term Loans
From Banks 562.50 562.50
ii) Cash credit from banks* 2,461.57 3,007.52
iii) Other Loans from Banks (Buyer's Credit) - 249.12
3,024.07 3,819.14
Unsecured
- Term Loans
From Banks 699.37 1,008.61
From Others - 340.00
- Loans from related parties 1,533.93 1,742.44
2,233.30 3,091.05
5,257.37 6,910.19
* Including Working Capital Loan
Loan of ` 562.50 crore (March 31, 2018 ` 562.50 crore) is secured by subservient charge by way of hypothecation of current assets of the
Company comprising of book debts and stocks.
148

2019
Cash Credit from Bank

The working capital facility of ` 2461.57 crore (March 31, 2018 ` 3007.52 crore) are secured by first ranking pari-passu
charge by way of hypothecation over all current assets and second ranking pari passu charge (charge created/to be
created) over the entire fixed assets of the Company, both present and future. The cash credit is repayable on demand.
ANNUAL REPORT
Note
The Weighted average rate of interest for Cash credit is 10.86% p.a.
The Weighted average rate of interest for Secured term loan from bank is 12.00% p.a.
The Weighted average rate of interest for Unsecured term loan from bank is 12.00% p.a.
The Weighted average rate of interest for loan from related parties is 9.66 % p.a.
27. TRADE PAYABLES

` in crore
Due to micro & small enterprises* 84.39 -
Acceptances(Other than micro & small enterprises) 2,012.07 1,348.39
Others (Other than micro & small enterprises) 2,085.42 2,031.97
Total Trade payables 4,181.88 3,380.36
Based on the intimation received from supplier regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006,
the required disclosure is given below *:
` in crore
Principal amount due outstanding 91.38 -
Interest due on above due outstanding and unpaid 3.33 -
Interest paid to the supplier - -
Payments made to the supplier beyond the appointed day during the year. - -
Interest due and payable for the period of delay - -
Interest accrued and remaining unpaid - -
Amount of further interest remaining due and payable in succeeding year - -
* to the extent information available with the company and certified by the management (in previous year the company was in process of
compilation of data/ information of MSME).
28. CURRENT FINANCIAL LIABILITIES-OTHERS

` in crore
Current maturities of long term debt (Refer note 22) 2,104.60 1,858.97
Security Deposits 22.78 21.75
Interest accrued 348.86 70.37
Unpaid dividend* 4.98 6.80
Creditors for Capital Expenditure 867.31 1,277.85
Derivative liability - 1.19
Other Advance (Refer note 60) 331.13 -
Others 345.19 361.77
4,024.85 3,598.70
*There is no amount due and outstanding to be credited to Investor Education and Protection Fund
149

29. OTHER CURRENT LIABILITIES

` in crore
Advance from customers 712.06 669.11
Statutory dues 1,937.21 998.65
2,649.27 1,667.76
30. PROVISIONS- CURRENT

` in crore
- Leave encashment & other defined benefit plans 43.67 31.36
Total 43.67 31.36
31. REVENUE FROM OPERATIONS

` in crore
a) Sale of products@
- Finished Goods 27,578.86 17,908.20
- Inter Divisional Transfer 7,446.24 5,377.84
35,025.10 23,286.04
b) Other operating revenue
- Scrap sales 17.50 14.95
- Export Incentives 61.91 93.35
- Aviation Income 16.30 8.68
- Provision / Liability no longer required written back 149.40 21.08
- Profit on Sale/Transfer of PPE 1.23 7.26
- Others 38.13 58.82
284.47 204.14
Less: Inter Divisional Transfer (7,446.24) (5,377.84)
Total Revenue from operations 27,863.33 18,112.34
@Inclusive of captive sale on project of ` 147.36 crore (March 31, 2018 ` 589.30 crore)
Revenue from Contracts with Customers standard has been applied for the year ended March 31,
2019 only (i.e. the initial application period). This method
With effect from 1 April 2018, the Company has adopted
requires the recognition of cumulative impact of adoption
Ind AS 115 ‘Revenue from Contracts with Customers’ that
of Ind AS 115 on all contracts as at April 1, 2018 (‘transition
replaces Ind AS 18. It introduces a new five-step approach
date’) in equity and the comparative information
to measuring and recognising revenue from contracts
continues to be reported under Ind AS 18. The impact of
with customers. Under Ind AS 115, revenue is recognised
the adoption of the standard on the financial statements
at an amount that reflects the consideration to which an
is not material. Prior to adoption of IND AS 115, the
entity expects to be entitled in exchange for services to a
Company’s revenue was primarily comprised of Revenue
customer.
from sale of goods. The recognition of these revenue
streams is largely unchanged by Ind AS 115.
The Company has opted for the cumulative effect method
(modified retrospective application) permitted by Ind AS
115 upon adoption of new standard. Accordingly, the
150

2019
Revenue from Contracts with Customers disaggregated based on nature of product or services
` in crore
ANNUAL REPORT
a) Sale of products
- Finished Goods
Iron & Steel 33,320.86 21,408.11
Power 1,368.40 1,550.39
Others 335.84 327.54
35,025.10 23,286.04
- Other Operating Revenue
Iron & Steel 263.72 190.72
Power 0.66 0.52

Others 20.09 12.90
284.47 204.14
Inter Divisional Transfer
Iron & Steel 6,685.29 4,458.42
Power 719.40 896.05
Others 41.55 23.37
7,446.24 5,377.84
Revenue from Contracts with Customers disaggregated based on geography
` in crore
- Domestic 24,740.79 14,780.25
- Exports 3,122.54 3,332.09
Total 27,863.33 18,112.34
Reconciliation of Gross Revenue with the Revenue from Contracts with Customers
` in crore
Gross Revenue 27,951.83 18,174.34
Less: Discounts, Rebate, Commission etc. 88.50 62.00
Net Revenue recognised from Contracts with Customers 27,863.33 18,112.34
Assets and liabilities related to contracts with customers

` in crore
Particulars Year ended 31st March, 2019 Year ended 31st March, 2018
Non-current Current Non-current Current
Contract liabilities related to sale of goods
Advance from customers - 712.06 - 669.11
- 712.06 - 669.11
32. OTHER INCOME

` in crore
- Provision / Liability no longer required written back 14.45 -
Total Other Income 14.45 -
151

33. COST OF MATERIALS CONSUMED

` in crore
Raw Material Consumed 11,902.71 6,915.13
Inter Division Transfer 7,446.24 5,377.84
19,348.95 12,292.97
Less: Inter Division Transfer (7,446.24) (5,377.84)
Total Cost of Material Consumed * 11,902.71 6,915.13
* Including material transferred from capital work in progress
34. PURCHASES OF STOCK IN TRADE

` in crore
Purchases of Stock In trade 1,124.57 201.44
1,124.57 201.44
35. CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK -IN- TRADE & WORK
-IN- PROGRESS AND SCRAP
` in crore
Opening stock
Finished Goods 664.57 393.07
Work-in-progress 251.57 265.01
Scrap 0.05 0.01
916.19 658.09
Closing stock
Stock in trade 1.05 -
Scrap 0.09 0.05
1,025.90 916.19
Less : Excise duty on account of increase/ (decrease) on stock of - (21.11)
finished goods and scrap
Total (109.71) (279.21)
36. EMPLOYEE BENEFITS EXPENSES

` in crore
Salaries & wages * 538.63 473.92
Contribution to provident & other funds 55.04 32.17
Staff welfare expenses 26.10 19.09
Total 619.77 525.18
*Current year expenditure includes ` 4.06 crore (P.Y. ` 5.35 crore )incurred on research & development activities.
152

2019
37. FINANCE COSTS (NET)

` in crore
ANNUAL REPORT
Interest on
- Debentures and other term-loans 1,850.39 2,017.17
- Exchange Difference to the extent considered as 14.50 38.62
an adjustment to borrowing costs
- Others 1,016.69 403.36
2,881.58 2,459.15
Other Financial Expenses 143.16 144.20
3,024.74 2,603.35
Less: Interest income

Interest on Intercorporate Deposits (55.87) (38.74)
Others (73.11) (173.46)
(128.98) (212.20)
Net finance cost 2,895.76 2,391.15
38. OTHER EXPENSES

` in crore
Consumption of stores & spares 2,519.71 1,508.89
Consumption of power & fuel 3,423.24 2,841.90
Other manufacturing expenses 667.11 560.28
Repair and maintenance
- Plant and machinery 157.51 113.72
- Building 8.78 6.38
- Others 47.41 41.40
Rent* 213.83 104.84
Rate & taxes 25.82 23.02
Insurance 40.52 39.80
Payment to statutory auditor
- Statutory audit fees 1.00 0.90
- Certification & other charges 0.38 0.82
- Reimbursement of expenses 0.06 0.04
Research and Development Expenses** 0.42 1.11
Loss on sale/discard of PPE 0.54 0.96
Donation 4.94 2.41
Directors' sitting fee 0.25 0.48
Bad debts / provision for doubtful debts & advances 11.47 30.00
Freight handling and other selling expenses 729.14 642.48
Miscellaneous expenses (includes unbilled revenue written off ` 86.53 520.60 384.64
crore (March 31, 2018 Nil)***
Foreign exchange fluctuation (net) (63.71) 14.81
Total 8,309.02 6,318.88
* The Company has paid lease rentals of ` 195.99 crore (previous year ` 92.26 crore) under Non cancellable operating leases
** Expenditure on research & development activities, incurred during the year, is ` 0.75 crore (previous year ` 1.11 crore)(including capital
expenditure of ` 0.33 crore( previous year Nil)excluding salary & wages of ` 4.06 crore(previous year ` 5.35 crore)
*** Includes CWIP write-off of ` 23.80 crore.
153

39. TAX EXPENSE

` in crore
Deferred tax (306.88) (310.17)
Total (306.88) (310.17)
Effective tax Reconciliation :

Numerical reconciliation of tax expense applicable to (profit)/ loss before tax at the latest statutory enacted tax rate in
India to income tax expense reported is as follows:
` in crore
Net (Profit)/ Loss before taxes (569.78) (671.78)
Enacted tax rate 34.944% 34.608%
Computed tax Income/(expense) (199.10) (232.49)
Increase/(reduction) in taxes on account of:
Capital receipt (w/off ) (112.84) -
Additional allowance for tax purpose(net) 2.32 (1.10)
Expenses not allowed for tax purpose - 11.76
Effect of tax pertaining to previous years (43.38) (86.34)
Effect of tax due to ICDS 35.50
Capital gain on slump sale / investments - 28.40
Others 10.63 (30.40)
Income tax expense reported (306.88) (310.17)
40(A). CONTINGENT LIABILITIES AND CLAIMS AGAINST THE COMPANY

(to the extent not provided for & certified by the management)
` in crore
Contingent Liabilities *
i) GUARANTEES AND UNDERTAKINGS
a) Guarantees issued by the Company's Bankers on behalf of the Company 975.05 851.97
b) Corporate guarantees/undertakings issued on behalf of third parties ** 5,449.57 5,134.57
ii) DEMAND/LITIGATIONS:
a) Disputed Statutory and Other demands 2,529.29 2,667.35
b) Income Tax demands where the cases are pending at various stages of 1,847.70 2,076.87
appeal with the appellate authorities
c) Bonds executed for machinery imports under EPCG Scheme 208.15 904.23
11,009.76 11,634.99
OTHERS
It is not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal
opinions received and/or internal assessment, that it has meritorious defences to the claims. The management believe
the pending actions will not require outflow of resources embodying economic benefits and will not have a material
adverse effect upon the results of the operations, cash flows or financial condition of the Company.
Duty saved on import of raw material under Advance License pending fulfillment of export obligation is amounting to
` 72.43 crore (previous year ` 28.47 crore). The Management is of the view that considering the past export performance
and future prospects there is certainty that pending export obligation under advance licenses, will be fulfilled before
expiry of the respective advance licenses.
* also refer note 46.
** excluding corporate guarantee pending for execution/ RBI approval.
154

2019
40(B). COMMITMENTS
` in crore
ANNUAL REPORT
Estimated amount of contracts remaining to be executed on capital

353.46 1,601.38
account and not provided for (net of advances)
41. EARNINGS PER SHARE

` in crore
A. Net profit/ (loss) as attributable for equity shareholders( ` crore) (262.90) (361.61)
B. Weighted average number of equity shares in calculating EPS
(refer Note 20)
Basic 96,79,46,379 91,62,39,387
Add:- Effect of potential Ordinary Share on share warrant outstanding 4,80,00,000 1,88,05,479
Add:- Effect of potential ordinary shares on employee stock options 4,88,550 -
outstanding
Add:- Effect of potential ordinary shares on employee stock purchase 44,537 -
scheme outstanding
Diluted 1,01,64,79,466 93,50,44,866
Basic Earnings per Share (`) (A/B) (2.72) (3.95)
Diluted Earnings per Share (`) (A/B) (2.72) (3.95)
The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity.
Effect of Anti-dilutive has been ignored.
42. CSR EXPENSES

In view of the losses in previous three years the Company is not required to spend on corporate social responsibility
(CSR) as per section 135 of the Companies Act, 2013. However company has voluntarily spend following amount on CSR
expenses
` in crore
Amount spent during the year on
i) Construction/acquisition of any assets - 0.13
ii) On purchase other than (i) above 13.72 10.01
Total 13.72 10.14

155

43. MOVEMENT IN EACH CLASS OF PROVISION DURING THE FINANCIAL YEAR

ARE PROVIDED BELOW:
` in crore
Particulars Employee Benefits
As at April 1, 2017 76.70
Provision during the year 5.09
Contribution made (0.59)
Remeasurement gain accounted for in OCI (0.30)
Payment during the year (11.68)
Interest charge 5.22
As at March 31, 2018 74.44
Provision during the year 20.50

Contribution made (0.42)
Remeasurement losses accounted for in OCI 21.24
Payment during the year (9.41)
Interest charge 5.28
As at March 31, 2019 111.63
As at March 31, 2018

Current 31.36
Non- Current 43.08
As at March 31, 2019
Current 43.67
Non- Current 67.96
44.‘EMPLOYEE BENEFITS’, IN ACCORDANCE WITH ACCOUNTING STANDARD (IND AS-19) :

A. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of
service gets a gratuity on departure at 15 days’ salary (last drawn salary) for each completed year of service.
B. The actuary has provided a valuation of Provident Fund Liability and based on the below assumptions made
a provision of ` 11.06 Crore as at 31st March, 2019 (Previous Year ` 12.35 Crore ).
C. The following tables summarise the components of net benefit expense recognised in the Statement of Profit
and Loss and the funded status and amounts recognised in the balance sheet for the respective plans.
I. Expense recognised for Defined Contibution Plan*

` in crore
Company's contribution to provident fund 25.18 23.91
Company's contribution to ESI 0.45 0.38
Total 25.63 24.29

* included under the head employee benefit expenses - refer note 36
Below table sets forth the changes in the projected benefit obligation and plan assets and amounts recognised in the
Balance Sheet as at March 31, 2019 and March 31, 2018 , being the respective measurement dates:
156

2019
II. Movement in Obligation

` in crore
Particulars Gratuity Leave Provident
Encashment Fund
ANNUAL REPORT
Present value of obligation - April 01, 2017 53.93 38.78 13.88

Acquisition / Transfer in / Transfer out
Current Service Cost 5.61 7.63 1.66
Past Service Cost 3.54
Interest Cost 3.69 2.56 1.03
Benefits Paid (8.25) (8.47)
Remeasurement - Actuarial loss/(gain) (0.56) (9.13) (4.22)
Present value of obligation - March 31, 2018 57.95 31.36 12.35
Acquisition / Transfer in / Transfer out

Past Service Cost -
Interest Cost 4.16 2.11 0.94
Remeasurement - Actuarial loss/(gain) 20.96 10.61 (3.78)
Present value of obligation - March 31, 2019 82.04 43.67 11.06
III. Movement in Plan Assets - Gratuity, Leave encashment & Provident Fund
` in crore
Particulars Gratuity Leave Encashment Provident Fund
Year ended Year ended Year ended Year ended Year ended Year ended
March March March March March March
31, 2019 31, 2018 31, 2019 31, 2018 31, 2019 31, 2018
Fair Value of Plan Assets at 27.22 29.89
the beginning of the year
Acquisition / Transfer in /
Transfer out
Interest Income on plan 1.93 2.05
assets
Employer contributions 0.42 0.59
Return on plan assets (0.27) (0.27)
greater/ (lesser) than
discount rate
Fair Value of Plan Assets at 25.15 27.22 - -
the end of the year
Present value of obligation 82.04 57.95 43.67 31.36 11.06 12.35
Net funded status of plan (56.89) (30.73) (43.67) (31.36) (11.06) (12.35)
Actual Return on Plan 1.66 1.78
Assets
IV. The Major catagories of plan assets for gratuity and provident fund as a
percentage of the fair value of total plan assets are as follows
Particulars 2018-19 2017-18
Others (including assets under Scheme of Insurance) 100% 100%
157

V. Recognised in Profit and Loss

Encashment Fund
Past Service Cost 3.54
Net Interest Cost 1.64 2.56 1.03
Remeasurement - Actuarial loss/(gain) (9.13) (4.22)
For the year ended March 31, 2018 10.79 1.06 (1.53)
Actual Return for the year ended March 31,2018 1.78 - -
Past Service Cost
Net Interest Cost 2.23 2.11 0.94
Remeasurement - Actuarial loss/(gain) 10.61 (3.78)
For the year ended March 31, 2019 7.67 19.40 (1.29)
Actual Return for the year ended March 31,2019 1.66
Recognised in Other Comprehensive Income

Encashment Fund
Remeasurement - Actuarial loss/(gain) (0.29) - -
For the year ended March 31, 2018 (0.29) - -
Remeasurement - Actuarial loss/(gain) 21.24 - -
For the year ended March 31, 2019 21.24 - -
VI. The principal acturial assumptions used for estimating the Company’s defined
benefit obligations are set out below:
Weighted Gratuity Leave Encashment Provident Fund
average acturial As at As at As at As at As at As at
assumptions 31.03.2019 31.03.2018 31.03.2019 31.03.2018 31.03.2019 31.03.2018
Discount Rate 7.60% 7.60% 7.60% 7.60% 7.60% 7.60%
Expected Rate of 5.00% 3.00% 5.00% 3.00%
increase in salary
Morality Rate Indian Assured Lives Morality(2006-2008)(modified)Uit
Expected Rate of 7.60% 7.60% 7.60% 7.60% 8.55% 8.55%
increase on plan
assets
The assumption of future salary increase takes into account the inflation, seniority, promotion and other relevant factors
such as supply and demand in employment market. The overall expected rate of return on asset is determined based on
the market price prevailing on that date, applicable to period over which obligation is to be settled. Same assumptions
were considered for comparative period
158

2019
VII. Sensitivity Analysis:

Reasonably possible changes at the year end, to one of the relevant acturial assumptions, Holding other
assumptions constant , would have affected the defined benefit obligation as the amount shown below:
Particulars Change in Effect on Change in Effect on Change in Effect on

ANNUAL REPORT
Assumption Gratuity Assumption Leave Assumption Provident

Obligation Encashment Fund
For the year ended
March 31, 2018
Discount Rate +1% -4.71 +1% -2.30 +1% -0.97
-1% 5.41 -1% 2.63 -1% 1.11
Salary Growth Rate +1% 5.38 +1% 2.74

-1% -4.81 -1% -2.43
For the year ended
March 31, 2019
Discount Rate +1% -7.07 +1% -3.57 1.00% -0.83
-1% 8.17 -1% 4.12 -1.00% 0.96
Salary Growth Rate +1% 7.23 +1% 4.19
-1% -6.71 -1% -3.68
The above sensitivity analysis is based on a change in an assumption while holding all other assumption constant. In
practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant acturial assumptions the same method (projected unit credit
method has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet.
VIII. History of experience adjustments is as follows:

` in crore
Gratuity Experience history 2018-19 2017-18 2016-17 2015-16 2014-15
Defined benefit obligation at the end of the (82.04) (57.95) (53.93) (48.23) (53.31)
period
Plan Assets 25.14 27.22 29.89 32.30 33.03
Surplus/(Deficit) (56.90) (30.73) (24.04) (15.93) (20.48)
Acturial gain/(loss) - experience (Plan Liability) 8.12 0.39 (0.92) (18.57) (1.25)
Acturial gain/(loss) - experience (Plan Assets) - 0.01 (0.60)
Acturial gain/(loss) - due to change on assumption 12.83 0.95 (2.86) 33.30 (4.66)
` in crore
Provident fund Experience history 2018-19 2017-18 2016-17 2015-16 2014-15
Defined benefit obligation at the end of the period (11.06) (12.35) (13.88) (11.89) (344.40)
Plan Assets - - 332.99
Surplus/(Deficit) (11.06) (12.35) (13.88) (11.89) (11.41)
Acturial gain/(loss) - experience (Plan Liability) 1.62 2.03 1.17 2.24 1.56
Acturial gain/(loss) - experience (Plan Assets) - - -
Acturial gain/(loss) - due to change on assumption 2.16 2.19 (0.32) 0.35 1.40
159

Expected Benefits Payments for the year ending

` in crore
Particulars Gratuity Provident Leave
Fund Encashment
31-Mar-20 3.76 0.95 3.55
31-Mar-21 4.54 1.00 4.21
31-Mar-22 5.34 1.04 4.56
31-Mar-23 6.26 1.09 4.81
31-Mar-24 7.17 1.13 5.18
31-Mar-25 to 31-Mar-29 57.42 5.37 28.00
31-Mar-30 to 31-Mar-48 270.87 - 71.07
Due to the restictions in the type of investment that can Bank guarantees amounting to ` 155.00 crore
be held by the gratuity and the pension fund regulation, (previous year ` 155 crore) have been provided by
it’s not possible to explicitly follow on assets-liability the Company for the above mentioned four non-
matching strategy to manage risk actively. operational coal blocks.
The estimate of future salary increases, considered in Pursuant to the said de-allocation by the Hon’ble
actuarial valuation, takes into account inflation, seniority, Supreme Court and pending the decision/s of the
promotions and other relevant factors. The above Ministry of Coal on the show cause notices issued
information has been certified by the actuary and has by the Ministry of Coal calling upon the Company to
been relied upon by the auditors. show cause as to why the delay in the development
of the non-operational coal blocks should not be
held as violation of the terms and conditions of
45. As per IND AS 108 Operating Segment, segment
the allocation letters of the said coal blocks, the
information has been provided in notes to
respective Hon’ble High Courts have required the
consolidated financial statements.
Company to keep the said Bank Guarantees alive
pending the decision of the Government (Ministry
46. Pursuant to the Judgment dated 25.08.2014 read of Coal) in individual case. The High Courts have
with Order dated 24.09.2014 passed by the Hon’ble
restrained the Ministry of Coal to act in furtherance
Supreme Court the allocation of the coal blocks,
of its subsequent decision/s, to invoke the bank
Gare Palma IV/1 (operational); Utkal B-1, Amarkonda
guarantee/s, for a further period of two weeks’
Murgadangal, Gare Palma IV/6, Ramchandi, Urtan
time from the date of the communication of
North and Jitpur (non-operational) to the Company/
such decision/s in order to enable the Company
its joint ventures stand de-allocated. Prior to the said
to challenge such decision/s of the Ministry of
de-allocation by the Hon’ble Supreme Court, the
Coal. In the meantime, the invocation of the bank
Government had invoked bank guarantees provided
guarantees has been stayed by the Hon’ble High
by the Company to the extent of ` 155 crore with
Courts.
respect to Ramchandi, Amarkonda Murhadangal,
Urtan north and Jitpur Coal Blocks. These matters The Company believes that it has good case in
were contested by the Company at various levels respect to this matter and hence no provision is
and the invocation of the said bank guarantees had considered necessary.
been stayed by the respective Hon’ble High Courts.
47. INTEREST IN JOINT VENTURES:

The Company’s interest as a venturer, in jointly controlled entities (Incorporated Joint Ventures) is as under:
S.No. Particulars Country of % of ownership % of ownership

Incorporation interest as at 31st interest as at 31st
March, 2019 March, 2018
1 Jindal Synfuels Limited India 70 70
2 Shresht Mining and Metals Private Limited India 50 50
3 Urtan North Mining Company Limited India 66.67 66.67
160

2019
The Company’s interests in the above Joint Ventures is reported as Non-Current Investments (Note-8 (i)(b)) and stated
at cost. However, the Company’s share of assets, liabilities, income and expenses, etc. (each without elimination of the
effect of transactions between the Company and the joint ventures) related to its interest in the Joint Ventures are:
` in crore
ANNUAL REPORT
i. Assets
1 Non Current Assets
a) Property, plant & equipment 1.27 1.31
b) Intangible Assets Under Development 108.62 101.01
c) Long Term Loan & Advances 1.27 1.20
d) Financial Assets - others - 0.00

e) Other Non current Assets - 0.00
2 Current Assets
Cash & Cash Equivalents 2.55 2.78
Short Term Loans & Advances 1.10 1.93
Other Current Assets 0.43 0.13
ii Liabilities
1. Non current Liabilities 0.03 0.14
2. Equity component of compound financial instrument 79.43 71.90
3. Current Liabilities 0.09 0.01
iii Profit/(Loss) (0.66) -
48A. INFORMATION UNDER SECTION 186(4) OF THE COMPANIES ACT, 2013.

Particulars As at March Given Recovered As at March
2018 2019
a) Loans Given
i) To subsidiary 742.66 *988.61 **192.60 1,538.67
ii) In the form of unsecured short term 301.06 275.00 26.06
inter corporate deposits
TOTAL 1043.72 988.61 467.60 1,564.73
* Includes forex restatement of ` 45.25 cr.

** Loan converted into equity (refer note 8).
Notes:
Inter corporate deposits are given as a part of treasury operations of the company on following terms:
i) All loans are given to unrelated corporate entities at an interest ranging from 7.65% to 13.25% p.a.
ii) All the loans are provided for general business purpose of respective entities, repayable on demand with repayment
option to the borrower
161

b) Investment:
There are no investment made by the company other than those stated under Note no 8 in the financial statements
c) Guarantees given ` in crore

Particulars As at 31st As at 31st
March,2019 March,2018
i) To secure obligations of Wholly Owned Subsidiary-Guarantees to 5,326.67 4,101.05
Banks
ii) To Banks to secure obligations of other parties:
- Guarantees 122.90 122.90
- Commitment for meeting shortfall funding towards revolving - 910.62
debt service reserve account (DSRA) obligation against
financial facilities availed by the borrowers
(Refer Note No 40(a) in the Financial Statements)
Total 5,449.57 5,134.57
d) Securities given
There are no securities given during the year
48B. LOANS AND ADVANCE IN THE NATURE OF LOAN GIVEN TO SUBSIDIARIES

AND OTHERS
` in crore
Name of the Company Relationship As at 31st As at 31st
Jindal steel and Power(Mauritius) Limited Subsidiary
Amount outstanding * 1,511.19 * 715.18
Maximum balance outstanding 1,711.67 718.60
Jagran Developers Private Limited Subsidiary
Amount outstanding 27.48 27.48
Maximum balance outstanding 27.48 27.48
Others Others
Amount outstanding 26.06 301.06
Maximum balance outstanding 301.06 301.06
* Includes forex restatement.
Notes:
i) All the above laons and advance are interest bearing.
ii) None of the loans have made investments in shares of the company.
49 As at the year end, the Company’s current liabilities have exceeded its current assets by ` 6735.26 crores. Management
is confident of its ability to generate cash inflows from operations to meet its obligations on due date.
162

2019
50 DERIVATIVE FINANCIAL INSTRUMENTS:

a) The Company uses foreign currency forward and Interest rate swap contracts to manage some of its
transactions exposure. The details of derivative financial instruments are as follows:

ANNUAL REPORT
Assets
Forward Contracts-Export(Past Performance Basis) Nil Nil
Liabilities
Forward Contracts-Import Nil 102.54(USD 15.59 Millions)
b) The principal component of monetary foreign currency loans/debts and payable amounting to ` 1,886.49
crore (Previous year ` 2,021.76crore) and receivable amounting to ` 1,761.75 crore (Previous year ` 970.36
crore) not hedged by derivative instruments.
51. FAIR VALUE OF FINANCIALS ASSETS AND LIABILITIES

Class wise composition of carrying amount and fair value of financial assets and liabilities that are recognised in the
financials statements is given below:
` in crore
Particulars Carrying Fair Value Carrying Fair Value
Amount Amount
As at March 31 , 2019 As at March 31 , 2018
Financial Assets at amortised cost
Investment (Non Current ) 88.24 88.24 78.33 78.33
Fixed deposits with banks (Non Current) 1.10 1.10 10.48 10.48
Cash and bank balances 100.80 100.80 126.11 126.11
Trade and other receivables 903.60 903.60 794.31 794.31
Loans( Non Current ) 103.67 103.67 150.43 150.43
Loans( Current ) 1,619.52 1,619.52 1,046.54 1,046.54
Other financial assets (Current) 315.81 315.81 1,018.49 1,018.49
Financial Asset at fair value through profit or loss :
Financial Liabilities at amortised cost

Borrowings (Non Current ) 12,338.00 12,338.00 14,411.05 14,411.05
Borrowings (Current ) 5,257.37 5,257.37 6,910.19 6,910.19
Trade & other payables 4,181.88 4,181.88 3,380.36 3,380.36
Other financial liabilities (Non current ) 340.21 340.21 714.09 714.09
Other financial liabilities (Current ) 4,024.85 4,024.85 3,598.70 3,598.70
Fair value hierarchy

The Company uses the following hierarchy for fair value measurement of the company’s financials assets and liabilities:
Level 1: Quoted prices/NAV (unadjusted) in active markets for identical assets and liabilities at the measurement date.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly.
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.
163

The following table provides the fair value measurement hierarchy of Company’s asset and liabilities, grouped into Level
1 to Level 3:
Particulars 31.03.2019 31.03.2018 Levels Valuation Techniques and
Carrying Value Carrying Value Key Inputs
Financial Assets at amortised cost :
Loan (non current) 103.67 150.43 level 3 Discounted cash flow method
Other financial assets - - level 3 Discounted cash flow method
Investment 88.24 78.33 level 3 Discounted cash flow method
Financial Asset at fair value through
profit or loss :
Investment (Non Current ) 104.84 104.84 level 3 Net Asset Value
Financial Liabilities at amortised cost :
Borrowings (Non Current ) 12,338.00 14,411.05 level 3 Discounted cash flow method
Borrowings (Current ) 5,257.37 6,910.19 level 3 Discounted cash flow method
Other financial liabilities (Non-Current) 340.21 714.09 level 3 Discounted cash flow method
Financial Liabilities at Fair value
through profit or loss :
Other financial liabilities- Derivatives - 1.19 level 2 Forward foreign currency exchange rates,
Interest Rates to discount future cash flow
During the year ended March 31, 2019 and March 31, discounted cash flow (DCF) method using discount
2018, there were no transfers between Level 1 and Level rate that reflects the issuer’s borrowings rate. Risk of
2 fair value measurements, and no transfer into and out of non-performance of the Company is considered to
Level 3 fair value measurements. be insignificant in valuation.
Fair valuation of financial guarantees 3) The fair values of derivatives are estimated by using
pricing models, where the inputs to those models are
Financial guarantees issued by the company on behalf based on readily observable market parameters basis
of its overseas subsidiaries have been measured at fair contractual terms, period to maturity, and market
value through profit and loss account. Fair value of said parameters such as interest rates, foreign exchange
guarantees as at March 31, 2019 and March 31, 2018 have rates, and volatility. These models do not contain a
been considered at nil as estimated by the management high level of subjectivity as the valuation techniques
and an independent professional. used do not require significant judgement, and
inputs thereto are readily observable from actively
Fair valuation techniques quoted market prices. Management has evaluated
The Company maintains policies and procedures to value the credit and non-performance risks associated
financial assets or financial liabilities using the best and with its derivative counterparties and believe them
most relevant data available. The fair values of the financial to be insignificant and not warranting a credit
assets and liabilities are included at the amount that would adjustment.
be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the
measurement date.
52. FINANCIAL RISK MANAGEMENT
The Company’s principal financial liabilities, other than
The following methods and assumptions were used to derivatives, comprise borrowings, trade and other
estimate the fair values: payables, and financial guarantee contracts. The main
1) Fair value of cash and deposits, trade receivables, purpose of these financial liabilities is to manage finances
trade payables, and other current financial assets for the Company’s operations. The Company’s financial
and liabilities approximate their carrying amounts assets comprise investments, loan and other receivables,
largely due to the short-term maturities of these trade and other receivables, cash, and deposits that arise
instruments. directly from its operations.
2) Long-term fixed-rate and variable-rate receivables / The Company’s activities are exposed to market risk,
borrowings are evaluated by the Company based on credit risk and liquidity risk. In order to minimise adverse
parameters such as interest rates, specific country effects on the financial performance of the Company,
risk factors, credit risk and other risk characteristics. derivative financial instruments such as forward contracts
Fair value of variable interest rate borrowings are entered into to hedge foreign currency risk exposure.
approximates their carrying values. For fixed interest Derivatives are used exclusively for hedging purposes and
rate borrowing fair value is determined by using the not as trading and speculative purpose.
164

2019
I. Market risk such as foreign exchange forward contracts of

varying maturity depending upon the underlying
Market risk is the risk that the fair value or future cash
contract and risk management strategy to manage its
flows of a financial instrument will fluctuate because
exposures to foreign exchange fluctuations.
of changes in market prices. Market prices comprise
three types of risk: currency rate risk, interest rate risk (a) Interest rate risk
ANNUAL REPORT
and other price risks, such as equity price risk and Interest rate risk is the risk that the fair value or future
commodity risk. Financial instruments affected by cash flows of a financial instrument will fluctuate
market risk include loans and borrowings, deposits, because of changes in market interest rates. In
investments, and derivative financial instruments. The order to optimise the Company’s position with
sensitivity analysis in the following sections relate to regard to interest income and interest expenses
the position as at 31st March, 2019 and 31st March, and to manage the interest rate risk, the Company
2018. The analysis exclude the impact of movements performs a comprehensive corporate interest rate
in market variables on: the carrying values of gratuity risk management by balancing the proportion of
and other post-retirement obligations; provisions. The the fixed rate and floating rate financial instruments
sensitivity of the relevant profit or loss item is the effect in its total portfolio .
of the assumed changes in respective market risks.
The Company uses derivative financial instruments
(i) the exposure of the Company’s borrowings to interest rate changes at the end of reporting period are as follows:
` in crore
Particulars 31st March, 2019 31st March,2018
Variable rate borrowings 14,229.33 15,570.74
Fixed rate borrowings 5,470.64 7,609.47
Total borrowings 19,699.97 23,180.21
(ii) Sensitivity
With all other variables held constant the following table demonstrates impact of borrowing cost on floating
rate portion of loans and borrowings:
` in crore
Particulars Increase/ Decrease in Basis Points Impact on Profit before Tax
31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18
INR +50 +50 (71.00) (77.60)
-50 -50 71.00 77.60
EURO +25 +25 (0.07) (0.13)
-25 -25 0.07 0.13
The Assumed movement in basis point for interest rate sensitivity analysis is based on currently observable
market environment.
(b) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
of changes in foreign exchange rates. The Company transacts business primarily in Indian Rupees and US
dollars. The Company has obtained foreign currency loans and has foreign currency trade payables and
receivables and is therefore exposed to foreign exchange risk. Certain transactions of the Company act as a
natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies. For the
remaining exposure to foreign exchange risk the Company adopts a policy of selective hedging based on risk
perception of the management. Foreign exchange contracts are carried at fair value.
The Company hedges its exposure to fluctuations by using foreign currency forwards contracts on the basis
of risk perception of the management.
165

The carrying amounts of the Company’s net foreign currency exposure (net of forward contracts) denominated
monetary assets and monetary liabilities at the end of the reporting period as follows:
` in crore
INR pertaining to exposure in specified currencies 31st March, 2019 31st March,2018
USD 19.29 (674.45)
Euro (116.58) (337.47)
GBP (18.19) (25.00)
Others (9.27) (14.47)
Total (124.75) (1,051.39)
Foreign currency sensitivity
5% increase or decrease in foreign exchange rates vis-vis Indian Rupees, with all other variables held constant,
will have the following impact on profit before tax and other comprehensive income:
` in crore
5 % increase 5 % decrease 5 % increase 5 % decrease
USD 0.96 (0.96) (33.72) 33.72
Euro (5.83) 5.83 (16.87) 16.87
GBP (0.91) 0.91 (1.25) 1.25
Others (0.46) 0.46 (0.72) 0.72
The assumed movement in exchange rate The Company considers the probability of default
sensitivity analysis is based on the currently upon initial recognition of assets and whether there
observable market environment by the has been a significant increase in credit risk on an
management. ongoing basis through each reporting period. To
assess whether there is significant increase in credit
(c) Commodity Price Risk risk, it considers reasonable and supportive forward
looking information such as:
Commodity Price Risk is the risk that future
cash flow of the Company will fluctuate on (i) Actual or expected significant adverse changes
account of changes in market price of key raw in business.
materials.
(ii) Actual or expected significant changes in the
The Company is exposed to the movement operating results of the counterparty.
in price of key raw materials in domestic
(iii) Financial or economic conditions that are
and international markets. The Company
expected to cause a significant change to the
has in place policies to manage exposure
counterparty’s ability to meet its obligation
to fluctuations in the prices of the key raw
materials used in operations. The Company (iv) Significant increase in credit risk and other
enters into contracts for procurement of financial instruments of the same counterparty
materials, most of the transactions are short
(v) Significant changes in the value of collateral
term fixed price contract and a few transactions
supporting the obligation or in the quality of
are long term fixed price contracts.
third party guarantees or credit enhancements.
II Credit risk The Company makes provision against credit

impairment of trade receivable based on
Credit risk arises from the possibility that the counter
expected credit loss (ECL) model.
party will default on its contractual obligations
resulting in financial loss to the Company. To The ageing analysis of the trade receivables
manage this, the Company periodically assesses the (gross) has been considered from the date the
financial reliability of customers, taking into account invoice falls due:
the financial conditions, current economic trends,
and analysis of historical bad debts and ageing of
accounts receivable.
166

2019
` in crore
Ageing 0-6 months 6-12 months more than Total
12 months
As at 31-03-2019
Gross Carrying Amount 177.68 10.20 103.97 291.85
ANNUAL REPORT
Expected Credit Loss (93.64) (93.64)

Carrying Amount (net 177.68 10.20 10.33 198.21
of impairment)
As at 31-03-2018
Gross Carrying Amount 179.16 12.48 189.01 380.65
Carrying Amount (net 179.16 12.48 106.84 298.48
of impairment)
III. Liquidity Risk

Liquidity risk refers to risk of financial distress or extra ordinary high financing cost arising due to shortage of liquid
funds in a situation where business conditions unexpectedly deteriorate and require financing. The Company’s
objective is to maintain at all times optimum levels of liquidity to meet its cash and collateral requirements.
Processes and policies related to such risk are overseen by senior management and management monitors the
Company’s net liquidity position through rolling forecast on the basis of expected cash flows.
The table below provides details regarding the remaining contractual maturities of financial liabilities at the
reporting date based on contractual undiscounted payments:
` in crore
As at 31-03-2019 Carrying Less than 1-3 years More than Total
Amount 1 year 3 years
Borrowings 19,699.97 7,361.97 2,923.91 9,414.09 19,699.97
Trade payables 4,181.88 4,181.88 - - 4,181.88
Other financial liabilities 2,260.46 1,920.25 21.57 318.64 2,260.46
Total 26,142.31 13,464.10 2,945.48 9,732.73 26,142.31
As at 31-03-2018 Carrying Less than 1-3 year More than Total

Borrowings 23,180.21 8,769.16 4,799.56 9,611.49 23,180.21
Trade payables 3,380.36 3,380.36 - - 3,380.36
Total 29,014.39 13,889.25 5,203.46 9,921.68 29,014.39
Unused Borrowing Facilities ( i.e. sanctioned but not availed )
` in crore
Particulars Fixed Floating
31st 31st 31st 31st
March,2019 March,2018 March,2019 March,2018
Short term borrowings 79.43 486.28 - -
Long term borrowings - - - 1,500.00
79.43 486.28 - 1,500.00
167

53.CAPITAL RISK MANAGEMENT

The Company manages its capital structures and makes adjustment in light of changes in economic conditions and
requirements of financing covenants. To this end the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares.
The primary objective of the Company’s Capital Management is to maximise the shareholder value by maintaining
an efficient capital structure and healthy ratios and safeguard Company’s ability to continue as a going concern. The
Company also works towards maintaining optimal capital structure to reduce the cost of capital. No changes were made
in the objectives,policies, process during the year ended 31st March, 2019.
` in crore
Debt 19,699.97 23,180.21
Cash & bank balances (100.80) (126.11)
Net Debt 19,599.17 23,054.10
Total Equity 22,548.56 22,792.56
Total Equity and Net Debt 42,147.73 45,846.66
Gearing Ratio 47% 50%
Notes-
(i) Debt is defined as long-term and short-term borrowings including current maturities (excluding derivatives and
financial guarantee contracts) as described in notes 22 and 26.
(ii) Equity includes all capital and reserves of the Company that are managed as capital.
54. RELATED PARTY DISCLOSURES AS PER IND AS 24

A. List of Related Parties and Relationships
Country of Ownership Interest as at

incorporation 31st March 2019 31st March 2018
a) Subsidiaries , Step down Subsidiaries
I Subsidiaries
1 Jindal Power Limited India 96.43 96.43
2 Jindal Steel Bolivia SA Bolivia 51.00 51.00
3 Jindal Steel & Power (Mauritius) Limited Mauritius 100.00 100.00
4 Skyhigh Overseas Limited Mauritius 100.00 100.00
5 Everbest Power Limited India 100.00 100.00
6 Jindal Angul Power Limited India 100.00 100.00
7 JB Fabinfra Limited India 100.00 100.00
8 Trishakti Real Estate Infrastructure and Developers Limited India 94.87 94.87
9 Raigarh Pathalgaon Expressway Ltd India 100.00 100.00
II Subsidiaries of Jindal Power Limited

1 Attunli Hydro Electric Power Company Limited India 74.00 74.00
2 Etalin Hydro Electric Power Company Limited India 74.00 74.00
3 Jindal Hydro Power Limited India 99.25 99.25
4 Jindal Power Distribution Limited India 99.96 98.80
5 Ambitious Power Trading company Limited India 79.34 79.34
6 Jindal Power Transmission Limited India 99.25 99.25
7 Jindal Power Ventures (Mauritius) Limited Mauritius 100.00 100.00
8 Kamala Hydro Electric Power Co. Limited India 74.00 74.00
9 Kineta Power Limited India 75.01 75.01
10 Uttam Infralogix Limited India 100.00 100.00
11 Jindal Realty Limited India 100.00 100.00
168

2019

III Subsidiary of Skyhigh Overseas Limited
Gas to Liquids International S.A Bolivia 87.56 87.56
ANNUAL REPORT
IV Subsidiary of Jindal Power Ventures

(Mauritius) Limited
Jindal Power Senegal SAU Senegal 100.00 100.00
V Subsidiary of Uttam Infralogix Limited

Panther Transfreight Limited India 51.00 51.00
VI Subsidiary of Jindal Realty Limited

Jagran Developers Private Limited (wef 11.01.2018) India 100.00 100.00
VII Subsidiary of JB Fab Infra Limited

All Tech Building Systems Limited (upto 30.09.2017) India - -
VIII Subsidiaries of Jindal Steel & Power

(Mauritius) Limited
1 Blue Castle Ventures Limited Mauritius 100.00 51.00
2 Brake Trading (Pty) Limited Namibia 85.00 75.00
3 Fire Flash Investments (Pty) Limited Namibia 65.00 65.00
4 Harmony Overseas Limited Mauritius 100.00 100.00
5 Jin Africa Limited (upto 18.11.2018) Zambia - 90.00
6 Jindal (BVI) Limited BVI 97.44 100.00
7 Jindal Africa Investments (Pty) Limited Africa 100.00 100.00
8 Jindal Africa SA Africa 100.00 100.00
9 Jindal Botswana (Pty) Limited Botswana 100.00 100.00
10 Jindal Investimentos LDA Mozambique 100.00 100.00
11 Jindal Investment Holding Limited. Mauritius 100.00 100.00
12 Jindal KZN Processing (Pty) Limited South Africa 85.00 85.00
13 Jindal Madagascar SARL Madagacar 100.00 99.00
14 Jindal Mining & Exploration Limited Mauritius 100.00 100.00
15 Jindal Mining Namibia (Pty) Limited Namibia 100.00 100.00
16 Jindal Steel & Minerals Zimbabwe Limited Zimbabwe 100.00 100.00
17 Jindal Steel & Power (BC) Limited British 100.00 100.00
Columbia
18 Jindal Steel & Power (Australia) Pty Limited Australia 100.00 100.00
19 Jindal Tanzania Limited Tanzania 100.00 100.00
20 Jindal Zambia Limited (upto 18.11.2018) Zambia - 98.00
21 JSPL Mozambique Minerals LDA Mozambique 97.50 97.50
22 Jubiliant Overseas Limited Mauritius 100.00 100.00
23 Landmark Mineral Resources (Pty) Limited Namibia 60.00 60.00
24 Osho Madagascar SARL Madagacar 100.00 99.33
25 PT Jindal Overseas Indonesia 99.00 99.00
26 Jindal Shadeed Iron & Steel L.L.C Oman 99.99 99.99
27 Sungu Sungu Pty limited South Africa 74.00 74.00
28 Trans Asia Mining Pty. Limited Singapore 100.00 100.00
29 Vision Overseas limited Mauritius 100.00 100.00
30 Wollongong Coal Limited Australia 60.38 60.38
31 Jindal Steel DMCC Oman 100.00 100.00
32 Jindal Mauritania SARL (under Liquidation) Mauritania 100.00 100.00
33 Jindal Africa Consulting (Pty) Limited (wef 13.08.2018) South Africa 100.00 -
34 Enduring Overseas Inc (upto 25.06.2017) BVI
35 Jindal Africa Liberia Limited (ceased during FY 2017-18) Liberia
169


IX Others
1 Belde Empreendimentos Mineiros LDA, Mozambique 100.00 100.00
a subsidiary of JSPL Mozambique Minerals LDA
2 Eastern Solid Fuels (Pty) Limited, South Africa 100.00 100.00
a subsidiary of Jindal Mining & Exploration Limited
3 PT BHI Mining Indonesia, Indonesia 99.00 99.00
a subsidiary of Jindal Investment Holding Limited
4 PT Sumber Surya Gemilang, Indonesia 99.00 99.20
a subsidiary of PT. BHI Mining Indonesia
5 PT Maruwai Bara Abadi, Indonesia 75.00 75.00
a subsidiary of PT. BHI Mining Indonesia
6 Jindal Mining SA (Pty) Limited, South Africa 73.94 74.00
a subsidiary of Eastern Solid Fuels (Pty) Limited
7 Bon-Terra Mining (Pty) Limited, South Africa 100.00 100.00
a subsidiary of Jindal Energy SA (Pty) Limited
8 Jindal (Barbados) Holding Corp, Barbados 100.00 100.00
a subsidiary of Jindal (BVI) Limited
9 Jindal Energy (Bahamas) Limited, Bahamas 99.98 100.00
10 Jindal Energy (Botswana) Pty Limited, Botswana 100.00 100.00
11 Jindal Energy (SA) Pty Limited, South Africa 100.00 100.00
a subsidiary of Jindal Africa Investments (Pty) Limited
12 Jindal Transafrica (Barbados) Corp, Barbados 100.00 100.00
13 Jindal Resources (Botswana) Pty Limited, Botswana 100.00 100.00
a subsidiary of Jindal Transafrica (Barbados) Corp
14 Trans Africa Rail (Pty) Limited, Botswana 100.00 100.00
a subsidiary of Jindal Transafrica (Barbados) Corp
15 Sad-Elec (Pty) Limited, South Africa 100.00 100.00
a subsidiary of Jindal Energy (SA) Pty Limited
16 Jindal (Barbados) Mining Corp, Barbados 100.00 100.00
a subsidiary of Jindal (Barbados) Holding Corp
17 Jindal (Barbados) Energy Corp, Barbados 100.00 100.00
a subsidiary of Jindal (Barbados) Holding Corp
18 Meepong Resources (Mauritius) (Pty) Limited, Mauritius 100.00 100.00
a subsidiary of Jindal (Barbados) Mining Corp
19 Meepong Resources (Pty) Limited, Botswana 100.00 100.00
a subsidiary of Meepong Resources (Mauritius) (Pty) Limited
20 Meepong Energy (Mauritius) (Pty) Limited, Mauritius 100.00 100.00
a subsidiary of Jindal (Barbados) Energy Corp
21 Meepong Energy (Pty) Limited, Botswana 100.00 100.00
a subsidiary of Meepong Energy (Mauritius) (Pty) Limited
22 Meepong Service (Pty) Limited, Botswana 100.00 100.00
a subsidiary of Meepong Energy (Pty) Limited
23 Meepong Water (Pty) Limited, Botswana 100.00 100.00
a subsidiary of Meepong Energy (Pty) Limited
24 Peerboom Coal (Pty) Limited, South Africa 70.00 70.00
a subsidiary of Jindal Africa Investment (Pty) Limited
25 Shadeed Iron & Steel Company Limited, Oman 100.00 100.00
a subsidiary of Jindal Shadeed Iron & Steel LLC
26 Southbulli Holding Pty Limited, Australia 100.00 100.00
a subsidiary of Wollongong Coal Limited
27 Oceanic Coal Resources NL, Australia 100.00 100.00
a subsidiary of Wollongong Coal Limited
170

2019

28 Wongawilli Coal Pty Limited, Australia 100.00 100.00
a subsidiary of Oceanic Coal Resources NL
29 Koleka Resources (Pty) Limited, South Africa 60.00 60.00
ANNUAL REPORT
a subsidiary of Jindal Africa Investment (Pty) Limited

30 Legend Iron Limited, BVI 100.00 100.00
a subsidiary of Jindal Mining & Exploration Limited
31 Cameroon Mining Action SA, Cameroon 89.80 89.80
a subsidiary of Legend Iron Limited
32 Enviro Waste Gas Services Pty Ltd., Australia 100.00 100.00
Subsidiary of Wollongong Coal Limited
b) Associates
1 Goedehoop Coal (Pty) Limited South Africa 50.00 50.00
2 Thuthukani Coal (Pty) Limited South Africa 49.00 49.00
3 Nalwa Steel & Power Limited (upto 26.03.2018) India - -
c) Joint Ventures
1 Jindal Synfuels Limited India 70.00 70.00
2 Shresht Mining and Metals Private Limited India 50.00 50.00
3 Urtan North Mining Company Limited India 66.67 66.67
d) Other Significant influences

OPJ Trading Private Limited
e) Key Managerial person

1 Shri Naveen Jindal (Chairman-Whole Time Director)
2 Shri D.K. Saraogi (Wholetime Director)
3 Shri Rajeev Bhadauria (Wholetime Director) (upto
31.01.2019)
4 Shri Rajesh Bhatia (Chief Financial Officer) (Upto
27.06.2017)
5 Shri Deepak Sogani (Chief Financial Officer) (w.e.f
19.12.2017)
6 Shri Murli Manohar Purohit (Company Secretary) (Upto
31.05.2017)
7 Shri Jagdish Patra (Company Secretary) (w.e.f
08.08.2017)
8 Shri N. A. Ansari (Whole Time Director- Joint Managing
Director) (w.e.f 29.03.2019)
9 Shri Anjan Barua (Nominee Director)
10 Shri Arun Kumar (Independent Director)
11 Shri Arun Kumar Purwar (Independent Director)
12 Shri Hardip Singh Wirk (Independent Director)
13 Shri Ram Vinay Shahi (Independent Director)
14 Shri Sudershan Kumar Garg (Independent Director)
15 Smt Shallu Jindal (Non-Executive Director)
16 Shri Amar Singh
(Independent Director) (upto 02.05.2018)
17 Shri Pradyuman Singh Dubey
(Nominee Director) (upto 02.05.2018)
18 Shri Ravikant Uppal (MD & CEO) (Upto 30.09.2017)
19 Shri K.C Sood
(Independent Director) (upto 01.12.2017)
171


f) Relative of Key Managerial person
Shri Venkatesh Naveen Jindal (Son of Shri Naveen
Jindal) (w.e.f 15.07.2018)
g) Enterprises over which Key Management Personnel

and their relatives exercise significant influence and
with whom transaction have taken place during the
year
1 Jindal Stainless Limited
2 Jindal Industries Limited
3 Bir Plantation Limited
4 India Flysafe Aviation Limited
5 Minerals Management Services (India) Private Limited
6 Jindal Saw Limited
7 JSW Steel Limited
8 Rohit Tower Building Limited
9 JSW Projects Limited
10 JSW Energy Limited
11 JSW Steel Coated Product Limited
12 JSW Severfield Structures Limited
13 JSW International Tradecorp Pte Limited
14 Jindal Coke Limited
15 Jindal Stainless Steelway Limited
16 Ambitious Power Trading Company Limited
17 Jindal United Steel Limited
18 JSW Steel Processing Centres Limited
19 JSW Cement Limited
20 Opelina Finance & Investment Limited
21 Nalwa Steel & Power Limited (w.e.f. 27.03.2018)
h) Post Employment Benefit Entity

Jindal Steel & Power Ltd EPF Trust
54 B. TRANSACTION WITH RELATED PARTIES

` in crore
Description Subsidiary, step Key management Relatives of Key Enterprises controlled
down subsidiaries, Personnel management by key management
Associates & Joint Personnel personnel & their
ventures relatives
Current Previous Current Previous Current Previous Current Previous
year year year year year year year year
Purchase of goods/services* 326.91 652.99 - - - - 2,839.80 999.82
Sale of goods (inc capital 58.71 557.77 - - - - 3,142.71 842.84
goods)*
Rendering of services 5.81 2.73 - - - - 26.61 0.59
Sale of Investment - - - - - - - 251.40
Other advances given/(taken) 195.88 - - - - - - -
Loan given 988.61 - 0.07 0.18 - - - -
Other advances repaid back 170.28 175.25 0.13 0.07 - - 124.75 -
Loan converted to equity 192.60 - - - - - - -
Rent & other expenses paid 0.24 - - - - - 77.37 80.97
Interest (Expense)/Income net (384.14) (136.50) - - - - (44.26) (49.17)
Security deposit Given/(Taken) - - - - - - 1.20 -22.77
Remuneration - 22.05 22.29 0.15 - - -
Other Receivable received - - - - - - 128.50 -
Inter corporate deposit repaid/ 208.50 - - - - - - -
adjusted
Director Sitting Fees - - 0.25 0.48 - - - -
Advance received for sale of - - - - - - - 8.13
fixed assets
2019
` in crore
Particulars Subsidiary, step down subsidiaries, Key management Relatives of Key management Enterprises controlled by key
Associates & Joint ventures Personnel Personnel management personnel & their relatives
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
Outstanding balance at the year end
Inter Corporate Deposit(ICD) taken 1,533.94 1,742.44 - - - - - -
Guarantee outstanding # 5,326.67 4,101.05 - - - - - -
Advance/security deposit paid 11.80 11.80 - - - - 77.91 77.91
Loans & advance(including interest) 1,763.49 912.21 0.05 0.12 - - - -
Advanced received for sale of Power Plant 2,854.00 2,854.00 - - - - 331.13 381.13
Security deposit receipt -250.00 -250.00 - - - - -21.57 -22.77
Interest payable on advance 270.68 - - - - - - -
Investment in equity shares/debentures 1,933.52 1,740.86 - - - - - -
Other advance received - - - - - - - -74.75
Other Receivable - - - - - - 17.90 144.40
Salary payable - - 0.95 0.51 0.01 - - -
Debtors- dr balance 5.31 65.40 - - - - 156.30 77.73
Debtors- cr balance 11.04 4.93 - - - - 18.21 17.65
Creditors Dr balance 67.02 33.35 - - - - 3.81 11.31
Creditors cr balance 21.16 0.13 - - - - 34.92 7.42
*Figures are inculusive of taxes & other expenses
172
# amount of guarantee given is restricted to actual uitlisation of limits including interest.
Material transactions with Subsidiaries, Step down Subsidiaries, Joint Ventures and Associates
(` crore)
Name of the related party Jindal power Jindal steel Jindal mining SA Jindal Shaded Jindal Uttam Jagran
limited & power (pty) Limited iron & steel, Mozambique infralogix ltd Developers
(Mauritius) oman Minerals LDA Private Limited
limited
Relationship Year Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary
Purchase of goods/services* 2018-19 160.40 - 21.53 - 41.28 - -
2017-18 27.65 - - - 24.07 - -
Sales of goods (inc capital goods)* 2018-19 11.39 - - 40.23 1.19 - 0.12
2017-18 72.87 - - 96.14 - 0.03 0.11
Rendering of services 2018-19 0.12 - - - - - -
2017-18 1.70 - - - - 1.03 -
Investment in equity shares/ 2018-19 - 192.60 - - - - -
preferance shares 2017-18 - - - - - - -

Adv against Share/Debenture 2018-19 - - - - - - -
Application Money 2017-18 - - - - - - -
Other advances given /taken 2018-19 - - - - 102.11 - -
2017-18 - - - - - - -
Loan given/(taken) 2018-19 - 988.61 - - - - -
2017-18 - - - - - - -
Loan repaid back 2018-19 - 192.60 - - - - -
2017-18 - - - - - - -
` in crore
Name of the related party Jindal power Jindal steel Jindal mining SA JindalShaded Jindal Uttam Jagran
limited & power (pty) Limited iron & steel, Mozambique infralogix ltd Developers
(maunitius) oman Minerals LDA Private Limited
limited
Relationship Year Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary
Other advances repaid back 2018-19 98.97
2017-18 - - - - - - -
Rent & other expenses 2018-19 0.24 - - - - - -

2017-18 - - - - - - -
Interest income 2018-19 - 44.35 - - - - 3.59
2017-18 - 28.34 - - - - 3.60
Interest expenses 2018-19 -432.10 - - - - - -
2017-18 -168.44 - - - - - -
Security deposit received/(given) 2018-19 - - - - - - -
2017-18 - - - - - - -
Coroporate guarantee given (taken) 2018-19 - - - - - - -
(extinguished)** 2017-18 - - - - - - -
Inter corporate deposit given** 2018-19 - - - - - - -
2017-18 - - - - - - -
Inter corporate deposit repaid/ 2018-19 208.50 - - - - - -
adjusted 2017-18 - - - - - - -
Advance received for sale of fixed 2018-19 - - - - - - -
assets 2017-18 - - - - - - -
173
*figures are inclusive of taxes & other expenses reimbursed

** includes foreign currency gain or loss

2019
Material transactions with Subsidiaries, Step down Subsidiaries, Joint Ventures and Associates
` in crore
Name of the related JB fabinfra All tech Urtan north Jindal Jindal Africa Wongawilli Wollongong Panther Jindal Steel Total
party ltd. building mining Reality Ltd. Investments coal (PTY) Coal Limited Transfreight & Power
system company (PTY) Ltd Ltd Australia Pty
limited limited
Relationship Year Subsidiary Subsidiary Joint venture Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary
Purchase of goods/ 2018-19 0.59 - - - - 37.47 13.38 52.25 326.91
services* 2017-18 0.59 0.19 - 0.85 61.16 - 5.34 - 119.84
Sales of goods (inc 2018-19 0.02 - - 5.76 - - - 58.71

capital goods)* 2017-18 - 0.01 - 2.37 - - - 171.53
Rendering of services 2018-19 0.01 - - - - - 5.69 5.81

2017-18 - - - - - - - 2.73
Investment in equity 2018-19 - - - - - - - 192.60

shares/preference 2017-18 - - - - - - - -
shares
174
Other advances given 2018-19 - - - - - 34.37 34.37 - 25.03 195.88

/taken 2017-18 - - - - - - - - -
Loan given/(taken) 2018-19 - - - - - - - 988.61

2017-18 - - - - - - - -
Loan repaid back 2018-19 - - - - - - - 192.60

2017-18 - - - - - - - -
Other advances repaid 2018-19 35.65 35.65 170.28

back 2017-18 - - - - - - - - -
Rent & other advances 2018-19 - - - - - - - 0.24

2017-18 - - - - - - - -
Interest income 2018-19 - - - - - - - 47.94

2017-18 - - - - - - - 31.95
Interest expenses 2018-19 - - 0.03 - - - - -432.08

2017-18 - - - - - - - -168.44
Inter corporate deposit 2018-19 - - - - - - - 208.50

repaid/adjusted 2017-18 - - - - - - - -
*figures are inclusive of taxes & other expenses reimbursed
** includes foreign currency gain or loss
Material transactions with Enterprises controlled by Key management Personnel
` in crore
Name Of Related Party Year JSW JSW Jindal Jindal India Bir Rohit Jindal JSW JSW JSW JINDAL Jindal Ambitious Jindal JSW JSW Opelina Nalwa Jindal Total
Steel Ltd. Energy Saw Stainless Flysafe Plantation Towers Industries Steel Projects INTERNATIONAL COKE Stainless Power United Cement Severfield Finance& steel Stainless
Mumbai/ Limited Limited Ltd. Aviation Pvt. Ltd. Pvt. Ltd. Coated Ltd. TRADECORP LTD, Steelway Trading Steel Structures Investment power Ltd.
Bellary Limited Ltd. Product PTE LTD, JAJPUR, Ltd Company Limited Ltd. Ltd. limited Hissar,
Ltd. SINGAPUR, SG. IN. Ltd
Purchase of Goods/ 2018-19 0.31 - 0.18 20.99 - - - 0.19 5.77 - 1,505.53 295.84 0.21 1.11 14.69 - - - 994.97 2,839.80
Services* 2017-18 0.71 - 2.05 96.69 - - - 0.32 9.43 - 618.84 266.45 0.19 - 5.14 - - - 533.14 1,532.96
Sales Of Goods (Inc 2018-19 258.68 1.21 1,537.51 12.70 - - - - 4.97 0.57 - 0.41 0.53 - 2.76 9.40 172.11 - 1,138.09 3.77 3,142.71
Capital goods) 2017-18 58.97 - 699.92 6.18 - - - - 2.00 0.42 - 10.54 - - 0.03 8.97 55.82 - 386.24 1,229.08
Rendering of services 2018-19 0.24 - - 0.16 0.50 - - - - - - - - - - 17.55 - - 7.95 0.22 26.61
2017-18 0.29 - - - 0.30 - - - - - - - - - - 0.00 - - - 0.59
Other advances repaid 2018-19 - 50.00 - - - - - - - - - - - - - - - - 74.75 124.75

back 2017-18 - - - - - - - - - - - - - - - - - - 175.25 175.25
Rent and Other Expense 2018-19 - - 0.03 0.85 56.89 - - - - - - 0.56 - - 17.40 - - - 1.64 77.37
2017-18 - - 0.16 1.05 79.05 0.11 0.40 - - - 0.20 - - - - - - - - 80.98
Interest Exp 2018-19 - -41.91 - - - - - - - - - - - - - -2.35 - - - -44.26

2017-18 - -49.17 - - - - - - - - - - - - - - - - - -49.17
Security Deposit 2018-19 - - - - - - - - - - - - - - - 1.20 - - - 1.20

Given/(Taken) 2017-18 - - - - - - - - - - - - - - - -22.77 - - - -22.77
Other Rec. Received 2018-19 - - - - - - - - - - - - - - - - - 128.50 - 128.50

175
2017-18 - - - - - - - - - - - - - - - - - - - -
Advanced received for 2018-19 - - - - - - - - - - - - - - - - - - - -

sale of fixed assets 2017-18 - 8.13 - - - - - - - - - - - - - - - - - 8.13
Sale of Investment 2018-19 -

2017-18 - - - - - - - - - - - - - - - - - 251.40 - 251.40

` in crore
Particulars Year ended March Year ended March
31, 2019 31, 2018

Provident Fund Contribution 16.05 15.76
176

2019
Compensation to Key Management Personnels for each of the following categories
` in crore
Short term benefits 20.72 20.87
ANNUAL REPORT
Post employment benefits

- Defined Contribution Plan 1.29 1.43
- Defined Benefit Plan
- Other Long Term Benefits
Share based payments 0.05 -
Dividend
Director Sitting Fees 0.25 0.48
Total 22.30 22.78
Compensation to Relatives of Key Management Personnels for each of the following categories
` in crore
Short term benefits 0.14 -
Post employment benefits - -
- Defined Contribution Plan 0.01 -
- Defined Benefit Plan - -
- Other Long Term Benefits - -
Share based payments - -
Dividend - -
Director Sitting Fees - -
Total 0.15 -
Note: Management, on the basis of valuation report of a

(a) Managerial Remuneration paid/ provided (to independent Valuer.
directors) of ` 27.33 crores (including ` 10.24 crores
of earlier years/ period) is subject to the approval of 56 IMPAIRMENT REVIEW
members by special resolution.
Assets are tested for impairment whenever there are
Pursuant to the amended section 197 of the any internal or external indicators of impairment.
Companies Act, 2013 (‘the Act’) (effective from Impairment test is performed at the level of each
12th September 2018) remuneration to managerial Cash Generating Unit (‘CGU’) or groups of CGUs
personnel can be paid in excess (the Company would within the Company at which the goodwill or other
be seeking approval for waiver for amount paid /in assets are monitored for internal management
excess and for payment made to a erstwhile Whole purposes, within an operating segment.
Time Director) of the limits provided in section 197
of the Act read with Schedule V of the Act with the The impairment assessment is based on higher of
consent of the members of the Company by way of value in use and value from sale calculations.
special resolution and any application pending with During the year, the testing did not result in any
the Central Government under section 197 on the impairment in the carrying amount of goodwill and
effective date will automatically abate on the effective other assets.
date. In respect of above stated amount, as per
The measurement of the cash generating units’ value
applicable provisions of the Act, the Company had
in use is determined based on financial plans that have
filed application/ forms with the Central Government.
been used by management for internal purposes. The
(b) Managerial remuneration excludes provision for planning horizon reflects the assumptions for short
gratuity and compenstated absences, since these to- mid term market conditions.
are provided on the basis of an actuarial valuation
Key assumptions used in value-in-use calculations:
for the Company as a whole.
- Operating margins (Earnings before interest
and taxes)
55 Stock of work in progress (note 12) includes stock - Discount Rate
of Iron Ore/Fines of 12.22 Million MT lying with a - Growth Rates
third party. The value of such stock is ` 2310.94 - Capital expenditures
Crore (Previous Years ` 2310.94 crores) as per
177

Operating margins: Operating margins have 59 The Company has filed legal suits /notices or in the
been estimated based on past experience after process of filing legal case /sending legal notices
considering incremental revenue arising out of / making efforts for recovery of debit balances of
adoption of valued added and data services from the ` 183.38 Crore (P.Y. 2017-18 ` 180.28 crores) plus
existing and new customers, though these benefits interest, wherever applicable,which are being carried
are partially offset by decline in tariffs in a hyper as long term /short term advances, trade receivables
competitive scenario. Margins will be positively and other recoverable. Pending outcome of
impacted from the efficiencies and initiatives driven legal proceedings/Company ‘s efforts for recovery
by the Company; at the same time, factors like higher and based on legal advise in certain cases , the
churn, increased cost of operations may impact the Company has considered aforesaid amounts as fully
margins negatively. recoverable. Hence, no provision has been made in
Discount rate: Discount rate reflects the current respect of these balances.
market assessment of the risks specific to a CGU
or group of CGUs. The discount rate is estimated 60 Subject to customary regulatory approvals and other
based on the weighted average cost of capital for conditions precedent(s), the Board of Directors at
respective CGU or group of CGUs. its meeting held on 3rd May, 2016 has approved the
agreement for divestment of 1,000 MW Power unit
Growth rates: The growth rates used are in line with of Jindal Power Limited (a subsidiary of the Company
the long term average growth rates of the respective (JPL), located in Chhattisgarh into a separate purpose
industry and country in which the Company vehicle (SPV), for the purpose of transferring the same
operates and are consistent with the forecasts to JSW Energy Limited through sale of the entire
included in the industry reports. share capital and other securities of the aforesaid
Capital expenditures: The cash flow forecasts of entity in terms of the share purchase agreement for
capital expenditure are based on past experience an enterprise value of ` 6,500 Crores plus the value
coupled with additional capital expenditure required. of Net Current Assets as on the Closing Date. The
valuation may vary based upon the achievement of
PPA’s before the closing date 30th June, 2019 and as
57 ASSETS HELD FOR SALE prescribed in the Agreement subject to minimum of
The Company has identified certain assets for ` 4,000 Crores plus the value of Net Current Assets
disposal. The management is in discussions with as on the Closing Date. The company has received
potential buyers. Based on preliminary discussions advance of ` 331.13 crores (previous year ` 381.13
with potential buyers/ external valuation, the crore) from JSW aganist the same.
carrying value of these assets has been considered
as fair value :- In order to streamline cash flows of the group and
create SPV amenable for, the Board of Directors of
` in crore the Company and JPL have in principle approved
Particulars As at 31st As at 31st the restructuring involving parent company and JPL
March,2019 March,2018 and formed a committee of directors (“Restructuring
Land 6.68 - Committee”), to explore and evaluate various
Property, plant & 37.62 - restructuring options available including a scheme
equipment of arrangement. The restructuring will entail that
Total 44.30 - 1000 MW Power Plant owned by JPL is hived off
into an separate purpose vehicle, being subsidiary
58 Hon’ble Supreme court by its order dated 24th of the parent company, creation of other SPV
September, 2014 had cancelled number of mines amenable for monetisation by way of divestments
including mines of the company in the year ended as well as achieve better synergy across the parent
31st March, 2015. The Company has net book value company and its subsidiaries, and to ensure that
of investment made in mining assets including the businesses of these entities are operated in the
land, infrastructure and clearance etc. of ` 425 crore most efficient and cost effective manner, including
and filed claim for the same pursuant to directive by pooling of technical, distribution and marketing
vide letter dated 26 December , 2014 given by the skills, creating optimal utilisation of resources, better
Ministry of Coal on such mines . Meanwhile the administration and cost reduction. Upon completion
Ministry of Coal has made interim payment to the of evaluation of the possible arrangement options,
Company of ` 22.72 crore towards the same. Pending the Restructuring Committee is to submit its
final settlement of the aforesaid claim, this amount recommendations to the Board of Directors and to
received has been accounted for as an advance.
178

2019
such other committee(s) of the Board, including the 63 In compliance with Ind AS-115 (previous periods
Audit Committee, shareholders as may be required Ind AS-18), the reported revenue for the period upto
by applicable laws. 30th June, 2017 is inclusive of Excise duty. Goods and
Service tax (GST) is made applicable w.e.f. 1st July,
61 During the earlier year , the Board of Directors of 2017 and as per Ind AS-115 (previous periods Ind
ANNUAL REPORT
the Company had approved the sale of certain AS-18), revenue for subsequent period is net of GST,
captive power plants (CPP) to Jindal Power Limited hence revenue from operations for the Year ended
(JPL) subsidiary company situated at Angul, Odisha 31st March, 2019 is not strictly comparable with
(6 X 135 MW) and at Raigarh, Chhattigarh (2 X 55 corresponding year ended 31st March 2018.
MW) aggregating to 920 MW at a fair market value
determined by independent valuer appointed 64 One of the vendor had been referred to National
by the Board of Directors amounting to ` 5,275 Company Law Tribunal (NCLT), Kolkata and vide its
crore; which is subject to necessary approvals to
order dated 12th December 2018, NCLT allowed the

be arranged by the company. The company has withdrawal of the same. The Company is confident
received advance against above of ` 2,854 crores of recovering the full value of the claim/amount
(previous year ` 2,854 crores) and Interest accured ` of ` 1297.41 crores which has been shown as part
276.21 crore provided for on stated advance. advance to vendors.
62 EXCEPTIONAL ITEMS INCLUDES: 65 The Audited GST return for the year ended 31st
March 2018 is pending for the filing as competent
In Current Year, ` 1274.46 crores being differential
authority has extended the date of filing till 30th June
royalty (on coal block cancellation) amount paid
2019. The company is in the process of reconciling
in earlier year in view of the Hon’ble Supreme
the data of GSTR 2A with GSTR 3B. In the view of the
Court judgement (levy of ` 295 PMT) dated 24th
management, on final reconciliation the impact will
September 2014; Loss on discard of PGP plant and
not be material.
disputed Electricity duty liability of a captive unit of
` 71.14 crores and ` 308.24 crores respectiely; saving
of ` 472.50 crores by early redemption of 17,500 no. 66 The company has divested its oxygen plant assets
of privately placed debentures and Write off of part at its interegated steel plant at Raigarh (Chattisgarh)
of expenses incurred in earlier years of discontinued and Angul (Odisha). The company has also entered
projects of ` 217.04 crores. (Previous Year- Loss on into lease back agreement for operating lease with
divestment of its oxygen plant assets of ` 149.72 the buyer of the oxygen plant assets for continued
crore; additional payment of compensation of operation by the company for manufacturing of
` 137.82 crore for its iron ore mines at Tensa, pursant steel at respective plants. The Future minimum lease
to the judgement of the Hon’ble Supreme Court; payment are as follows:-
the differential royality demand on iron ore fine
raised by the Mining Authority of ` 223.70 crores on ` in crore
judgement of Odisha High Court in another case; Particulars As at 31st As at 31st
service tax liability of ` 14.87 crores on royalty payable March,2019 March,2018
on mining of natural resources (the company has Within one year 202.53 192.79
been advised in view of adverse judgment of the Later then 1 year but 533.70 688.81
Rajasthan High Court); Provision against Entry tax on not later than 5 years
import of goods in the state of Odisha. ` 67.31 crore Later than 5 years 19.47 30.53
(including interest ` 42.07 crore) pursuant to the
755.70 912.13
judgement of Hon’ble Supreme Court and Profit on
sale of Investment in an associate of ` 249.40 crore).
On expiry of lease term the Company will have
option to renew the agreement, or purchase the
equipment at fair value or return the equipment to
the lessor.
In case of renewal of the agreement the rent shall be
mutually agreed with the lessor.
179

67 During the previous year Company has raised ` 1200 crores (11,99,99,99,785) by way of Qualified Institution
Placement(QIP) of 5,15,02,145 equity shares of `1 each fully paid up at issue price of ` 233 each (including premium
of ` 232 per shares). Out of the net proceeds of the issue, ` 718 crore utilised in previous year and balance of ` 482
crore utilised in this year for the purposes for which the issue was made.
68 Balances of certain advances,creditors(including MSME) and receivables are in process of confirmation/

reconciliation. Management believe that on reconciliation/ confirmation there will not be any material impact on
statement of financial statements.
69 INFORMATION RELATED TO CONSOLIDATED FINANCIAL

The company is listed on stock exchange in India, the Company has prepared consolidated financial as required
under IND AS 110, Sections 129 of Companies Act, 2013 and listing requirements. The consolidated financial
statement is available on company’s web site for public use.
70 Previous year figures have been regrouped/ rearranged/recast, wherever considered necessary to conform to
current year’s classification. Figures less than 50000 have been shown as absolute number
71 Notes 1 to 71 are annexed to and form an integral part of financial statements.


Place: New Delhi
180
Independent Auditor’s Report

2019
To the members of Jindal Steel & Power Limited ended 31st March, 2019 and out of the total five (as stated
Report on the Audit of the Consolidated Financial above) two step down subsidiary companies during
Statements the year has provided impairment loss of ` 1286.57
crores based on management estimate (provisional)
as stated in note no. 59. Financial Statements of these
QUALIFIED OPINION
ANNUAL REPORT
subsidiary companies in the consolidated financial

We have audited the accompanying Consolidated Financial statements has been considered as certified by
Statements of Jindal Steel & Power Limited (hereinafter management. Our report on the statements in so far it
referred to as “the Holding Company”) and its subsidiaries relates to the amounts and disclosures included in this
(the Holding Company and its subsidiaries together referred report is based on the management certified financial
to as “the Group”), its associates and Jointly controlled statements /financial information for the year ended
entities, which comprise the Consolidated Balance Sheet 31st March, 2019. In the absence of the audited financial
as at 31st March, 2019, the Consolidated Statement of statements of above stated five subsidiaries, we are
CONSOLIDATED FINANCIAL
Profit and Loss (including other comprehensive income), unable to comment upon the consequential effects,
the Consolidated Statement of Changes in Equity ,the if any on the accompanying consolidated financial
Consolidated Cash Flow Statement, for the year then ended, statements (including impairment loss) had the said
notes to consolidated financial statements including a audited financial statements been made available to us.
summary of the significant accounting policies and other
explanatory information (hereinafter referred to as “the We conducted our audit of consolidated financial
consolidated financial statements”). statements in accordance with the Standards on
Auditing (SAs), as specified under Section 143(10) of
In our opinion and to the best of our information and the Act. Our responsibilities under those standards are
according to the explanations given to us and based on the further described in the ‘Auditor’s Responsibilities for
consideration of the reports of the other auditors on separate the Audit of the Consolidated Financial Statements’
financial statements and on the other financial information section of our report. We are independent of the Group,
of the subsidiaries ,associates and jointly controlled entities associates and its jointly controlled entities in accordance
, except for the effects/ possible effects of our observation with the ‘Code of Ethics’ issued by the Institute of
stated in “Basis for Qualified Opinion” paragraph below, Chartered Accountants of India (‘ICAI’) together with the
read with ‘Other Matters’ paragraph below, the aforesaid ethical requirements that are relevant to our audit of the
consolidated financial statements give the information Consolidated financial statements under the provisions
required by the Companies Act, 2013, as amended (‘The of the act and the rules thereunder, and we have fulfilled
Act’) in the manner so required and give a true and fair our other ethical responsibilities in accordance with
view in conformity with the accounting principles generally these requirements and the code of ethics. We believe
accepted in India, of the consolidated state of affairs that the audit evidence we have obtained and the audit
(consolidated financial position) of the Group , associates and evidence obtained by the other auditors in terms of
its jointly controlled entities as at 31st March, 2019, and their their report referred to the in the sub-paragraph (a) to
consolidated profit including other comprehensive income (c) of the Other Matters section below, is sufficient and
(consolidated financial performance), the consolidated appropriate to provide a basis for our qualified opinion.
statement of changes in equity and its consolidated cash
flows for the year ended on that date. EMPHASIS OF MATTERS
We draw attention to note no. 60 of consolidated financial
BASIS FOR QUALIFIED OPINION statements regarding 8 nos. of the overseas subsidiary
(i) We draw attention regarding impact on the net companies which has been consolidated in these
carrying value of fixed assets/investment made in consolidated financial statements based on management
mining assets not been considered for the reason certified financial statements/financial information of
stated in the Note No. 58 to the consolidated these subsidiary companies which reflect total assets of
financial statements of the Company for the year ` 12,738.36 crores as at 31st March, 2019 total revenue of
ended 31st March, 2019 which has been shown as ` 328.45 crores and net cash inflow of ` 16.15 Crores for
good and recoverable. the year ended 31st March, 2019.
This matter was also qualified by us in our audit Our report is not modified in respect of this matter.
report on consolidated financial statements for the
year ended 31st March, 2018.
KEY AUDIT MATTERS
(ii) We report that, the Group has an investment in five Key Audit Matters are those matters that, in our
overseas step down subsidiary companies having total professional judgement ,were of most significance in
revenue of ` 320.67 crores, total assets of ` 2791.40 our audit of the consolidated financial statements of
crores and net cash outflow of ` 15.11Crore for the year the current period. These matters were addressed in the
181
context of our audit of the consolidated financial statements as a whole, and informing our opinion thereon, and we do
not provide a separate opinion on these matters.
In addition to the matters described in the Basis for Qualified Opinion and Emphasis of Matters sections we have
determined the matters described below to be the key audit matters to be communicated in our report:
No.
1 Recognition and measurement of taxation and tax litigation-Holding Company
The Company has significant tax and Our procedures included:
other litigations against it. There is a high yy We evaluated the design and tested the operating effectiveness of controls in
level of judgement required in estimating place for the determination and recognition of tax and deferred tax balances. We
the level of provisioning required and determined that we could rely on these controls for the purposes of our audit;
appropriateness of disclosure of those
litigations as Contingent Liabilities. yy We tested the underlying data in support of tax calculations;
yy We made enquiries regarding the tax assessments as well as the results of
The recognition and measurement of previous claims/ demands, and changes to the tax environments.
taxation (current tax, MAT, deferred tax
assets and liabilities) requires management yy For legal regulatory and tax matters our procedures included examining external
judgement and assumptions. The opinions obtained by management, examining relevant Group, associates and
recognition of deferred tax assets and MAT its jointly controlled entities correspondences discussing with Company’s legal
credit entitlement involved management’s counsel and tax head.
estimation regarding likelihood of the yy We also involved our internal tax specialists to gain an understanding and to
realisation of these assets, in particular determine the level of exposure for tax litigation of the Company.
whether there will be taxable profits in yy In assessing management’s conclusions with respect to the recognition of
future periods that support recognition of deferred tax assets/ MAT Credit entitlement, we evaluated the amount of tax
these assets. losses recognised in light of the future projected profitability.
Refer Note 21, 29 and 44(a) to the yy We determined that the tax balances were supportable and provision for taxes,
consolidated Financial Statements deferred tax assets and liabilities are recorded and assessed the adequacy of
disclosures in the consolidated financial statements.
2 Revenue Recognition-Holding Company
Revenue from the sale of goods (hereinafter Our procedures included:
referred to as “Revenue”) is recognised yy Evaluating the integrity of the general information and technology control
when the Company performs its obligation environment and testing the operating effectiveness of key IT application
to its customers and the amount of revenue controls
can be measured reliably and recovery of
the consideration is probable. The timing yy Evaluating the design and implementation of Company’s controls in respect
of such recognition in case of sale of of revenue recognition.
goods is when the control over the same is yy Testing the effectiveness of such controls over revenue cut off at year-end
transferred to the customer, which is mainly yy Testing the supporting documentation for sales transactions recorded during
upon delivery. the period closer to the year end and subsequent to the year end, including
The timing of revenue recognition is examination of credit notes issued after the year end to determine whether
relevant to the reported performance of revenue was recognised in the correct period.
the Company. The management considers yy Performing analytical procedures on current year revenue based on monthly
revenue as a key measure for evaluation trends and where appropriate, conducting further enquiries and testing.
of performance. There is a risk of revenue yy Assessing the appropriateness of the Company’s revenue recognition
being recorded before control is transferred. accounting policies in line with IND AS 115 (“Revenue from Contracts with
Refer Note 3 of the consolidated Financial Customers”) and testing thereof.
Statements – Significant Accounting Policies
INFORMATION OTHER THAN THE CONSOLIDATED FINANCIAL STATEMENTS AND

AUDITOR’S REPORT THEREON
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the consolidated financial statements and our auditor’s
report thereon. The Annual Report is expected to be made available to us after the date of this Auditors’ Report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
182

2019
In connection with our audit of the consolidated financial AUDITOR’S RESPONSIBILITIES FOR
statements, our responsibility is to read the other THE AUDIT OF THE CONSOLIDATED
information and, in doing so, consider whether the other
information is materially inconsistent with the Consolidated FINANCIAL STATEMENTS
Financial Statements or our knowledge obtained in the Our objectives are to obtain reasonable assurance about
ANNUAL REPORT
audit or otherwise appears to be materially misstated. whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud
When we read the Annual Report, if we conclude that or error, and to issue an auditor’s report that includes
there is a material misstatement therein, we are required to our opinion. Reasonable assurance is a high level of
communicate the matter to those charged with governance. assurance, but is not a guarantee that an audit conducted
Responsibilities of Management and Those Charged with in accordance with SAs will always detect a material
Governance for the Consolidated Financial Statements misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
The Holding Company’s Board of Directors is responsible or in the aggregate, they could reasonably be expected
for the matters stated in section 134(5) of the Act with to influence the economic decisions of users taken on the
respect to the preparation of these Consolidated financial basis of these consolidated financial statements.
statements that give a true and fair view of the Consolidated
state of affairs (consolidated financial position), Consolidated As part of an audit in accordance with SAs, we exercise
financial performance (consolidated profit and loss including professional judgment and maintain professional
other comprehensive income), Consolidated cash flows and skepticism throughout the audit. We also:
Consolidated Statement of Changes in Equity of the Group, yy Identify and assess the risks of material misstatement
associates and its jointly controlled entities in accordance of the consolidated financial statements, whether due
with the accounting principles generally accepted in India, to fraud or error, design and perform audit procedures
including the Ind AS specified under Section 133 of the Act. responsive to those risks, and obtain audit evidence
The respective Board of Directors of the Companies included that is sufficient and appropriate to provide a basis
in the Group associates and its jointly controlled entities for our opinion. The risk of not detecting a material
are responsible for maintenance of adequate accounting misstatement resulting from fraud is higher than for
records in accordance with the provisions of the Act for one resulting from error, as fraud may involve collusion,
safeguarding of the assets of the Group, associates and its forgery, intentional omissions, misrepresentations, or
jointly controlled entities and for preventing and detecting the override of internal control.
frauds and other irregularities; the selection and application
of appropriate accounting policies; making judgments yy Obtain an understanding of internal control relevant to
and estimates that are reasonable and prudent; and the the audit in order to design audit procedures that are
design, implementation and maintenance of adequate appropriate in the circumstances. Under section 143(3)
internal financial controls, that were operating effectively for (i) of the Companies Act, 2013, we are also responsible
ensuring the accuracy and completeness of the accounting for expressing our opinion on whether the holding
records, relevant to the preparation and presentation of the company has adequate internal financial controls system
financial statements that give a true and fair view and are in place and the operating effectiveness of such controls.
free from material misstatement, whether due to fraud or yy Evaluate the appropriateness of accounting policies
error, which have been used for the purpose of preparation used and the reasonableness of accounting estimates
of the Consolidated Financial Statements by the Directors of and related disclosures made by management.
the Holding Company, as aforesaid.
yy Conclude on the appropriateness of management’s use of
In preparing the Consolidated Financial Statements, the the going concern basis of accounting and, based on the
respective Board of Directors of the companies included in audit evidence obtained, whether a material uncertainty
the group ,associates and its jointly controlled entities are exists related to events or conditions that may cast
responsible for assessing the ability of the Group ,associates significant doubt on the ability of the Group, associates
and its jointly controlled entities to continue as a going and its jointly controlled entities to continue as a going
concern, disclosing, as applicable, matters related to going concern. If we conclude that a material uncertainty exists,
concern and using the going concern basis of accounting we are required to draw attention in our auditor’s report
unless management either intends to liquidate the Group to the related disclosures in the consolidated financial
,associates and its jointly controlled entities or to cease statements or, if such disclosures are inadequate, to
operations, or has no realistic alternative but to do so. modify our opinion. Our conclusions are based on the
The respective Board of Directors of the companies included audit evidence obtained up to the date of our auditor’s
in the Group associates and its jointly controlled entities are report. However, future events or conditions may cause
responsible for overseeing the financial reporting process the Group , associates and its jointly controlled entities to
of the Group, associates and its jointly controlled entities. cease to continue as a going concern.
183
yy Evaluate the overall presentation, structure and ended, whose financial statements reflect total assets of
content of the consolidated financial statements, ` 40,898.72 crores as at 31st March, 2019 total revenue of
including the disclosures, and whether the ` 12,188.34 crores and net cash outflow of `29.36 Crores
consolidated financial statements represent the for the year ended 31st March, 2019 as considered in
underlying transactions and events in a manner that the consolidated financial statements. The consolidated
achieves fair presentation. financial statement also include the Company’s share of
net profit/ loss of ` Nil for the year ended 31st March,
yy Obtain sufficient appropriate audit evidence regarding
2019 as considered in the consolidated financial
the financial information of the entities or business
statements in respect of 2 associates. These financial
activities within the Group, associates and its jointly
statements have been audited by other auditors whose
controlled entities to express an opinion on the
reports have been furnished to us by the Management
consolidated financial statements. We are responsible for
and our report on the statement, in so far as it relates
the direction, supervision and performance of the audit
to the amounts and disclosures included in respect of
of the financial statements of such entities included in
these subsidiaries/ associates, is based solely on the
the consolidated financial statements of which we are
reports of the other auditors.
the independent auditors. For the other entities included
in the consolidated financial statements, which have Our opinion is not modified in respect of this matter.
been audited by other auditors, such other auditors
Our opinion above on the consolidated financial
remain responsible for the direction, supervision and
statements, and our report on Other Legal and
performance of the audits carried out by them. We
Regulatory Requirements below, is not modified in
remain solely responsible for our audit opinion.
respect of the above matters with respect to our
We communicate with those charged with reliance on the work done and the reports of the
governance of the Holding Company and such other auditors.
other entities included in the consolidated financial
b) Certain of these subsidiaries are located outside
statements of which we are the independent
India whose financial statements and other financial
auditors regarding, among other matters, the
information have been prepared in accordance with
planned scope and timing of the audit and
accounting principles generally accepted in their
significant audit findings, including any significant
respective countries and which have been audited
deficiencies in internal control that we identify
by other auditors under generally accepted auditing
during our audit.
standards applicable in their respective countries. The
We also provide those charged with governance with Company’s management has converted the financial
a statement that we have complied with relevant statements of such subsidiaries located outside India
ethical requirements regarding independence, and from accounting principles generally accepted in their
to communicate with them all relationships and respective countries to accounting principles generally
other matters that may reasonably be thought to accepted in India. We have audited these conversion
bear on our independence, and where applicable, adjustments made by the Company’s management.
related safeguards. Our opinion in so far as it relates to the balances and
affairs of such subsidiaries located outside India is based
From the matters communicated with those charged
on the report of other auditors, management certified
with governance, we determine those matters
financial statements and financial information in case
that were of most significance in the audit of the
the subsidiaries are unaudited and the conversion
consolidated financial statements of the current
adjustments prepared by the management of the
period and are therefore the key audit matters. We
Company and audited by us.
describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the Our opinion is not modified in respect of this matter.
matter or when, in extremely rare circumstances, we
c) We have relied on the management certified financial
determine that a matter should not be communicated
statements (un-audited) of 30 subsidiaries, whose
in our report because the adverse consequences of
financial statements/financial information reflect
doing so would reasonably be expected to outweigh
total assets of ` 442.18 crores as at 31st March, 2019
the public interest benefits of such communication.
total revenue of ` 2.37 crores and net cash inflow of
` 1.04 Crores for the year ended 31st March, 2019 as
OTHER MATTERS considered in the consolidated financial statements.
a) We did not audit the financial statements/financial These Financial statements are un-audited and have
information of 39 subsidiaries (including 2 numbers JVs been furnished to us by the management and our
considered for consolidation as per Ind AS 110) included opinion on the statement, in so far as it relates to
in the consolidated financial statements for the year the amounts included and disclosure included
184

2019
in respect of these subsidiaries is based solely on Report in Annexure – A; which is based on the auditor’s
such management certified financial statements / report of holding company , subsidiary companies ,
financial information. associates company and jointly controlled entities
incorporated in India.
Our opinion is not modified in respect of this matter.
(g) In our opinion and to the best of our information and
ANNUAL REPORT
REPORT ON OTHER LEGAL AND according to explanations given to us, the managerial
remuneration for the year ended 31st March, 2019 has
REGULATORY REQUIREMENTS been paid/ provided for by the Holding Company
As required by Section 143(3) of the Act, based on our to its directors in accordance with the provisions
audit and on the consideration of report of the other of Section 197 read with Schedule V to the Act. In
auditors on separate financial statements and the other respect of remuneration/ excess remuneration paid/
financial information of subsidiaries ,associates and jointly provided for of ` 27.33 crores (including ` 10.24 crores
controlled entities, as referred in the Other Matters
of earlier years/period), is subject to the approval

paragraph above we report, to the extent applicable, that: of members (read with note no. 55 (B) (a) to the
(a) We have sought and obtained all the information and consolidated financial statements).
explanations which to the best of our knowledge and (h) With respect to the other matters to be included
belief were necessary for the purposes of our audit of in the Auditor’s Report in accordance with Rule 11
the aforesaid consolidated financial statements; of the Companies (Audit and Auditor’s) Rules, 2014,
(b) In our opinion, proper books of account as required as amended, in our opinion and to the best of our
by law relating to preparation of the aforesaid information and according to the explanations given
consolidated financial statements have been kept to us and based on the consideration of the report of
so far as it appears from our examination of those the other auditors on separate financial statements
books and the reports of the other auditors; as also the other financial information of the
subsidiaries ,associates and jointly controlled entities,
(c) The Consolidated Balance Sheet, the Consolidated as noted in the Other Matters paragraph above:
Statement of Profit and Loss including the other
Comprehensive Income, the Consolidated Cash i. The consolidated financial statements disclose
Flow Statement and Consolidated Statement of the impact of pending litigations on the
Changes in Equity dealt with by this Report are in consolidated financial position of the Group,
agreement with the relevant books of account associates and its jointly controlled entities- Refer
maintained for the purpose of preparation of the Note 44 to the consolidated financial statements
consolidated financial statements; ii. Provision has been made in the consolidated
financial statements, as required under the
(d) In our opinion, except for the effect/possible effect of
applicable law or accounting standards, for
the matters described in ‘Basis of Qualified Opinion’
material foreseeable losses, if any, on long-
paragraph above, the aforesaid consolidated
term contracts including derivative contracts;
financial statements comply with the Indian
Accounting Standards specified under Section 133 iii. There has been no delay in transferring amounts
of the Act, read with Companies (Indian Accounting to the Investor Education and Protection Fund
Standards) Rules, 2014, as amended; by the Group, associate companies and jointly
controlled entities incorporated in India during
(e) On the basis of the written representations received the year ended 31st March 2019.
from the directors of the Holding Company as on 31st
March, 2019 taken on record by the Board of Directors of
the Holding Company and the reports of the statutory For LODHA & CO.
auditors of subsidiary companies, associate and its Chartered Accountants
jointly controlled entities incorporated in India, none Firm’s Registration No. 301051E
of the directors of the group ,associate and its jointly
controlled entities incorporated in India is disqualified
as on 31st March, 2019 from being appointed as a N.K. Lodha
director in terms of Section 164(2) of the Act; Place: New Delhi Partner
(f ) With respect to the adequacy of the internal financial Date: 21st May, 2019 Membership No. 085155
controls over financial reporting and the operating
effectiveness of such controls, refer to our separate
185
ANNEXURE “A”
(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)
Report on the Internal Financial Controls Over to obtain reasonable assurance about whether adequate
Financial Reporting under Clause (i) of Sub- section 3 internal financial controls over financial reporting was
of Section 143 of the Companies Act, 2013 (“the Act”) established and maintained and if such controls operated
effectively in all material respects.
In conjunction with our Audit of Consolidated Financial
Statements of the Company as of and for the year Our audit involves performing procedures to obtain
ended 31st March, 2019, we have audited internal audit evidence about the adequacy of the internal
financial controls over financial reporting of Jindal Steel financial controls system over financial reporting and their
& Power Limited (hereinafter referred as to as “Holding operating effectiveness. Our audit of internal financial
Company”) and its subsidiaries (the Holding Company controls over financial reporting included obtaining
and its subsidiaries together referred to as “the Group”), an understanding of internal financial controls over
its associates and Jointly controlled entities which are financial reporting, assessing the risk that a material
companies incorporated in India, as of that date. weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on
MANAGEMENT’S RESPONSIBILITY FOR the assessed risk. The procedures selected depend on
the auditor’s judgment, including the assessment of the
INTERNAL FINANCIAL CONTROLS risks of material misstatement of the Financial Statements,
The respective Board of Directors of the Holding Company whether due to fraud or error.
and its subsidiary companies, its associates companies
and Jointly controlled entities, which are companies We believe that the audit evidence we have obtained
incorporated in India, are responsible for establishing and the audit evidence obtained by the other auditors
and maintaining internal financial controls based on in terms of their reports referred to in the Other Matters
the internal control over financial reporting criteria paragraph below, is sufficient and appropriate to provide
established by the company considering the essential a basis for our audit opinion on the internal financial
components of internal control stated in the Guidance controls system over financial reporting of the parent,
Note on Audit of Internal Financial Controls Over Financial its subsidiary companies, its associate companies and
Reporting (the ‘Guidance Note’) issued by the Institute its jointly controlled entities, which are companies
of Chartered Accountants of India (the ‘ICAI’). These incorporated in India.
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and MEANING OF INTERNAL FINANCIAL
efficient conduct of the company’s business, including CONTROLS OVER FINANCIAL
adherence to the company’s policies, the safeguarding REPORTING WITH REFERENCE TO THESE
of its assets, the prevention and detection of frauds and CONSOLIDATED FINANCIAL STATEMENTS
errors, the accuracy and completeness of the accounting
A Company’s internal financial control over financial
records, and the timely preparation of reliable financial
reporting is a process designed to provide reasonable
information, as required under the Act.
assurance regarding the reliability of financial reporting
and the preparation of Consolidated Financial Statements
AUDITOR’S RESPONSIBILITY for external purposes in accordance with generally
Our responsibility is to express an opinion on the internal accepted accounting principles. A Company’s internal
financial controls over financial reporting of the Parent, financial control over financial reporting includes those
its subsidiary companies, its associate companies and its policies and procedures that (1) pertain to the maintenance
joint ventures, which are companies incorporated in India, of records that, in reasonable detail, accurately and fairly
based on our audit. We conducted our audit in accordance reflect the transactions and dispositions of the assets
with the Guidance Note on Audit of Internal Financial of the Company; (2) provide reasonable assurance
Controls over Financial Reporting (the “Guidance Note”) that transactions are recorded as necessary to permit
issued by ICAI and the Standards on Auditing, issued by preparation of Financial Statements in accordance
ICAI and deemed to be prescribed under section 143(10) with Generally Accepted Accounting Principles, and
of the Companies Act, 2013, to the extent applicable that receipts and expenditures of the companies are
to an audit of internal financial controls, both issued by being made only in accordance with authorisations of
the Institute of Chartered Accountants of India. Those management and directors of the Company; and (3)
Standards and the Guidance Note require that we comply provide reasonable assurance regarding prevention or
with ethical requirements and plan and perform the audit
186
ANNEXURE “A”
2019
timely detection of unauthorised acquisition, use, or as stated in note no. 59. Financial Statements of these
disposition of the Company’s assets that could have a subsidiary companies in the consolidated financial
material effect on the Financial Statements. statements has been considered as certified by
management. Our report on the statements in so far it
INHERENT LIMITATIONS OF INTERNAL relates to the amounts and disclosures included in this
ANNUAL REPORT
report is based on the management certified financial

FINANCIAL CONTROLS OVER FINANCIAL statements /financial information for the year ended
REPORTING WITH REFERENCE TO THESE 31st March, 2019. In the absence of the audited financial
CONSOLIDATED FINANCIAL STATEMENTS statements of above stated five subsidiaries, we are
Because of the inherent limitations of internal financial unable to comment upon the consequential effects,
controls over financial reporting, including the possibility if any on the accompanying consolidated financial
of collusion or improper management override of controls, statements (including impairment loss) had the said
material misstatements due to error or fraud may occur audited financial statements been made available to us.
and not be detected. Also, projections of any evaluation The Holding Company’s internal financial controls
of the internal financial controls over financial reporting in respect of financial statement closure process,
to future periods are subject to the risk that the internal in respect of consolidation of unaudited financial
financial control over financial reporting may become statement of overseas subsidiaries for the reasons as
inadequate because of changes in conditions, or that the stated above, were not operating effectively which
degree of compliance with the policies or procedures may could potentially result in materials misstatement in
deteriorate. the preparation of consolidated financial statements
by consolidating unaudited financial statements of
QUALIFIED OPINION such overseas entities.
According to the information and explanations given A ‘Material weakness’ is a deficiency, or a combination
to us and based on our audit and based on the reports of deficiencies in internal financial controls over
issued by other auditors on internal financial control over financial, such that there is a reasonable possibility
financial reporting system, the following weaknesses that a material misstatement of the company’s
has been identified in the operating effectiveness of annual or interim financial statements will not be
the Company’s internal financial controls over financial prevented or detected on a timely basis.
reporting as at 31st March, 2019:
In our opinion, except for the effects / possible effects of
a) We draw attention regarding impact on the net the material weaknesses described above in (a) and (b)
carrying value of fixed assets/investment made in under Qualified Opinion paragraph on the achievement
mining assets not been considered for the reason of the objectives of the control criteria, the Holding,
stated in the Note No. 58 to the consolidated its subsidiary companies, its associate companies
financial statements of the Company for the year and joint controlled entities, which are companies
ended 31st March, 2019 which has been shown as incorporated in India, have, in all material respects,
good and recoverable. an adequate internal financial controls system over
This matter was also qualified by us in our audit financial reporting and such internal financial controls
report on consolidated financial statements for the over financial reporting were operating effectively
year ended 31st March, 2018. as of 31st March, 2019, based on the internal control
over financial reporting criteria established by the
b) We report that, the Group has an investment in five company considering the essential components of
overseas step down subsidiary companies having total internal control stated in the Guidance Note on Audit
revenue of ` 320.67 crores, total assets of ` 2791.40 crores of Internal Financial Controls Over Financial Reporting
and net cash outflow of `15.11Crore for the year ended issued by the ICAI.
31st March, 2019 and out of the total five (as stated
above) two step down subsidiary companies during
the year has provided impairment loss of ` 1286.57
crores based on management estimate (provisional)
187
ANNEXURE “A”
EMPHASIS OF MATTERS consolidated Financial Statements of the Holding and

these weaknesses affect our opinion on consolidated
We draw attention to note no. 60 of consolidated financial
Financial Statements of the Holding for the year ended 31st
statements regarding 8 nos. of the overseas subsidiary
March, 2019 [our audit report dated 21st May, 2019, which
companies which has been consolidated in these
expressed a qualified opinion on those Consolidated
consolidated financial statements based on management
Financial Statements of the Holding].
certified financial statements/financial information of
these subsidiary companies which reflect total assets of
Our opinion is not modified in respect of above stated
` 12,738.36 crores as at 31st March, 2019, total revenue of
matters.
` 328.45 crores and net cash inflow of `16.15 Crores for
the year ended 31st March, 2019.
Our report is not modified in respect of this matter. For LODHA & CO.
OTHER MATTERS Firm’s Registration No. 301051E
Our report under section 143(3)(i) of the Act on the
adequacy and operating effectiveness of the internal
N.K. Lodha
financial controls over financial reporting of the Holding in
Place: New Delhi Partner
so far as it relates to 12 numbers subsidiary companies and
Date: 21st May, 2019 Membership No. 085155
2 jointly controlled companies, which are incorporated
in India, is based solely on the corresponding reports
of respective auditors of such subsidiaries and jointly
controlled companies incorporated in India.
We have considered weakness identified and reported

above in determining the nature, timing, and extent of
audit tests applied in our audit of the 31st March, 2019
188
Consolidated Balance Sheet

2019
as at 31st March, 2019
` in crore
Particulars Note As at As at
31 March, 2019
st
31 March, 2018
st
ASSETS
(1) Non - current assets
(a) Property, plant and equipment 6 66,998.02 64,619.25
(b) Capital work - in - progress 6 2,905.51 3,876.97
(c) Investment property 7 5.65 5.74
ANNUAL REPORT
(d) Goodwill 8 616.37 592.18

(e) Intangible assets 8 2,002.18 3,232.34
(f ) Intangible assets under development 1,121.69 1,100.53
(g) Biological assets other than bearer plants 8 0.45 0.45
(h) Financial assets
(i) Investments 9 145.22 145.76
(ii) Loans 10 348.18 326.07
(iii) Bank balances 11 1.82 10.50
(iv) Others Financial assets 12 12.53 4.34
(i) Other non - current assets 13 1,116.28 1,003.29
(2) Current assets

(a) Inventories 14 6,509.53 4,959.56
(b) Financial assets
(i) Investments 15 4.96 0.21
(ii) Trade receivables 16 3,029.19 1,826.09
(iii) Cash and cash equivalents 17 196.96 263.53
(iv) Bank balances other than (iii) above 18 224.66 204.35
(v) Loans 19 257.08 470.52
(vi) Others Financial assets 20 204.08 1,430.47
(c) Current tax assets (net) 21 492.33 545.74
(d) Other current assets 22 3,108.54 4,361.75
(e) Assets held for sale 48 284.09 250.78
Total Assets 89,585.32 89,230.42
EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 23 96.79 96.79
(b) Share warrant 24 4.80 4.80
(c) Other equity 24 32,326.05 30,283.02
(d) Non controlling interest 24 (301.07) 440.34
LIABILITIES
(1) Non - current liabilities
(i) Borrowings 25 29,940.22 32,955.91
(ii) Trade payables
(a) Total outstanding, dues of micro and small enterprises. - -
(b) Total outstanding, dues of creditors other than micro and small 26 26.50 1.89
enterprises
(iii) Other financial liabilities 27 409.10 687.79
(b) Provisions 28 314.69 278.16
(c) Deferred tax liabilities (net) 29 5,364.30 5,028.36
(d) Other non - current liabilities 0.43 0.30
(2) Current liabilities
(i) Borrowings 30 4,825.89 6,242.94
(ii) Trade payables
(a) Total outstanding, dues of micro and small enterprises. 85.05 1.40
(b) Total outstanding, dues of creditors other than micro and small 31 5,135.71 4,188.51
enterprises
(iii) Other financial liabilities 32 7,175.76 6,315.64
(b) Other current liabilities 33 4,059.34 2,643.07
(c) Provisions 34 121.76 61.50
Total Equity & Liabilities 89,585.32 89,230.42
Overview and significant accounting policies 1-5
See accompanying notes to the Consolidated financial statements
The notes referred to above form an integral part of Consolidated financial statements


Place: New Delhi

189
Consolidated Statement of Profit and Loss

` in crore
Particulars Note Year ended Year ended
31 March, 2019
st
31 March, 2018
st
I Revenue from operations 35 39,519.50 28,430.62

II Other income 36 15.68 2.93
III Total income (I + II) 39,387.82 27,844.25
IV Expenses
Cost of materials consumed 37 15,274.37 9,378.28
Purchases of stock - in - trade 38 1,186.46 324.29
Changes in inventories of finished goods, work -in -progress and scrap 39 (225.97) (241.85)
Employee benefits expense 40 1,071.85 955.66
Finance costs(Net) 41 4,264.19 3,865.70
Depreciation and amortisation expense 5,480.35 3,883.03
Excise Duty - 457.89
Other expenses 42 13,807.22 11,087.24
Total expenses 40,858.48 29,710.24
40,711.11 29,120.94
V Profit / (loss) before exceptional items and tax (III - IV) (1,323.29) (1,276.69)
VI Exceptional items 67 1,478.40 587.36
VII Profit / (loss) before tax (V - VI) (2,801.69) (1,864.05)
VIII Tax expense
Current tax 51.58 33.14
Deferred tax expense/(credit) 43 (441.75) (272.95)
Total tax (390.17) (239.81)
IX Profit / (loss) for the year (VII - VIII) (2,411.52) (1,624.24)
X Share in Profit / (Loss) of associates (Net of tax) - 8.74
XI Total Profit/(Loss) (IX + X) (2,411.52) (1,615.50)
XII Other Comprehensive income(OCI)
(A) Items that will not be reclassified to profit or Loss
a) (i) Remeasurement of the defined benefit plans (20.77) (0.37)
(ii) Income Tax relating to Items that will not be reclassified to profit 5.85 0.04
or loss
b) (i) Fair value gain/(loss) on PPE & Intangible 5,206.92 -
(ii) Income Tax relating to Items that will not be reclassified to profit (811.20) -
or loss
c) Foreign currency translation reserve (FCTR) 39.47
(B) Items that will be reclassified to profit or Loss
Foreign Currency translation reserve (FCTR) (72.98) (55.78)
XIII Total comprehensive income 1,935.77 (1,671.69)

Net Profit/ (loss) attributable to:
a) Owners of the equity (1,645.34) (1,409.11)
b) Non- Controlling interest (766.18) (206.39)
Other Comprehensive Income attributable to:
a) Owners of the equity 4,351.98 (56.05)
Total Comprehensive Income attributable to:
a) Owners of the equity 2,706.64 (1,465.16)
XIV Earnings per equity share 46

(1) Basic (17.00) (15.38)
(2) Diluted (17.00) (15.38)
Overview and significant accounting policies 1-5


Place: New Delhi

190
Consolidated Statement Cash Flow

2019
` in crore
Operating activities
Profit before tax (2,801.69) (1,864.05)
ANNUAL REPORT
Adjustments to reconcile profit before tax to net cash flows

Depreciation and amortisation expense 5,480.35 3,883.03
Loss/(Gain) on exceptional items (refer note no. 67) 1,478.40 -
Loss/(Gain) on disposal of property, plant & equipment 4.72 198.25
Gain on sale of Investments (0.01) (6.06)
Liability / Provisions no longer required written back/written off (net) (140.37) 281.90
Bad debts written off/ Provision for Doubtful debts & advances 36.74 101.15
Unbilled revenue written off 86.53 -

Unrealised foreign exchange fluctuation/Foreign Currency Monetary Item 120.79 325.41
Translation Difference
Employee stock compensation expense 2.78 -
Capital reserve transferred (0.60) (30.91)
Finance costs (Net) 4,264.19 3,865.70
Operating Profit before Working Capital Changes 8,531.83 6,754.42
Working capital adjustments
Decrease/ (Increase) in trade and other receivables (1,326.36) (210.62)
Decrease/ (Increase) in inventories (1,613.45) (1,360.30)
Decrease/ (Increase) in Financial Assets 754.97 (19.40)
Decrease/ (Increase) in Non Current / Current term Loans (128.91) 34.67
Decrease/ (Increase) in Other Non Current / Current Assets 240.51 735.03
Increase/ (decrease) in trade and other payables 1,205.18 1,186.07
Increase/ (decrease) in Other Non-current and current Financial Liabilities 193.63 (277.88)
Increase/ (decrease) in Other Non- current and Current Liabilities 1,108.16 967.20
Increase/ (decrease) in Provisions 31.71 (29.57)
8,997.27 7,779.62
Income - tax paid(net) 29.63 (55.34)
Net cash flows from (used in) operating activities (A) 9,026.90 7,724.28
Investing activities
Purchase of property, plant & equipment, including CWIP and capital advances (1,433.31) (2,576.73)
Proceeds from sale of property, plant & equipment 243.60 955.07
Short term loan given 320.25 (275.00)
Interest Received 53.24 153.26
Purchase of non current Investments (subsidiary) - 8.74
Purchase of non current Investments 0.53 (23.17)
Proceeds from sale of non current investment - 266.68
Current investment (net) (4.75) 0.19
Deposit with original maturity more than three months (11.63) 51.62
Advance for sale of Investment - 8.13
Net cash flows from (used in) investing activities (B) (832.07) (1,431.21)
191
Consolidated Statement Cash Flow

for the year ended 31st March, 2019 Contd..
` in crore
Financing activities
Proceeds from issue of shares - 1,219.92
Proceeds from issue of share warrant - 168.37
Unpaid dividend accounts (1.82) 1.46
Working Capital Borrowings from Banks/other short term loans (net) (1,417.05) (787.77)
Proceeds from long term Borrowings 1,613.00 708.28
Repayment of long term borrowings (3,885.65) (2,901.41)
Interest Paid (4,569.87) (4,684.49)
Net cash flows from (used in) financing activities (C) (8,261.39) (6,275.64)
Net increase (decrease) in cash and cash equivalents (A+B+C) (66.57) 17.43
Cash and cash equivalents at the beginning of the year 263.53 246.10
Cash and cash equivalents on acquisition of subsidiary - -
Cash and cash equivalents at year end 196.96 263.53
Components of cash and cash equivalent as at

Cash on hand 4.08 5.85
Cheques/Drafts in hand 0.54 0.03
Balances with banks:
On current accounts 148.99 206.97
On deposits accounts with original maturity of less than three months 43.33 50.65
On others 0.02 0.03
Cash and cash equivalents as per note 17 196.96 263.53


Place: New Delhi

2019
CONSOLIDATED FINANCIAL JINDAL STEEL & POWER LIMITED ANNUAL REPORT
Consolidated Statement of Changes in Equity

A. Equity Share Capital

` in Crore
91.50 5.29 96.79 - 96.79
B. Share Warrant
` in Crore
- 4.80 4.80 - 4.80
C. Other equity
` in Crore
Reserves and Surplus Items of other comprehensive income
Equity Equity
192
Capital Securities Capital Debenture Share Option Capital Foreign Currency General Retained Share of Joint Foreign Fair valuation of Remeasurement Non
component attributable to
Particulars reserve premium Redemption Redemption outstanding Reserve on Monetary Item Reserve earnings Venture & Currency Property Plant & of Defined Benefit controlling
of financial shareholders of
account Reserve Reserve Account Consolidation Translation Difference Associates Translation equipment and Obligation / Plan interest
instruments the Group
Account Reserve Intangible
Balance as at 1st April,2017 100.35 6.01 72.00 1,265.18 17.18 1,710.67 (134.17) 1,619.21 25,809.24 (0.33) (538.71) - 24.50 7.90 29,959.03 646.71
Profit & Loss for the year - - - - - - - - (1,409.11) - - - - (1,409.11) (206.39)
Other comprehensive income for the year - - - - - - - - - - (55.65) (0.41) - (56.06) (0.14)
Movement during the year (30.91) 1,378.20 - 201.47 - - 108.24 83.97 (180.29) 0.33 214.19 - - 13.96 1,789.16 0.16
As at 31st March, 2018 69.44 1,384.21 72.00 1,466.65 17.18 1,710.67 (25.93) 1,703.18 24,219.84 0.00 (380.17) - 24.09 21.86 30,283.02 440.34
Profit & Loss for the year - - - - - - - - (1,645.34) - - - - - (1,645.34) (766.18)
Other comprehensive income for the year - - - - - - - - - - (28.82) 4,395.72 (14.92) - 4,351.98 (4.69)
Change in accounting policy (refer note no. 47) - - - - - - - - (85.65) - - - - - (85.65) -
Movement during the year (0.60) - - 170.83 32.79 - (250.75) 105.73 (262.28) - (359.68) (38.85) - 24.85 (577.96) 29.46
As at 31st March, 2019 68.84 1,384.21 72.00 1,637.48 49.97 1,710.67 (276.68) 1,808.91 22,226.57 0.00 (768.67) 4,356.88 9.17 46.71 32,326.05 (301.07)


Place: New Delhi

193
Notes to the Consolidated Financial Statements

as at and for the year ended 31st March, 2019
1. OVERVIEW These Consolidated financial statements have been

approved and adopted by Board of Directors of the
Jindal Steel & Power Limited (“the Company” or “the
Parent Company in their meeting held on 21st May, 2019.
Parent Company”) is one of the India’s leading steel
producers with significant presence in sectors like
mining and power generation including through 3. BASIS OF PREPARATION OF
its subsidiaries in India and abroad. It is listed on the CONSOLIDATED FINANCIAL STATEMENTS:
National Stock Exchange of India and Bombay Stock The consolidated financial statements incorporate
Exchange in India. The registered office is situated in the financial statements of the Parent Company
the state of Haryana, the corporate office is situated and entities controlled by the Parent Company i.e.
in New Delhi and the manufacturing plants are in the its subsidiaries. It also includes the Group’s share
states of Chhattisgarh, Odisha, Jharkhand etc. in India. of profits, net assets and retained post acquisition
The Group has global presence through subsidiaries, reserves of joint ventures and associates that
mainly in Australia, Botswana, Cameroon, China, Dubai, are consolidated using the equity method of
Indonesia, Liberia, Mauritania, Mauritius, Mozambique, consolidation. Control is achieved when the Parnet
Madagascar, Namibia, South Africa, Sultanate of Oman, Company is exposed to, or has rights to the variable
Tanzania and Zambia. There are several business returns of the entity and the ability to affect those
initiatives running simultaneously across continents. returns through its power over the entity. Significant
influence, is achived when the Parent Company has
2. STATEMENT OF COMPLIANCE: power to participate in the financial and operating
policy decisions of the investee, but is not control
The consolidated financial statements related to Jindal
or joint control over those policies. The results of
Steel & Power Limited (hereinafter referred to as the
subsidiaries, joint ventures and associates acquired
Company or Parent Company) and its subsidiaries
or disposed off during the year are included in the
(hereinafter collectively referred to as “Group”), its joint
consolidated statement of profit and loss from the
ventures and associate companies.
effective date of acquisition or up to the effective
The Group has adopted Indian Accounting date of disposal, as appropriate. The Accounting
Standards (the ‘Ind AS’) prescribed under section Policies of the parent company, its subsidiaries,
133 of the Companies Act, 2013 (the ‘Act’), read joint ventures and associates are largely similar.
with the Companies (Indian Accounting Standards) However, few accounting policies are different as
Rules, 2015 and the Companies (Indian Accounting certain subsidiaries / associates located in different
Standards) (Amendment) Rules, as amended time to countries have to comply with the local regulatory
from time to time. requirements. Wherever necessary, adjustments are
made to the financial statements of subsidiaries,
The consolidated financial statements provide
joint ventures and associates to bring their
comparative information in respect of previous year.
accounting policies in line with those used by other
The preparation of the consolidated financial members of the Group. The Financial Statements
statements in conformity with Indian Accounting of parent Company and its subsidiaries have been
Standards (Ind AS) requires management to make consolidated on line-by-line basis by adding
judgments, estimates and assumptions that affect together book value of like items of assets, liabilities,
the reported amounts of revenues, expenses, assets income and expenses after eliminating Intra-group
and liabilities, and the accompanying disclosures at transactions, balances, income and expenses
the date of the consolidated financial statements. The in accordance with Ind AS 110 “Consolidated
judgments, estimates and underlying assumptions are Financial Statement”. Non-controlling interests in
reviewed on an ongoing basis. Revisions to accounting the net assets (excluding goodwill) of consolidated
estimates are recognised in the period in which the subsidiaries are identified separately from the
estimate is revised if the revision effects only that period Group’s equity. The interest of noncontrolling
or in the period of the revision and future periods if the shareholders may be initially measured either
revision affects both current and future years and, if at fair value or at the non-controlling interests’
material, their effects are disclosed in the notes to the proportionate share of the fair value of the acquiree’s
consolidated financial statements. Actual results could identifiable net assets. The choice of measurement
vary from these estimates. (refer Note no. 4 on critical basis is made on an acquisition by-acquisition
accounting estimates, assumptions and judgments). basis. Subsequent to acquisition, the carrying
value of non-controlling interests is the amount of
194

2019
those interests at initial recognition plus the non- a) Business Combinations

controlling interests’ share of subsequent changes
The acquisitions of businesses are accounted
in equity. Total comprehensive income is attributed
for using the acquisition method. The cost of
to non-controlling interests even if it results in the
the acquisition is measured at the aggregate
non-controlling interests having a deficit balance.
of the fair values at the date of exchange of
ANNUAL REPORT
Impact of any insignificant and immaterial Non

assets given, liabilities incurred or assumed
Controlling Interest is not considered. Foreign
and equity instruments issued by the Group
Subsidiaries : Items of the assets and liabilities, both
in exchange for control of the acquiree. The
monetary and non-monetary, have been translated
acquiree’s identifiable assets, liabilities and
at the exchange rates prevailing at the end of the
contingent liabilities that meet the condition
year and items of income and expenses have been
for recognition are recognised at their fair
translated at the average rate prevailing during
values at the acquisition date except certain
the year. Resulting exchange differences arising
assets and liabilities required to be measured

on translation of said items have been transferred
as per the applicable standard. Goodwill
to Foreign Currency Translation Reserve Account
arising on acquisition is recognised as an
through Other Comprehensive Income. In case of
asset and initially measured at cost, being the
associates, where Parent Company holds directly
excess of the cost of the business combination
or indirectly through subsidiaries 20% or more
over the Group’s interest in the net fair value
equity or / and exercises significant influence,
of the identifiable assets acquired, liabilities
investments are accounted for by using equity
recognised and contingent liabilities assumed.
method in accordance with Ind AS 28 “Investments
In the case of bargain purchase, resultant gain
in Associates and Joint Ventures”. Post acquisition,
is recognised in other comprehensive income
the Parent Company accounts for its share in
on the acquisition date and accumulated to
the change in net assets of the associates (after
capital reserve in other equity.
eliminating unrealised profits and losses resulting
from transactions between the Parent Company and The interest of non-controlling shareholders in
its associates to the extent of its share), through its the acquiree is initially measured at the non-
statement of profit and loss, other comprehensive controlling shareholders proportionate share
income and through its reserves for the balance. of the acquiree’s identifiable net assets.
The difference between the cost of investment and
the share of net assets at the time of acquisition b) Goodwill
of shares in the subsidiaries, joint ventures and Goodwill arising on an acquisition of business
associates is identified in the financial statements is carried at cost as established at the date of
as Goodwill or Capital Reserve as the case may be. acquisition of the business less accumulated
However, for associates, Goodwill is not separately impairment losses, if any.
recognised but included in the value of investments.
Figures pertaining to the subsidiary companies have For the purposes of impairment testing,
been reclassified wherever necessary to bring them goodwill is allocated to each of the Group’s
in line with Parent company’s financial statements. cash-generating units (or group of cash-
generating units) that is expected to benefit
from the synergies of the combination.
4. SIGNIFICANT ACCOUNTING POLICIES:
Significant accounting policies of the financial c) Deferred Tax
statements of the Parent Company and its subsidiaries The deferred tax is recognised for temporary
are set out in their respective standalone financial differences arising after elimination of
statements. The significant accounting policies to profits and losses resulting from intragroup
prepare consolidated financial statements are in transactions. Deferred tax assets are recognised
uniformity with the standalone financial statements for unused tax losses to the extent that it is
of Parent the Company. Following are the additional probable that taxable profit will be available
policies specifically considered for preparation of against which the losses can be utilised.
consolidated financial statements:
195

Significant management judgement is required Management is currently reviewing the

to determine the amount of deferred tax operating lease contracts in place to determine
assets that can be recognised based upon the the impact of this standard.
likely timing and level of future taxable profits
2. The Following standards or amendments
together with future tax planning strategies.
made in below mentioned standards are
not expected to have a material impact over
5. STANDARDS ISSUED BUT NOT financials statements:
EFFECTIVE i) Ind AS 12 - Income Taxes (amendments
Accounting Standards, interpretations and relating to income tax consequences of
amendments to existing standards that are dividend and uncertainty over income
effective from 1st April, 2019 tax treatments).
Ministry of Corporate Affairs (“MCA”), through ii) Ind AS 28 - Long Investment in Associates
companies (Indian Accounting Standards) and Joint Ventures, and
Amendment Rules, 2019 and Companies (Indian iii) Ind AS 112 - Disclosure of Interest in other
Accounting Standards) Second Amendment Rules, entities.
has notified the following new amendments and iv) Ind AS 109 - Prepayments features with
IND ASs which are effective from 1st April 2019 negative compensation.
1. W.e.f. 1st April 2019 Ind AS 116 Leases will replace v) Ind AS 19 - Plan Amendment, Curtailment
existing leases standard, Ind AS 17 Leases. or Settlement.
Lessee will follow Single Lease Accounting. vi) Ind AS 23 - Borrowing Costs
There is no classification as operating or
finance Lease for Lessee. Under Ind AS 116 Application of above standards is not expected
Lessee will recognise assets and liabilities for all to have any significant impact on the Parent
leases with the term of more than 12 months, Company’s Financial Statements.
unless the underlying assets of low value.
Lessee would recognise depreciation expense
on the right use of asset and interest expense
on the lease liability, classify the lease payment
into principle and interest component
2019
6. PROPERTY, PLANT & EQUIPMENT

` in crore
Particulars Freehold Leasehold Buildings Plant and Electrical Furniture Vehicles Aircraft Office Total
land land Equipment Fittings and Fixtures Equipment
Gross carrying value (Cost/deemed cost)
As at 01st April, 2017 3,159.40 2,883.32 10,015.49 52,778.92 2,343.78 81.68 167.72 21.30 65.77 71,517.38
Additions 4.98 2.62 799.10 5,891.75 658.42 5.76 2.26 - 8.80 7,373.69
Disposals 1.18 - 135.13 1,175.20 20.50 1.90 12.37 - 4.65 1,350.93
Other adjustments (57.90) (0.73) 2.72 26.76 2.73 (0.40) - - - (26.82)
Translation Reserve 6.91 - 29.69 123.16 7.99 0.53 6.56 - 1.22 176.06
As at 31st March, 2018 3,112.21 2,885.21 10,711.87 57,645.39 2,992.42 85.67 164.17 21.30 71.14 77,689.38
Additions 3.36 18.53 240.54 1,139.66 28.81 23.04 29.84 - 4.26 1,488.04
Disposals 1.06 - 4.13 244.29 - 0.74 8.38 - 3.22 261.82
Revaluation 34.25 - - 3,826.43 1,178.05 - - - - 5,038.73
Other adjustments (21.15) (14.93) (14.13) (140.09) (2.63) (0.38) (0.08) - (0.42) (193.81)
Translation Reserve (5.04) - 57.12 214.67 75.40 0.07 0.33 - 0.12 342.67
As at 31st March, 2019 3,122.57 2,888.81 10,991.27 62,441.77 4,272.05 107.66 185.88 21.30 71.88 84,103.19
Depreciation
196
Accumulated Depreciation as at 01st April, 2017 - 85.11 1,228.54 7,526.29 360.71 35.21 56.84 3.47 31.69 9,327.86
Charge for the year* - 43.32 549.94 3,158.67 122.39 14.42 24.67 1.74 11.45 3,926.60
Disposals - - 47.98 172.18 1.92 1.36 6.81 - 3.86 234.11
Adjustments - - - - - (0.40) - - - (0.40)
Translation reserve - - 6.10 37.63 2.84 0.34 2.52 - 0.75 50.18
Accumulated Depreciation as at 31st March, 2018 - 128.43 1,736.60 10,550.41 484.02 48.21 77.22 5.21 40.03 13,070.13
Charge for the year* - 43.76 511.98 3,361.78 172.56 13.04 24.19 1.76 9.52 4,138.59
Disposals - - - 15.83 - 0.43 4.89 - 1.81 22.96
Adjustments - (2.22) (5.39) (103.67) 2.90 (0.15) (0.56) - (1.16) (110.25)

Translation reserve - (0.08) 0.54 18.18 11.73 (0.29) (0.16) - (0.26) 29.66
As at 31st March, 2019 - 169.89 2,243.73 13,810.87 671.21 60.38 95.80 6.97 46.32 17,105.17
Net carrying value
As at 31st March, 2018 3,112.21 2,756.78 8,975.27 47,094.98 2,508.40 37.46 86.95 16.09 31.11 64,619.25
As at 31st March, 2019 3,122.57 2,718.92 8,747.54 48,630.90 3,600.84 47.28 90.08 14.33 25.56 66,998.02
Capital Work In Progress
As at 31st March, 2018 - - - - - - - - - 3,876.97
As at 31st March, 2019 - - - - - - - - - 2,905.51
* Includes impairment in one of the subsidiaries of Nil (previous year ` 0.46 crore) and ` 35.77 crore (previous year Nil) for earlier period in respect of an overseas subsidiary.
1. Borrowing cost incurred during the year and transferred to capital work-in-progress is ` 61.48 crore (31st March, 2018 ` 360.39 crore).
2. Depreciation capitalised during the year ` 0.37 crore (previous year ` 126.40 crore)
3. As per the policy, the Company continues to capitalise foreign currency fluctuation on all long term foreign currency borrowings outstanding on 31st March, 2016. Accordingly additions /(adjustments) to
plant and machinery/ capital work-in-progress includes addition of ` 1.10 crore (31st March, 2018 ` 11.54 crore) on account of foreign exchange fluctuation (Gain)/loss.
4. Other adjustment includes assets held for sale (refer note 48).
5. Freehold land of ` 24.54 Crore (31st March, 2018 ` 24.54 Crore) is in the process of registration.
197

7. INVESTMENT PROPERTY
` in crore
Particulars Freehold Commercial Properties
Gross Block (at cost)
As at 01st April, 2017 33.19
Additions 0.26
Disposals* 25.05
As at 31st March, 2018 8.40
Additions -
Disposals -
Depreciation
As at 01st April, 2017 1.30
Charge for the year** 5.60
Disposals* 4.24
Charge for the year 0.09
Disposals -
Net Block
* Represents asset classified as held for sale in one of the subsidiaries (refer note 48).
** includes impairment loss in one of the subsidiaries of Nil (previous year ‘5.11 crore).
Notes:
(i) Information regarding income and expenditure of Investment Property
` in crore
Rental income derived from Investment Properties 0.46 1.68
Direct operating expenses (including repairs and maintenance) generating 0.37 0.35
rental income
Profit arising from investment properties 0.09 1.33
(ii) The Group’s investment properties consist of commercial properties in India.

(iii) The Fair value of investment property ` 5.65 crore (Categorised in fair value hierarchy Level I) based on Market
Approach valuation method by the management (Previous year fair value ` 5.74 crore (Level I) based on Report
taken from an accredited independent valuer based on Income Approach Method).
(iv) Minimum lease payments receivable under operating leases of investment property as under :-
` in crore
Particulars 31 March, 2019
st
31 March, 2018
st
Not later than one year 0.17 0.41

Later than one year and not later than 5 years - 0.17
More than 5 years - -
198

2019
8A. GOODWILL ARISING ON CONSOLIDATION

` in crore
Particulars Goodwill
Gross Block
ANNUAL REPORT
As at 01st April, 2017 566.99

Additions* 25.19
Disposals -
As at 31st March, 2018 592.18
Additions* 24.19
Disposals -
As at 31st March, 2019 616.37
* on account of change in shareholding in a step down subsidiary.

The carrying amount predominantly relates to goodwill that arose on acquisition of various entities and has been tested against the potential
of respective cash generating unit (CGU). The calculation uses cash flow forecast based on approved financial budgets/strategic forecast which
cover future periods of 5-10 years. Key assumptions for the value in use calculation are those regarding the expected changes to selling prices,
demand etc. The outcome of the group’s goodwill impairment test as at 31st March, 2019 resulted in no impairment of goodwill (as at 31st March,
2018: Nil). The management believes that no reasonably possible change in the key assumptions used in value in use calculation would cause
the carrying value of CGU to materially exceed its value in use.
8B. INTANGIBLE ASSETS

` in crore
Particulars Copyright, patent, Design & Computer Mining Total
other intellectual Drawings software development
property rights, services bought rights
and operating rights out
As at 01st April, 2017 43.47 0.84 48.81 6,668.52 6,761.64
Additions - - 9.41 154.57 163.98
Disposals/adjustments - - 0.71 - 0.71
Translation reserve - - 0.02 33.39 33.41
As at 31st March, 2018 43.47 0.84 58.95 6,856.48 6,959.74
Additions 3.68 128.49 132.17
Disposals/adjustments -
Translation reserve (104.14) (104.14)
As at 31st March, 2019 43.47 0.84 62.63 6,880.83 6,987.76
Amortisation
As at 01st April, 2017 11.19 0.84 36.54 3,569.85 3,618.41
Charge for the year 6.95 - 3.01 84.04 94.00
Disposals/adjustments - - (0.28) - (0.28)
Translation reserve - - 0.10 15.17 15.27
Impairment for the year - - - -
As at 31st March, 2018 18.14 0.84 39.36 3,669.06 3,727.40
Impairment for the year@ 1,286.57 1,286.57
Charge for the year 4.14 - 2.63 48.71 55.48
Disposals/adjustments 11.60 11.60
Translation reserve (95.46) (95.46)
As at 31st March, 2019 22.28 0.84 41.99 4,920.48 4,985.59
Net Carrying Value

As at 31st March, 2018 25.33 - 19.59 3,187.42 3,232.34
As at 31st March, 2019 21.19 - 20.64 1,960.35 2,002.18
@ Impairment loss in respect of two overseas subsidiaries ` 1286.57 crore (PY Nil) refer note no. 59B
199

8C. BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS

` in crore
Particulars Live stock Total
As at 01st April, 2017 0.45 0.45
Additions - -
Disposals - -
As at 31st March, 2018 0.45 0.45
Additions - -
Disposals - -
As at 31st March, 2019 0.45 0.45
9. INVESTMENTS(NON CURRENT)
Particulars Face Value As at 31st March, 2019 As at 31st March, 2018
(` unless No. of ` in crore No. of ` in crore
otherwise Units Units
stated)
(A) Quoted
Investment in equity instruments
(Fully paid-up unless otherwise stated)
a) Equity Shares (at fair value through profit
& loss)
Hwange Colliery Company Limited 4,40,680 0.68 4,40,680 0.65
African Energy Resources Limited 1,00,000 0.10 1,00,000 0.10
Decimal Software Ltd 1,00,000 0.10 1,00,000 0.10
Hodges Resources Limited 1,00,000 0.10 1,00,000 0.10
Walkabout Resources Limited 1,00,000 0.01 1,00,000 0.01
Apollo Minerals Limited 3,14,19,496 1.95 3,14,19,496 2.39
Shree Minerals Limited 1,50,00,000 0.44 1,50,00,000 0.88
Total Quoted Investment (A) 3.38 4.23
(B) Unquoted
i) Investment in equity instruments (Fully
paid-up unless otherwise stated)
a) Associates (at cost or deemed cost)
Goedehoop Coal (Pty) Limited (formely R1 50 1.82 50 1.61

known as Prodisyne (Pty) Limited)
Add/(Less): Share in Profit/(Loss) - Prior years - -
Add/(Less): Share in Profit/(Loss) - Current year - -
Thuthukani Coal (Pty) Limited 1,029 0.00 1,029 0.00

Add/(Less): Share in Profit/(Loss) - Prior years - -
Add/(Less): Share in Profit/(Loss) - Current year - -
1.82 1.61
b) Joint Ventures (at cost or deemed cost)
Shresht Mining and Metals Private Limited 10 76,94,248 7.69 76,94,248 7.69
7.69 7.69
c) Others (at fair value thorugh profit & loss)
Investment in equity instruments
(Fully paid-up unless otherwise stated)
Angul Sukinda Railway Limited 10 6,00,00,000 60.00 6,00,00,000 60.00
200

2019
Particulars Face Value As at 31st March, 2019 As at 31st March, 2018

(` unless No. of ` in crore No. of ` in crore
otherwise Units Units
stated)
Brahmputra Capital and Financial Service 10 1,92,00,000 19.20 1,92,00,000 19.20
ANNUAL REPORT
Limited
Jindal Holdings Limited 10 24,14,000 14.48 24,14,000 14.48
Jindal Petroleum Limited 10 49,400 0.05 49,400 0.05
Jindal Rex Exploration Private Limited 10 9,800 0.01 9,800 0.01
Stainless Investments Limited 10 12,42,000 6.05 12,42,000 6.05
X-Zone SDN BHD RM 1 36,250 0.04 36,250 0.04
Jindal Infosolutions Limited 10 1,75,000 0.18 1,75,000 0.18
Port Kembla Coal Terminal 1,20,000 0.59 1,20,000 0.59

Danta Enterprises Private Limited (` 14,470) 10 1,447 0.00 1,447 0.00
Haridaspur Paradip Railway Company Limited 10 50,00,000 5.00 50,00,000 5.00
OPJ Trading Private Limited (` 14,470) 10 1,447 0.00 1,447 0.00
Sahyog Holdings Private limited (` 14,470) 10 1,447 0.00 1,447 0.00
Virtuous Tradecorp Private Limited (` 14,470) 10 1,447 0.00 1,447 0.00
Opelina Finance & Investment Limited 10 10 0.01 10 0.01
Golden Age Investment (Pty) Limited $1 140 1.35 140 1.29
Indusglobe Multiventures Pvt Ltd (` 1,450) 10 145 0.00 145 0.00
Strata Multiventures Pvt Ltd (` 1,450) 10 145 0.00 145 0.00
Genova Multisolutions Pvt Ltd (` 1,450) 10 145 0.00 145 0.00
Radius Multiventures Pvt Ltd (` 1,450) 10 145 0.00 145 0.00
Divino Multiventures Pvt Ltd (` 1,450) 10 145 0.00 145 0.00
Total Investment in equity instrument (i) 106.97 106.90
ii) Investment in convertible preference

shares (at amortised cost)
Indusglobe Multiventures Pvt Ltd (` 1,45,000) 10 14,500 0.00 14,500 0.00
Strata Multiventures Pvt Ltd (` 1,45,000) 10 14,500 0.00 14,500 0.00
Genova Multisolutions Pvt Ltd (` 1,45,000) 10 14,500 0.00 14,500 0.00
Radius Multiventures Pvt Ltd (` 1,45,000) 10 14,500 0.00 14,500 0.00
Divino Multiventures Pvt Ltd (` 1,45,000) 10 14,500 0.00 14,500 0.00
Opelina Finance & Investment Limited (Note 1) 10 3,000 - 3,000 -
Bahadurgarh Townships Pvt. Ltd 10 1,40,00,000 14.00 1,40,00,000 14.00
Rohtak Townships Pvt. Ltd 10 1,11,30,000 11.13 1,11,30,000 11.13
Total (ii) 25.20 25.20
(iii) Investment In Government Securities

(at amortised cost)
National Saving Certificates 0.12 0.12
(Pledged with Government departments)
Total (iii) 0.12 0.12
iv) Other Investments (at cost)* 0.04 0.01
Total (iv) 0.04 0.01
Total Unquoted Investment (i+ii+iii+iv) (B) 141.84 141.53
Total Investment (A+B) 145.22 145.76
Less: Provision for impairment - -
Total non-current Investment 145.22 145.76
Aggregate book/ market value of quoted investments 3.38 4.23
Aggregate book value of unquoted investments 141.84 141.53
Aggregate provision for impairment in value of investments - -
201

Notes:-
* Stamp duty for purchase of shares in one of the subsidiary.
1) Received as bonus shares in previous year.

2) The Parent Company has Invoked 2,00,00,000 share of Bharat NRE Coke Limited, pledge against advance to one of
vendor @ Nil Value.
10. NON-CURRENT FINANCIAL ASSETS- LOANS

` in crore
Secured, Considered good
Security deposits 0.24 1.55
Other Loans 80.94 80.93
Security deposits to related party (refer note no. 55) 29.40 48.50
Security deposits to others 76.44 108.68
Other Loans 161.16 86.41
348.18 326.07
11. NON-CURRENT FINANCIAL ASSETS- BANK BALANCES

` in crore
Bank balances (other than cash & cash equivalents)
Fixed deposits with original maturity of more than 12 months (Pledged 1.82 10.50
with government department and others ` 1.82 crore (31st March, 2018
` 10.48 crore)
1.82 10.50
12. NON-CURRENT FINANCIAL ASSETS-OTHERS

` in crore
Share Application Money - 0.49
Security deposits 1.95 1.81
Other advance 2.15 1.93
Gratuity Fund 2.32 -
Fixed deposit 6.11 0.11
Interest receivable (` 31,017) 0.00 -
12.53 4.34
13. OTHER NON-CURRENT ASSETS

` in crore
Capital advances 753.37 796.26
Advances other than capital advances 108.51 80.29
Prepaid expenses 253.64 126.74
Dues from Government Authorities 0.76 -
1,116.28 1,003.29
202

2019
14. INVENTORIES
` in crore
(Valued at lower of cost and net realisable value)
ANNUAL REPORT
Raw Materials
- Inventories 2,107.82 1,279.06
Work-in-progress
- Work-in-progress 278.51 252.75
Finished Goods
- Inventories 1,192.54 779.73
- Stock in trade 1.05 -
Stores & Spares

- Inventories 1,383.41 923.02
Others
- Land bank/Project in progress* 1,223.56 1,114.35
- Scrap 1.39 8.83
6,509.53 4,959.56
* Includes advance given to various companies by one of the subsidiaries of ` 384.80 crore (31st March, 2018 ` 385.73 crore)(including interest
paid by the said subsidiary) for development of land pending execution of project.
15. CURRENT INVESTMENTS

` in crore
Quoted (at fair value thorugh profit & loss)
Aditya Birla 3.60 -
LIC mutual fund 0.01 0.01
Reliance Nippon 1.30 -
Reliance Liquid Fund Cash Plan Growth - 0.15
Momentum Money Market Fund Unit Trust 0.05 0.05
4.96 0.21
Aggregate amount of quoted investment and market value thereof 4.96 0.21
16. TRADE RECEIVABLES

` in crore
- Considered good - Secured 87.54 54.56
- Considered good - Unsecured 2,941.65 1,771.53
Trade Receivables which have significant increase in credit risk - -
Trade Receivables - Credit impaired 93.64 82.17
Less: Provision for Impairment (93.64) (82.17)
3,029.19 1,826.09
203

17. CASH & CASH EQUIVALENTS

` in crore
- Balances with banks
Current accounts* 148.99 206.97
Bank deposits with maturity of less than 3 months** 43.33 50.65
- Cheques/Drafts in hand 0.54 0.03
- Cash on hand 4.08 5.85
- Others 0.02 0.03
196.96 263.53
*includes restricted balance held as a security of ` 30.13 crore (previous year ` 23.71 crore ) in one of the subsidiaries.
** Pledged with banks towards margin ` 32.93 crore (31st March, 2018 ` 15.06 crore).
18. OTHER BANK BALANCES

` in crore
- Fixed deposits * 219.68 197.55
- Earmarked - Unpaid dividend accounts 4.98 6.80
224.66 204.35
* Includes ` 29.26 crore (31st March, 2018 ` 18.13 crore) restricted cash balance held/maintained for margin money/debt service coverage.
19. CURRENT FINANCIAL ASSETS-LOANS

` in crore
Secured, considered good
- Security Deposit 0.25 -
Total Secured 19.07 18.82
- Security Deposit
- to related parties(refer note 55) 48.50 -
- to others 8.16 2.82
Total Unsecured 238.01 451.70
257.08 470.52
20. CURRENT FINANCIAL ASSETS-OTHERS

` in crore
Security deposit 21.85 34.04
Interest receivable 36.95 496.34
Unbilled Revenue@ 57.66 524.26
Other Receivable* 20.51 267.40
Advance to others 60.20 97.18
Advance to employees 6.91 11.25
204.08 1,430.47
@ the movement in unbilled revenue is an account of change in law ` 309.97 crore, delayed payment surcharge ` 62.00 crore and supplementary
bill of KSEB ` 13.43 crore billed in financial year 2018-19, unbilled revenue written off ` 86.53 crore and balance ` 5.33 crore is an account of
further unbilled revenue recognised for transmission income & change in law in the year ended 31st March, 2019.
* Includes receivable from related parties.
204

2019
21. CURRENT TAX ASSETS / LIABILITIES (NET)

` in crore
Advance income tax* 3,461.70 3,514.56
ANNUAL REPORT
Less: Provision for income tax (2,969.37) (2,968.82)

Net current tax assets 492.33 545.74
* Includes tax paid under protest ` 427.03 crore (PY ` 487.50 crore)
22. OTHER CURRENT ASSETS

` in crore
Advances other than capital advances
- Advance to related parties * 422.81 381.32
- Security deposit * 89.22 119.88
- Advance to vendors 200.93 299.27
- Others * 2,048.83 2,783.25
- Others Considered doubtful 123.97 119.46
- Provision for doubtful advances (123.97) (119.46)
2,761.79 3,583.72
Others
- Unamortised Premium on Forward Contract - 0.99
- Prepaid expenses 116.23 295.34
- Due from Government Authorities & others 230.52 481.70
346.75 778.03
3,108.54 4,361.75
* including receivable from related parties.
23. SHARE CAPITAL

` in crore
Authorised
200,00,00,000 (31st March, 2018: 200,00,00,000 ) Equity shares of ` 1 each 200.00 200.00
1,00,00,000 (31st March, 2018: 1,00,00,000) Preference Shares of ` 100 each 100.00 100.00
300.00 300.00
Issued, subscribed & fully paid up
96,79,46,379 (31st March, 2018 : 96,79,46,379 )Equity shares of ` 1 each 96.79 96.79
96.79 96.79
(a) Reconciliation of the number of shares outstanding at the beginning and end of the year
` crore
Equity Shares As at As at
Shares outstanding at the beginning of the year 96,79,46,379 91,50,24,234
Add: Equity Shares issued during the year - 5,29,22,145
Shares outstanding at the end of the year 96,79,46,379 96,79,46,379
b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of ` 1 per share. Each holder of equity share is
entitled to one vote per share. The Company declares dividend in Indian Rupees. The dividend, if any, proposed by the
Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.
205

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company after payment of all liabilities. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting date:
In accordance with Section 77 of the Companies Act,1956 and buy back regulations of SEBI, the Company during
the financial year 2013-14 bought back and extinguished 19,959,584 equity shares of ` 1 each and created a
Capital Redemption Reserve of ` 2.00 crore out of surplus in the Statement of Profit and Loss. The premium on
buy back of ` 498.80 crore had been utilised from Securities Premium Account ` 122.96 crore and out of surplus in
Statement of Profit and Loss ` 375.84 crore.
During the five years immediately preceding 31st March, 2019, the Company has not allotted any equity shares as
bonus shares and also not issued any share for consideration other than cash.
In addition the Company allotted 1,50,000 equity shares during the preceding five years under its various
Employees Stock Option Schemes / Employee Stock Purchase Scheme
d) Details of shareholders holding more than 5% shares in the Company
Name of the shareholder As at 31st March, 2019 As at 31st March, 2018

No. of Shares % holding No. of Shares % holding
Equity Shares of ` 1 each fully paid
Danta Enterprises Private Limited 6,22,38,816 6.43% 6,22,38,816 6.43%
Gagan Infraenergy Limited 4,97,09,952 5.14% 4,97,09,952 5.14%
Opelina Finance and Investment Limited 9,13,00,393 9.43% 9,13,00,393 9.43%
OPJ Trading Private Limited 18,76,37,898 19.39% 18,76,37,898 19.39%
Virtuous Tradecorp Private Limited 6,43,95,867 6.65% 6,43,95,867 6.65%
As per records of the Company, including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial
ownership of shares.
e) Employees Stock Purchase Scheme

The Board of Directors in its meeting held on 25th January, 2018 approved the JSPL Employee Stock Purchase
Scheme 2018 (JSPL ESPS Scheme-2018) and the same was approved by the shareholders in the Annual General
Meeting held on 28th September, 2018, in accordance with SEBI(Share Based Employee Benefits) Requlations 2014.
In accordance with SEBI (Share Based Employees Benefits) Regulations 2014 and pursuant to Jindal Steel & Power
Limited Employee Stock Purchase Scheme-2018, the Company has on 23rd March, 2019 and on 27th April, 2019
granted 20,32,007 nos. and 20,56,704 nos. equity shares of ` 1 each at an exercise price of ` 166.65/- per share and
` 175.15/- per share respectively under Jindal Steel & Power Limited Employee Stock Purchase Scheme- 2018 to
the employees of the Group (Jindal Steel & Power Limited and its subsidiaries). Subsequently the Company allotted
20,15,597 Equity shares of `1/- each on 13th May, 2019 (out of options granted on 23rd March, 2019) to the eligible
employees.
` in crore
Particulars Year ended 31st March, 2019
Number of Exercise Price
Share Options
Granted during the year 20,32,007 166.65
Exercised during the year 18,01,034 166.65
Outstanding shares, end of the year 2,30,973
206

2019
f) Employees Stock Option Scheme

The Board of Directors in its meeting held on 8th August, 2017 approved the JSPL Employee Stock Option Plan
2017(JSPL ESOP Scheme-2017) and the same was approved by the shareholders in the Annual General Meeting
held on 22nd September 2017, in accordance with SEBI(Share Based Employee Benefits) Requlations 2014.
ANNUAL REPORT
Pursuant to the JSPL ESOP Scheme-2017 , the Company may grant upto 4,50,00,000 options convertible into equal
number of equity shares of ` 1 each.
The Nomination and Remuneration Committee of the Board in its meeting held on 5th January, 2018 granted
51,21,735 options convertible into equal number of equity shares of the Company, to the eligible employees of
the Company and its subsidiaries, at an exercise price of ` 244.55 per option. As per JSPL ESOP Scheme-2017 the
vesting period shall not be less than one year and maximum period will be three years. The employee shall exercise
his options within a period of six months from respective vesting. 40,65,837 options have been surrendered,
5,67,348 options have lapsed and balance outstanding is 4,88,550 options as on 31st March, 2019.
Salient features of the grants are as under:
Vesting Schedule Options will vest from the date of grant based on the performance conditions
mentioned below in the following ratio:
Vesting Schedule 5th January, 2019 5th January, 2020 5th January, 2021
Eligibility * 35% 35% 30%
‘* Maximum percentage of options that can vest
Performance Numbers of options have been granted based on individual performance rating
Conditions measured on 5 point scale.
24 A. SHARE WARRANTS
` in crore
As at 1st April, 2017 Movement during 2017-18 As at 31st March, 2018 Movement during 2018-19 As at 31st March, 2019
- 4.80 4.80 - 4.80
24 B. OTHER EQUITY
` in crore
Reserves and Surplus Items of other comprehensive income Equity Equity Non Total
Capital Securities Capital Debenture Share Capital Foreign General Retained Share Foreign Fair valution of Remeasurement component attributable to controlling
reserve premium Redemption Redemption Option Reserve on Currency Reserve earnings of Joint Currency Property Plant of Defined of financial shareholders interest
Particulars account Reserve Reserve outstanding Consolidation Monetary Item Venture & Translation & equipment Benefit instruments of the Group
Account Translation Associates Reserve and Intangible Obligation/ Plan
Difference
Account
Balance as at 1st April,2017 100.35 6.01 72.00 1,265.18 17.18 1,710.67 (134.17) 1,619.21 25,809.24 (0.33) (538.71) - 24.50 7.90 29,959.03 646.71 30,605.74
Profit & Loss for the year - - - - - - - - (1,409.11) - - - - - (1,409.11) (206.39) (1,615.50)
Other comprehensive income for - - - - - - - - - - (55.65) - (0.41) - (56.06) (0.14) (56.20)
the year
Movement during the year (30.91) 1,378.20 - 201.47 - 108.24 83.97 (180.29) 0.33 214.19 - - 13.96 1,789.16 0.16 1,789.32
As at 31st March, 2018 69.44 1,384.21 72.00 1,466.65 17.18 1,710.67 (25.93) 1,703.18 24,219.84 0.00 (380.17) - 24.09 21.86 30,283.02 440.34 30,723.36
Profit & Loss for the year - - - - - - - - (1,645.34) - - - - - (1,645.34) (766.18) (2,411.52)
Other comprehensive income for - - - - - - - - - - (28.82) 4,395.72 (14.92) - 4,351.98 (4.69) 4,347.29
the year
207
Change in accounting policy (refer - - - - - - - - (85.65) - - - - - (85.65) - (85.65)

note no. 47)
Movement during the year (0.60) - - 170.83 32.79 - (250.75) 105.73 (262.28) - (359.68) (38.85) - 24.85 (577.96) 29.46 (548.50)
As at 31st March, 2019 68.84 1,384.21 72.00 1,637.48 49.97 1,710.67 (276.68) 1,808.91 22,226.57 0.00 (768.67) 4,356.88 9.17 46.71 32,326.05 (301.07) 32,024.98
Notes-
(i) Securities Premium Reserve represents the amount received in excess of par value of securities issued by the company. This reserve is utilised/to be utilised in accordance with provisions of the act.
(ii) The Parent Company and one of its subsidiaries is required to create Debenture Redemption Reserve out of the profits which is available for the purpose of redemption of debentures.
(iii) Capital Redemption Reserve represents the statutory reserve created on buy back of shares. It is not available for distribution.
(iv) During the previous year, the Parent Company has issued 4,80,00,000 convertible warrants at issue price of `140.31 each to a promoter group company on preferential basis. These warrants are convertible into
equal number of fully paid equity shares of `1 each upon exercise of the option of conversion of the warrants held by the holder(s), within a period of 18 months from the date of allotment of warrants. Out of
`168.37 crores (i.e. 25% of the total consideration of `673.49 crore) received, `4.80 crores has been shown as ‘ Money Received agaianst Share Warrants’ and balance amount of `163.57 crores has been included
under ‘Securities premium account’.Subsequent to the current year end the Company has allotted 4,80,00,000. fully paid up equity shares of Re. 1/- each at a Issue price of ` 140.31 per share (including premium of
` 139.31 per share), upon conversion of warrants issued on November 9, 2017, to a promoter group company on receipt of balance 75% amount aggregating to ` 505.12 crores.
(v) General reserve includes ` 244.81 crore (31st March, 2018 ` 168.81 crore) in respect of one of the subsidiaries which is not available for distribution.
(vi) Movement in Capital reserve in current year includes provision made by one of the overseas susbsidiaries for redemption of capital pending regulatory clearance.
(vii) Share Option Outstanding Account relate to stock option granted by the company to employee under JSPL employee stock option plan, 2017 of ` 2.78 crore. This reserve is transferred to retained earning on
cancellation of vested option. The above reserve also includes ` 30.01 crores pertaining to JSPL employee stock purchase scheme, 2018 (ESPS) (refer note no, 23(e & f ).
208

2019
25. NON CURRENT FINANCIAL LIABILITIES- BORROWINGS

` in crore
Secured
ANNUAL REPORT
i) Debentures
Nil (Previous Year 6500), 9.15% Secured Redeemable Non - 650.00
(Privately placed initially with HDFC Bank Limited )
10,000 (Previous Year 10,000), 9.80% Secured Redeemable Non 1,000.00 1,000.00
Nil (Previous Year 10,000), 9.65% Secured Redeemable Non - 1,000.00
(Privately placed initially with Kotak Mahindra Bank)
(Privately placed initially with SBI Life Insurance Company Limited)
1,447.20 3,199.60
ii) Term Loan
From Banks 31,506.29 30,877.15
From Other Parties 1,039.38 989.08
iii) Other Loans from Banks (Buyer's Credit) - 592.12
33,992.87 35,657.95
Less current maturities presented in Note 32 4,308.40 3,437.87
29,684.47 32,220.08
Debentures of Parent Company Captive Power Plant (CPP) Project) at Angul, Odisha
Security of the Company in favour of the Debenture Trustees.
i) Debentures of ` Nil (31st March, 2018 ` 650 crore) iii) Debentures of ` 410 crore (31st March, 2018 ` 500
placed initially with HDFC Bank Limited on private crore) placed initially with Life Insurance Corporation
placement basis. The debentures were secured of India on private placement basis are redeemable
by way of first and exclusive pledge, in favour of at par in 2 equal annual installments at the end of 9.5
Debenture trustee, over 5,78,05,714 nos. equity and 10.5 years from the date of respective allotments
shares of Jindal Power Limited held by the Company. i.e. ` 100 crore (24.08.2009), ` 80 crore (08.09.2009),
` 80 crore (08.10.2009), ` 80 crore (09.11.2009),
ii) Debentures of ` 1000 crore (31st March, 2018 ` 1000
` 80 crore (08.12.2009) and ` 80 crore (08.01.2010)
crore) placed initially with Life Insurance Corporation
. The debentures are secured on first ranking pari-
of India on private placement basis are redeemable
passu charge basis by way of hypothecation of
at par in 2 equal annual installments at the end of 9.5
movable fixed assets of the Company (excluding
assets charged on exclusive basis) in favour of the
i.e. ` 100 crore (12.10.2009), ` 150 crore (22.10.2009),
Debenture Trustees. In addition a first ranking pari
` 150 crore (24.11.2009), ` 150 crore (24.12.2009),
passu mortgage on a part of immovable property
` 150 crore (25.01.2010), ` 150 crore (19.02.2010) and
pertaining to unit located at Kharsia Road, Raigarh
` 150 crore (26.03.2010). The debentures are secured
and a part of the immovable property pertaining
by way of first ranking pari passu charge over the
to unit located at 13 KM Stone, G E Road, Mandir
both movable and immovable fixed assets, both
Hasaud, Raipur in favour of the Debenture Trustees.
assets etc.of the Angul Phase 1A Plant (Angul Phase iv) Debentures of ` Nil (31st March, 2018 ` 1000 crore)
1A plant means collectively the Angul Integrated placed initially with Kotak Mahindra Bank on private
Steel Plant (ISP) and Plate Mill (PM) Project, the Angul placement basis. The debentures were secured
Direct Reduced Iron (DRI) Project and the Angul by way of first and exclusive pledge, in favour of
209

Debenture trustee, over 7,70,74,285 nos. equity is due on 30th June, 2019. Loan of ` 1,094.54 crore
shares of Jindal Power Limited held by the Company. (31st March, 2018 ` 1,274.66 crore) is repayable in 20
quarterly installments; the next installment is due on
v) Debentures of ` 37.20 crore (31st March, 2018
30th June, 2019. Above loans are secured by way of
` 49.60 crore) placed initially with SBI Life Insurance
a first ranking pari passu charge on all the present
Company Limited on private placement basis are
movable Fixed Assets of units located at Balkudra,
redeemable at par in 3 equal annual installments. The
Patratu, District Ramgarh, Jharkhand; 13 KM Stone, G
debentures are secured by way of first ranking pari
E Road, Mandir Hasaud, Raipur; 201 to 204, Industrial
passu charge over the both movable and immovable
Park SSD, Punjipatra, Raigarh, Chhattisgarh; Bhikaji
fixed assets, both present & future, and other related
Cama Place, New Delhi; and all movable Fixed Assets
miscellaneous assets etc. of the Angul Phase 1A Plant
(present as well as future) located at Kharsia Road,
(Angul Phase 1A plant means collectively the Angul
Raigarh, Chhattisgarh. In addition a first ranking
ISP and PM Project, the Angul DRI Project and the
mortgage and pari passu charge on immovable
Angul CPP Project) at Angul, Odisha of the company
property pertaining to unit located at Kharsia Road,
in favour of the Debenture Trustees.
Raigarh and a part of the immovable property
pertaining to unit located at 13 KM Stone, G E Road,
Term Loans of Parent Company
Mandir Hasaud, Raipur.
Security
iv) Loans of ` 359.13 crore (31st March, 2018 ` 366.86
i) a) Loans of ` 1,442.42 crore (31st March, 2018
crore) are repayable in 67 quarterly instalments and
` 1,508.72 crore) repayable in 23 quarterly
are secured by way of first ranking pari passu charge
installments are secured by way of a first charge
over both the immovable and movable fixed assets,
on pari passu basis over all the movable and
both present and future, (including related rights,
immovable fixed assets (plate mill & ISP facility,
titles claims and demands in the contracts etc.) of
DRI, Captive Power Plant and other misc. assets
Dongamahua Captive Power Plant (CPP) Project A.
etc.), both present and future, of plant phase
(Dongamahua CPP Project A means the 2*135 MW
1A at Angul, Odisha. The next installment is
(Phase -1) captive power plant situated at village
Dongamahua, Chattisgarh). The next instalment is
b) Loan of ` 450.00 crore (31st March, 2018 ` 475.00 due on 30th June, 2019.
crore) is repayable in 8 quarterly installments
v) ‘Loans of ` 462.81 crore (31st March, 2018 ` 472.53
are secured by way of a first charge on pari
crore) are repayable in 67 quarterly instalments
passu basis over all movable fixed assets (plate
and are secured by way of a first ranking pari
mill & ISP facility, DRI, CPP and other misc.
passu charge over both the immovable and
assets etc.), both present and future, of plant
movable assets, both present and future, (including
phase 1A at Angul, Odisha. Further, charge in
related rights, titles claims and demands in the
favor of lender in respect of said loan by way of
contracts etc.) of the Dongamahua CPP Project B.
a first charge on immovable fixed assets, both
(Dongamahua CPP Project B means the 2*135 MW
present and future, of Plant Phase 1A at Angul,
(Phase -2) captive power plant situated at village
odisha is to be created. The next installment is
Dongamahua, Chattisgarh). The next instalment is
ii) Loans of ` 5,858.82 crore (31st March, 2018 ` 5,983.03
vi) Loan of ` 1,355.55 crore (31st March, 2018 ` Nil ) is
crore) are repayable in 67 quarterly installments are
repayable in 36 quarterly instalments and is secured
secured by way of first ranking pari passu charge over
(charge to be created) by way of a first ranking pari
the both movable and immovable fixed assets, both
passu charge on all movable fixed assets, Immovable
fixed assets and all related infrastruture of the
assets etc. of the Angul Phase 1A Plant (Angul Phase
company both present and future (except the assets
1A plant means collectively the Angul ISP and PM
which are exclusively charged to other lenders i.e
Project, the Angul DRI Project and the Angul CPP
Dongamahua Captive power plant, Barbil pellet
Project) at Angul, Odisha of the Company. The next
plant and Tensa iron ore mines) and second ranking
installment is due on 30th June, 2019.
pari passu floating charge by way of hyphothecation
iii) Loan of ` 805.00 crore (31st March, 2018 ` 1055.05 over current assets, both present and future, of the
crore) on bilateral basis is repayable in 19 quarterly company with priority over cash flow under TRA
installments; the next installment is due on 15th agreement and over security in case of liquidation.
April, 2019. Loans of ` 649.91 crore (31st March, The said loan is further secured by way of pledge
2018 ` 799.95 crore) on bilateral basis are repayable over 40,46,40,000 nos. of equity shares of Jindal
in 12 quarterly installments; the next installment Power Limited (a subsidiary) held by the company
210

2019
as interim security till creation and perfection of x) a) Term loan from banks of ` 900 Crores (P.Y
primary security. Further, Company has given Non ` 950 Crores) are secured by way of second
Disposal Undertaking over 6,74,40,000 nos. of equity pari passu mortgage / charge on all the fixed
shares of Jindal Power Limited (a subsidiary) held by assets (movable and immovable) and Current
the company as interim security till the creation and Assets pertaing to fourth phase of the Power
ANNUAL REPORT
perfection of primary security. The next instalment is Plant of 1200MW comprising two units of 600
due on 30th June, 2019. MW each at Tamnar (Unit 3 and Unit 4)
b) Term loan from banks of ` 630 Crores (P.Y ` 665
TERM LOANS (In Indian Subsidiaries)
Crores) are to be secured by way of the second
vii) Term loans from Banks and Body Corporate of ` 3039.54 pari passu Charge on all the fixed assets and
Crores (31st March, 2018 ` 3138.65 Crores) are secured current asset of third phase of the Power Plant
by way of first pari passu mortgage / charge on all the of 1200MW comprising two units of 600 MW
fixed assets (immovable and movable), both present each at Tamnar (Unit 1 and Unit 2).
and future, including charge on inventory, book debts
The said loans are repayable as ` 170.00 Crores
and receivables, all bank accounts and assignment
in F/Y 2019-20 , ` 255.00 Crores in F/Y 2020-
of all rights, titles and interest etc. in accounts of the
21 F/Y 2021-22,F/Y 2022-23 and F/Y 2023-24
Units pertaining to third Phase of the Power Plant of
and ` 340.00 Crores in F/Y 2024-25 (up to
1200MW comprising two units of 600 MW each at
December 2024 Quarter),- by way of quarterly
Tamnar (Unit 1 and Unit 2)and immovable properties
installments.
of company situated at Mouje Pali of Sudhagad Taluka,
District Raigarh, Maharashtra state. The Loan is further xi) Term loan from Aditya Birla Finance Limited of
secured (charge to be created) by way of First charges ` 69.41 Crores (P.Y ` Nil ) are secured by way of
on the receivables of Phase I & II project of the Power pledge of 74% of unlisted equity shares of one
Plant of 1000MW comprising four units of 250MW of the step down subsidiaries . The loan is further
each at Tamnar of the said subsidiary. The subsidiary secured/to be secured by way of mortgage on the
is in process of creating further securities as required. land including leasehold rights of 840.80 acres and
The said Loan is repayable as ` 132.15 Crores in F/Y freehold rights 263.08 acres of the said subsidiary.
2019-20, ` 181.71 Crores in F/Y 2020-21, ` 231.27 The said subsidiary has also provided a guarantee of
Crores each in F/Y 2021-22 & F/Y 2022-23, ` 214.75 ` 75 crores for this loan during the year. The said loan
Crores in F/Y 2023-24, ` 198.23 Crores each in F/Y is repayble in Two Years, ` 35.97 Crores in F/Y 2019-
2024-25 &F/Y 2025-26, ` 231.27 Crores each from F/Y 20 and ` 33.44 Crores in F/Y 2020-21.
2026-27 to 2031-32 and ` 264.30 Crores in F/Y 2032-33
xii) Remeasurement of borrowings from bank as per Ind
- by way of quarterly installments.
AS has resulted in reduction by ` 5.24 Crores as on
viii) Term loan from banks of ` 137.50 Crores (P.Y. 31st March, 2019 (Previous Year ` 6.47 Crores)
` 187.50 Crores) are secured by way of first pari passu
xiii) Term loan from bank amounting to ` 2.82
mortgage / charge on all the fixed assets (movable
Crores(previous year ` 5.89 Crores is Secured against
and immovable), of the Company both present and
hypothecation of respective vehicle and repayable
future with respect to fourth phase of the Power
by way of EMI (Equated Monthly Installments).
Plant of 1200MW comprising two units of 600 MW
each at Tamnar (Unit 3 and Unit 4). The said loan is xiv) Term loan amounting to ` Nil (previous year ` 2.50
repayable as ` 50 Crores in F/Y 2019-20, ` 50 Crores Crores) is secured by equitable mortgage of project
in F/Y 2020-21, and ` 37.50 Crores in F/Y 2021-22 - by properties in possession of one of the step down
way of quarterly installments. subsidiaries for development of real estate project in
terms of collaboration arrangements with holding/
ix) Term loan from banks of ` 2087.50 Crores (P.Y.
land owing companies and for which consideration
` 2175.00 Crores) are secured by way of first pari
has been paid by the said subsidiary for its land
passu mortgage / charge on all the fixed assets
development rights and corporate guarantees
(movable and immovable), over the current assets
provided by such holding/ land owing companies.
pertaining to fourth Phase of the Power Plant of
1200MW comprising two units of 600 MW each at Term loan is further secured by charge on fixed
Tamnar (Unit 3 and Unit 4). The said loan is repayable assets & hypothecation of current assets (both
as ` 162.50 Crores in F/Y 2019-20, ` 287.50 Crores in present & future) including book debts & inventories
F/Y 2020-21, ` 337.50 Crores in F/Y 2021-22, ` 362.50 of the project and pre-cast plant.
Crores in F/Y 2022-23,` 387.50 Crores in F/Y 2023-24,
Term of Repayment: 16 Equal Quarterly Installments
` 483.30 Crores in F/Y 2024-25 and ` 66.70 Crores in
starting from 30.09.2014.
Jun 2025- by way of quarterly installments.
211

xv) Terms Loan amounting to ` 42.50 Crores(previous supply agreement) and second priority commercial
year ` 71.25 Crores) is taken by one of the step down mortagage over all of the working capital assets and
subsidiary. The said loan is repayable as ` 33.75 crore all receivables and first priority legal mortgage of the
in F/Y 2019-20 & ` 8.75 crores in F/Y 2020-21. Property. The loan is repayable in 44 unequal quarterly
instalment commencing from June, 2017. The loan
xvi) Equipment Loan from HDFC Bank Limited ` 0.05
carry interest rate @ USD LIBOR +4.75% p.a.
Crores (Previous Year- ` 0.08 Crores) taken by the
one of the step down subsidiaries is Secured by xxi) Loan of ` 545.31 crore (31st March, 2018 ` 415.75
hypothecation against specific Asset. Crore) bearing rate of interest varying from 3.15%
to 3.50%+ Libor p.a. is secured by First priority
Terms of Repayment : 60 Monthly Instalments
commercial mortgage over all of the working
starting from 07.10.2015
capital assets in connection with the Existing
Term loan is secured by equitable mortgage of Operations, the Expansion Project and all receivables
unencumbered licensed land of the project, First and second priority Commercial mortgage over all
pari passu charge by way of hypothecation on tangible assets, present or future, of one of the step
movable fixed assets and current assets (including down subsidiaries (but excluding the Gas Supply
cash flows), both present and future of the project, Agreement) and Second priority legal mortgage of
First pari passu charge on Escrow Account of the the Property of the said step down subsidiary.
Project and Corporate guarantee of holding/land
xxii) Loan of ` 968.40 crore (31st March, 2018 ` 910.62
owing companies.
crore) at interest for (LIBOR + 4% p.a as margin rate),
is secured by pledge of 1,090,313,872 equity shares
TERM LOANS (In foreign Subsidiaries)
of Wollongong Coal Limited. One of the subsidiaries
xvii) Loan of Nil (31st March, 2018 ` 2.16 crore) bearing has entered into a restructuring agreement to
rate of interest of 10.25% p.a. repayble over a period reschedule its repayment period for above loans
of 3 years were secured over plant and equipment of and has executed the amended and restated facility
Jindal Mining SA (Pty) Ltd. agreements in relation to USD 140 Mn term loan. As
per terms of the amended facility agreements, Loans
xviii) Loan of ` 16.05 crore (31st March, 2018 ` 18.37 crore) shall be repayable 20% by 31st March, 2020, 30% by
bearing rate of interest 9.25% p.a. is secured over 31st March, 2021 and 50% by 31st March 2022.
the Land/ Office Building at ERF 3079 & ERF 3780/22
Kildoon Street Bryanston and Portion 1 to 5 of ERF The above loan is secured by a first ranking security
5283, Bryanston belonging to Eastern Solid Fuels Pty pari passu charge basis as under:
Ltd. Jindal Mining SA (Pty) Ltd & Eastern Solid fuel
1) Fixed security by way of a share charge over its:
Pty Ltd have provided corporate guarantee for the
aforesaid loan. yy 97.5 per cent of the total issued share capital in
JSPL Mozambique MInerals LDA;
xix) Loan of ` 3,919.27 crore (31st March, 2018 ` 4,116.44
crore) is secured by first priority Commercial mortgage yy 97.44 per cent of the total issued share capital
over all tangible and intangible assets, present and future, in Jindal Botswana (PTY) Limited; and
of one of the step down subsidiaries in connection with yy 24.94 per cent. of the total issued share capital
the existing operations and expansion project, causes of in Jindal Mining SA (PTY) Limited
action, payments and proceeds at any time receivable
or distributable in respect of them (but excluding the 2) Floating charge over assets of Jindal Steel &
Gas supply agreement) and second priority commercial Power (Mauritius) Limited (JSPML), except
mortgage over all of the working capital assets and for Jindal Shadeed Iron and steel LLC, Jindal
all receivables and first priority legal mortgage of the Steel and power Australia Pty Limited (JSPAL)
Property. The loan is repayable in 44 unequal quarterly and Wollongong Coal Limited (WCL), the
instalment commencing from June, 2015. The loan intercompany loans between JSPAL and WCL
carries interest rate @ USD LIBOR +3% p.a. and the intercompany loans from JSPML to
JSPAL/WCL and
xx) Loan of ` 597.65 crore (31st March, 2018 ` 573.66
Crore) is secured by first priority Commercial 3) First ranking security over the JSPML shared cash
mortgage over all tangible assets and intangible sweep account which is maintained by JSPML.
assets, both present and future, of one of the step The above is also secured by Corporate
down subsidiaries in connection with the existing Guarantee issued by Parent company.
operations and expansion project, causes of action, xxiii) a) Term Loan of ` 2,766.85 crore (31st March, 2018
payments and proceeds at any time receivable or - ` 2601.76) from Banks and funds at rate of
distributable in respect of them (but excluding the Gas interest Libor +3.74%p.a
212

2019
b) Term Loan of ` 1,037.57 crore (31st March, 2018 ( USD 55Mn term loan and USD 20 Mn term
- ` 975.66 crore) from Banks and funds at rate loan has been integrated). As per terms of the
of interest Libor +3.79%p.a amended facility agreements, Loans shall be
repayable 20% by 31st March, 2020, 30% by 31st
One of the subsidiaries has entered into a
March, 2021 and 50% by 31st March 2022.
restructuring agreement to reschedule its
ANNUAL REPORT
repayment period for above loans and has The above loans are secured by a first ranking
executed the amended and restated facility security pari passu charge basis as under:
agreements in relation to USD 400 Mn and
1) Fixed security by way of a share charge over its:
USD 150Mn term loan. As per terms of the
amended facility agreements, Loans shall be yy 97.5 per cent of the total issued share
repayable 20% by 31st March, 2020, 30% by 31st capital in JSPL Mozambique Minerals LDA;
March, 2021 and 50% by 31st March 2022.
yy 97.44 per cent of the total issued share
The above loans are secured by a first ranking capital in Jindal Botswana (PTY) Limited; and
security pari passu charge basis as under:
yy 24.94 per cent of the total issued share
1) Fixed security by way of a share charge over its: capital in Jindal Mining SA (PTY) Limited
yy 97.50 percent of the total issued share 2) Floating charge over assets of Jindal Steel &
capital in JSPL Mozambique MInerals LDA; Power (Mauritius) Limited (JSPML), except
for Jindal Shadeed Iron and steel LLC, Jindal
yy 97.44 percent of the total issued share
Steel and power Australia Pty Limited (JSPAL)
capital in Jindal Botswana (PTY) Limited;
and Wollongong Coal Limited (WCL), the
and
intercompany loans between JSPAL and WCL
yy 24.94 percent for 400Mn facility and and the intercompany loans from JSPML to
73.94 percent for 150Mn facility of the JSPAL/WCL and
total issued share capital in Jindal Mining
3) First ranking security over the JSPML shared cash
SA (PTY) Limited
sweep account which is maintained by JSPML.
2) Floating charge over assets of Jindal Steel & The above is also secured by Corporate
Power (Mauritius) Limited (JSPML), except Guarantee issued by Parent company.
for Jindal Shadeed Iron and steel LLC, Jindal
Steel and power Australia Pty Limited (JSPAL) xxv) Loan of ` 2,605.57 crore (31st March, 2018 ` 2,576.96
and Wollongong Coal Limited (WCL), the crore) is secured by first ranking pari passu charge over
intercompany loans between JSPAL and WCL all present and future assets of the Jindal Steel & Power
and the intercompany loans from JSPML to (Australia) Pty Ltd., rights, title, interests, all of the present
JSPAL/WCL and and future property, undertaking and rights, including
all of its real and personal property, uncalled capital,
3) First ranking security over the JSPML shared cash capital which has been called but is unpaid, any causes
sweep account which is maintained by JSPML. in action and goodwill, of the Wollongong coal limited
including all of the Borrower’s rights, title and interest
The above is also secured by Corporate
in and to the Escrow Account and the Loan Agreement
Guarantee issued by Parent company.
between the Jindal Steel & Power (Australia) Pty Ltd.
xxiv) a) Loan of ` 380.44 crore (31st March, 2018 and Wollongong Coal Limited; all present and future
` 357.74 crore) at interest for (LIBOR + 4% fixed assets of Wollongong Coal limited, assignment
pa as margin rate) is secured by way of of NSW mining leases Consolidated Coal Lease No
charge over all movable fixed assets of JSPL 745 (Act 1973), ML No. 1575 (Act 1992) and Mining
Mozambique Minerals LDA, one of the step Purposes Lease No. 271 (Act 1973); and all present and
down subsidiaries of JSPML future fixed assets of Wongawilli Coal Pty. Ltd other than
interest in the land of approximately 130.81 hectares
b) Loan of `138.34 crore (31st March, 2018 Nil) at
and assignment of NSW mining leases Mining Lease
interest for (Libor + 3.5 % p.a).
No.1565 (Act 1992), Consolidated Coal Lease No 766
One of the subsidiaries has entered into a (Act 1973), Mining Lease No. 1596 (Act 1992). Further,
restructuring agreement to reschedule its Corporate Guarantee of Parent Company shall also be
repayment period for above loans and has provided subject to RBI approval. Pending approval
executed the amended and restated facility from RBI, JSPML has provided Corporate Guarantee
agreements in relation to USD 75 Mn term loan along with Wollongong, Wongawilli and OCR. The loan
carries interest rate varying from 3% to 5.26% + Libor p.a.
213

OTHER LOANS (charge created or to be created) by way of first

Security ranking pari passu charge by way of pledge
over 4,31,00,000 nos of equity shares of Jindal
Other loan of ` 187.96 crore (31st March, 2018 ` 191.91
Steel & Power Limited held by OPJ Trading
crore) is repayable in 67 quarterly instalments and is
Private Limited (The Promotor Company).
secured by way of first ranking pari passu charge over
the both movable and immovable fixed assets, both
Buyer’s credit
assets etc. of the Angul Phase 1A Plant. (Angul Phase Loan of ` Nil (Previous Year ` 592.12 crore) were
1A plant means collectively the Angul ISP and PM secured by first ranking pari passu charge by way of
Project, the Angul DRI Project and the Angul CPP hypothecation over all of the Parent Company’s current
Project) at Angul, Odisha of the Company. The next assets, both present and future and second ranking
instalment is due on 30th June, 2019. pari passu charge (charge created/ to be created) over
the entire fixed assets, both movable & immovable, of
Note-
the Parent Company, both present and future.
a) Secured debentures of ` 1,447.20 crores included
Certain charges are in the process of modification
in note no. 25(i) and Secured term loans of
and satisfaction.
` 11,310.59 crores included in note no. 25(ii),
are further secured (charge created or to be Repayments and Interest rates for the above Secured
created) by second ranking pari passu floating Debentures,Term Loans are as follows:
charge by way of hyphothecation over current ` in crore
assets, both present and future, of the company. Year 2019-20 2020-21 2021-22 2022-23 Total
& Above
b) Secured debentures of ` 37.20 crores included
Loan 4308.40 5,751.04 5,668.24 18,265.19 33,992.87
in note no. 25(i), Secured term loan of
` 11,310.59 crores included in note no. 25(ii), The interest rate for the above term loans from banks and others
Working capital facility of ` 2,461.57 crores (excluding penal interest) varies from 5.52 % to 15.50% p.a
included in note no. 30(ii) are further secured
25. NON CURRENT FINANCIAL LIABILITIES- BORROWINGS (CONT.)

` in crore
Unsecured
Debentures
3,000 (Previous Year 3,000), 10.48% Unsecured Redeemable Non 300.00 300.00
(Privately placed initially with ICICI Bank Limited)
3350 (Previous Year 5000), 10.05% Unsecured Redeemable Non 335.00 500.00
(Privately placed initially with Franklin Templeton)
Nil (Previous Year 500), 10.65% Unsecured Redeemable Non - 10.00
Convertible Debentures of 2,00,000 each
(Privately placed initially with ICICI Prudential Fixed Maturity Plan)
635.00 810.00
Term Loan
- From Banks 0.69 130.74
Other Loans from Banks
- Other Loans - -
- Liability component of compound financial instrument 46.17 59.70
Other Loans & Advances
- External Commercial Borrowings 29.26 50.59
- Others Loans 29.14 10.13
740.26 1,061.16
Less current maturities presented in Note 32 484.51 325.33
255.75 735.83
29,940.22 32,955.91
214

2019
A Debentures B External Commercial Borrowings

i) Debentures of ` 300 crore (31 March, 2018 ` 300
st
The balance amount of ECA of ` 29.26 crore (31st
crore) placed initially with ICICI Bank Limited on March, 2018 : ` 50.59 crore ) repayable in 3 half
private placement basis are redeemable at par at yearly instalments. The next instalment is due on 09th
the end of 5 years from the date of allotment i.e. September, 2019.
ANNUAL REPORT
11.08.2014.
C Loan of Nil (31st March, 2018 ` 130.09 crore) carries
ii) The following unsecured redeemable non
rate of interest LIBOR+3.5%.
convertible debentures are privately placed and are
redeemable at par. Repayments and Interest rates for the above
Unsecured Debenture, External Commercial
1650 nos. non convertible debentures of ` 10,00,000
Borrowings & other loans are as follows:
each (JPL Series II)(date of allotment 22nd December
2014) (date of redemption: on 20th December, 2019)
` in crore
at interest rate of 1% above SBI base rate Year 2019-20 2020-21 2021-22 2022-23 Total
& Above
1700 nos. non convertible debentures of ` 10,00,000
Loan 484.51 255.75 740.26
each (JPL Series III)(date of allotment 22nd December
2014) (date of redemption: on 22nd December 2020)
at interest rate of 1% above SBI base rate The interest rate for the above External Commercial Borrowings is
0.93% p.a.
26. NON-CURRENT FINANCIAL LIABILITIES-TRADE PAYABLE

` in crore
Due to parties registered under MSMED Act
Acceptances(Other than micro small and medium enterprises)
Due to micro & small enterprises - -
Due to other parties 26.50 1.89
26.50 1.89
27. NON-CURRENT FINANCIAL LIABILITIES-OTHERS

` in crore
Security Deposits
- From related parties 21.57 22.77
- From Others 71.69 60.25
Capital creditors 284.08 221.60
Others (Refer note no. 64) 31.76 383.17
409.10 687.79
28. PROVISIONS- NON-CURRENT

` in crore
- Gratuity 84.61 52.14
- Other Defined Benefit Plans 14.41 15.42
Provision for mines restoration* 205.23 210.60
Others @ 10.44 -
314.69 278.16
* Provision for mining restoration expenses represents estimates made towards the expected expenditure for restoring the mining area and
other obligatory expenses as per the mining closure plan.
@ Includes provision for enviromental rehabilation gurantees ` 10.10 crores
215

29. DEFERRED TAX ASSETS/(LIABILITIES)

` in crore
Deferred tax assets
- Unabsorbed depreciation & Carried forward tax losses 4,856.91 4,870.76
- Difference between book and tax base related to PPE 0.07 -
- Difference between book & tax base related to Investments 2.05 5.49
- Difference between book & tax base related to others 5.66 1.60
- Disallowance as per Income Tax Act, 1961 339.17 234.79
Total (A) 5,203.86 5,112.64
Deferred tax liabilities
- Difference between book & tax base related to PPE (including CWIP) 11,349.93 10,470.89
- Difference between book & tax base related to Intangible assets 12.42 10.80
- Difference between book & tax base related to others 2.04 454.70
Total (B) 11,364.39 10,936.39
Net liability (A-B) (6,160.53) (5,823.75)
Mat credit entitlement 796.23 795.39
(5,364.30) (5,028.36)
Reconciliation of Deferred Tax Asset/ (Liabilities):

` in crore
Opening Balance (5,823.75) (6,153.64)
Deferred tax asset recognised through due to forex fluctuation / Business 26.82 56.98
combination
Deferred tax income/ (expense) during the period recognised in profit & loss 441.75 272.95
Deferred tax income/ (expense) during the period recognised in Other (805.35) (0.04)
Comprehensive Income
Closing Balance (6,160.53) (5,823.75)
30. CURRENT FINANCIAL LIABILITIES-BORROWINGS

` in crore
Secured
i) Term Loans
From Banks 660.69 699.92
ii) Cash credit from banks * 3,355.40 3,716.96
iii) Other Loans from Banks (Buyer's Credit) 249.12
iv) Other parties 77.75 137.10
4,093.84 4,803.10
Unsecured
- Term Loans
From Banks 719.99 1,021.28
From others 340.00
- Loans from related parties 12.06 78.56
732.05 1,439.84
4,825.89 6,242.94
* Including Working Capital Loan
216

2019
i) Loan of ` 562.50 crore (31st March, 2018 ` 562.50 Invoice discounting facility of ` Nil (P.Y ` 39.84
crore) is secured by subservient charge by way of Crores) from ICICI Bank Limited is secured (Previous
hypothecation of current assets of the Company year partialy secured) by second pari passu charge
comprising of book debts and stocks. on the movable fixed assset of the Company both
present and future with respect to fourth phase of
ii) Loan of ` 98.19 crore (31st March, 2018 ` 137.43 crore)
ANNUAL REPORT
the Power Plant of 1200MW comprising two units of

bearing effective rate of interest 5.25% p.a. is secured
600 MW each at Tamnar (Unit 3 and Unit 4).
by First ranking pari-passu charge on the present
and future fixed assets of the Wollongong coal vi) Loan of ` 213.79 crore (Previous year ` 114.48 crore)
Limited and Wongawilli Coal Pty Ltd (“Wongawilli”). bearing rate of interest varying from 2.25% to 4.50%+
Pari-passu assignment of lease deed of the mines Libor p.a. is secured by First priority commercial
of the WCL and Wongawilli; Debt service reserve mortgage over all of the working capital assets
account maintained by the WCL ; Negative line over and all receivabes of the existing operations and
100% of the WCL’s shareholding in Oceanic Coal expansion project and second priority commercial
Resources NL (‘OCR’); Negative line over 100% of mortgage over all tangible assets, present or future,
OCR’s shareholding in Wongawilli; and First ranking all of the intangible assets such as licences, approvals,
pari-passu assignment of insurance policies related consents, trademarks, designs and drawings,
to fixed and current assets of the WCL, charged to goodwill, patents and in general all copyrights and
the bank. other intangible assets, all authorisations, consents,
approvals licenses, exemptions, filings, notarisations
iii) Loan from Oswal Agro Mill Ltd ` 46.75 Crores (Previous
or registrations, all of its right, title and interest,
year ` 46.75 Crore) & Oswal Greentech Ltd. ` 31 Crores
express or implied, present or future in, to, under or
(Previous year ` 31 Crore) is secured by Corporate
in respect of, and the rights to enforce, each of the
Guarantee given by one of the step down subsidiary
Contracts, causes of action, payments and proceeds
on behalf of another step down subsidiary.
at any time receivable or distributable in respect of
them (but excluding the Gas Supply Agreement),
Cash Credit from Bank
and Second priority legal mortgage of the Property
iv) The working capital facility of ` 2461.57 crore (31st of the said subsidiary.
March, 2018 ` 3007.52 crore) are secured by first
ranking pari-passu charge by way of hypothecation vii) The working capital facility of ` 22.96 Crore (Previous
over all current assets and second ranking pari passu year ` 33.04 Crore) is secured by charge over trade
charge (charge created/to be created) over the receivables and Inventory of one of the subsidiaries.
entire fixed assets of the Company, both present and viii) Overdraft facility sanctioned for ` 60 Crores
future. The cash credit is repayable on demand. (outstanding as on 31st March, 2019 ` 49.54 crores,
v) Working capital facility from banks of ` 582.54 Cr. previous year ` 59.35 Crore) from Bank is secured
(31st March, 2018 ` 497.08 Cr ) are secured (charge by equitable mortgage of project properties in
to be created) by way of first pari passu mortgage possession of the company for development of real
/ charge on all the fixed assets (immovable and estate project in terms of collaboration arrangements
movable), both present and future, including charge with holding/ land owning companies and for which
on inventory, book debts and receivables, all bank consideration has been paid by the company for its
accounts and assignment of all rights, titles and land development rights and corporate guarantees
interest etc. in accounts of the units pertaining provided by such holding/ land owing companies.
to third phase of the Power Plant of 1200MW Overdraft facility is further secured by charge on
comprising two units of 600 MW each at Tamnar fixed assets & hypothecation of current assets (both
(Unit 1 and Unit 2) and immovable properties of present & future) including book debts & inventories
one of the subsidiaries situated at Mouje Pali of of the project and pre-cast plant.
Sudhagad Taluka, District Raigad, Maharashtra State.
Note
Sales Invoice discounting facility of ` 25 Crs from
The weighted average rate of interest for cash credit/
Yes Bank Limited is to be secured/to be secured by
working capital is 6.00% to 12.95% p.a.
second pari passu charge on the fixed assset and
current asset of the Company both present and The Weighted average rate of interest for Secured
future with respect to fourth phase of the Power term loan from bank is 11.11% p.a.
Plant of 1200MW comprising two units of 600 MW
The weighted average rate of interest for unsecured
each at Tamnar (Unit 3 and Unit 4).
short term loans is 11.88 % p.a.
217

31. TRADE PAYABLES

` in crore
Dues to micro, small enterprises* 85.05 1.40
Acceptances(Other than micro, small enterprises) 2,012.07 1,348.39
Others 3,123.64 2,840.12
5,220.76 4,189.91
Based on the intimation received from supplier regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006, the required disclosure is given below * :
` in crore
Principal amount due outstanding 92.04 1.40
Interest due on above due outstanding and unpaid 3.33 -
Interest paid to the supplier - -
Payments made to the supplier beyond the appointed day during the year. - -
Interest due and payable for the period of delay - -
Interest accrued and remaining unpaid - -
Amount of further interest remaining due and payable in succeeding year - -
* to the extent information available with the company and certified by the management (in previous year the company was in process of
compilation of data/ information of MSME).
32. CURRENT FINANCIAL LIABILITIES-OTHERS

` in crore
Current Maturities from long term debt (refer note 25) 4,792.91 3,763.20
Security Deposits 22.78 22.21
Interest accrued 167.60 369.32
Unpaid dividend* 4.98 6.80
Creditors for Capital Expenditure 896.72 1,299.93
Book Overdraft 0.14 -
Forward Contract Payable - 1.19
Other Advance (Refer note no. 64) 331.13 -
Others 959.50 852.99
7,175.76 6,315.64
*There is no amount due and outstanding to be credited to Investor Education and Protection Fund
33. OTHER CURRENT LIABILITIES

` in crore
Advance from customers* 1,670.55 1,083.37
Statutory dues 1,952.09 1,069.13
Others 436.70 490.57
4,059.34 2,643.07
* Includes ` 114.45 crore from related party
218

2019
34. PROVISIONS- CURRENT

` in crore
Provision for employee benefits 56.51 61.50
ANNUAL REPORT
Others* 65.25 -
121.76 61.50
*Including provision for taxes of ` 50.19 relating to a overseas susbidiary.
35. REVENUE FROM OPERATIONS

` in crore

a) Sale of products@
- Finished Goods* 39,137.94 28,116.17
- Inter Divisional Transfer 7,446.24 5,377.84
46,584.18 33,494.01
b) Other operating revenue
- Transmission Charges 45.51 45.44
- Scrap sales 17.50 15.20
- Export Incentives 61.91 93.35
- Aviation Income 16.30 8.68
- Provision / Liability no longer required written back 149.72 23.96
- Profit on Sale/Transfer of PPE 2.19 11.04
- Others 88.43 116.78
381.56 314.45
Less : Inter Divisional Transfer (7,446.24) (5,377.84)
Total Revenue from operations 39,519.50 28,430.62
@ Inclusive of captive sale on project of ` 147.36 crore (31st March, 2018 ` 589.30 crore)
Revenue from Contracts with Customers

With effect from 1th April, 2018, the Company has adopted Ind AS 115 ‘Revenue from Contracts with Customers’ that
replaces Ind AS 18. It introduces a new five-step approach to measuring and recognising revenue from contracts with
customers. Under Ind AS 115, revenue is recognised at an amount that reflects the consideration to which an entity
expects to be entitled in exchange for sales of goods and services to a customer.
The Group has opted for the cumulative effect method (modified retrospective application) permitted by Ind AS 115
upon adoption of new standard. Accordingly, the standard has been applied for the year ended 31st March, 2019 only
(i.e. the initial application period). This method requires the recognition of cumulative impact of adoption of Ind AS 115
on all contracts as at 1st April, 2018 (‘transition date’) in equity and the comparative information continues to be reported
under Ind AS 18(refer note no. 47).
Revenue from Contracts with Customers disaggregated based on nature of product or services
` in crore
a) Sale of products
- Finished Goods
Iron & Steel 40,430.29 27,053.94
Power 5,156.64 5,653.31
Others 997.25 786.76
46,584.18 33,494.01
219

` in crore
- Other Operating Revenue
Iron & Steel 271.61 279.04
Power 75.16 0.52
Others 34.79 34.89
381.56 314.45
Less :-'Inter Divisional Transfer
Iron & Steel 6,685.29 4,458.42
Power 719.40 896.05
Others 41.55 23.37
7,446.24 5,377.84
Revenue from Contracts with Customers disaggregated based on geography

` in crore
- Domestic 36,438.37 25,186.15
- Exports 3,081.13 3,244.47
Total 39,519.50 28,430.62
Reconciliation of Gross Revenue with the Revenue from Contracts with Customers
` in crore
Gross Revenue 39,649.00 28,514.79
Less: Discounts, Rebate, Commission etc. 129.50 84.17
Net Revenue recognised from Contracts with Customers
39,519.50 28,430.62
Assets and liabilities related to contracts with customers

` in crore
Non-current Current Non-current Current
Contract liabilities related to sale of goods
Advance from customers - 1,670.55 - 1,083.37
- 1,670.55 - 1,083.37
36. OTHER INCOME

` in crore
Net gain on sale of investments (includes remeasurement) 0.13 0.02
Misc. Income 1.10 2.91
Provision / Liability no longer required written back 14.45 -
Total Other Income 15.68 2.93
220

2019
37. COST OF MATERIALS CONSUMED

` in crore
Raw Material Consumed 15,274.37 9,378.28
ANNUAL REPORT
Inter Division Transfer 7,446.24 5,377.84

22,720.61 14,756.12
Less: Inter Division Transfer (7,446.24) (5,377.84)
Total Cost of Material Consumed * 15,274.37 9,378.28
* Including material transferred from capital work in progress.
38. PURCHASES OF STOCK IN TRADE

` in crore
Purchases of Stock In trade 1,186.46 324.29
1,186.46 324.29
39. CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK -IN- TRADE & WORK
-IN- PROGRESS AND SCRAP
` in crore
Opening stock
Scrap 8.83 8.20
1,041.31 820.69
Closing stock
Finished Goods 1,193.59 779.73
Scrap 1.39 8.83
1,473.49 1,041.31
Less : Excise duty on account of increase/ (decrease) on stock of finished - (21.23)
goods and scrap.
Opening adjustment IND AS 115 206.21 -
Total (225.97) (241.85)
40. EMPLOYEE BENEFITS EXPENSES

` in crore
Salaries & wages * 965.70 876.99
Contribution to provident & other funds 63.33 41.10
Staff welfare expenses 42.82 37.57
Total 1,071.85 955.66
*Current year expenditure includes ` 4.06 crore (Previous Year ` 5.35 crore )incurred on research & development activities by the Parent Company.
221

41. FINANCE COSTS (NET)

` in crore
Interest
- Debentures and other term-loans 3,022.89 3,267.95
- Exchange Difference to the extent considered as an adjustment to 14.50 38.62
borrowing costs
- Others 1,149.86 677.78
4,187.25 3,984.35
Financial Expenses 180.91 75.19
4,368.16 4,059.54
Less: Interest income

Interest on Intercorporate Deposits (15.30) (20.03)
Others (88.67) (173.81)
(103.97) (193.84)
Net finance cost 4,264.19 3,865.70
42. OTHER EXPENSES

` in crore
Consumption of stores & spares 3,127.84 1,856.70
Consumption of power & fuel 6,704.26 5,640.31
Other manufacturing expenses 1,358.82 1,063.86
Repair and maintenance
Plant and machinery 280.52 203.53
Building 10.88 13.11
Others 86.38 84.68
Royalty 30.21 15.90
Rent* 234.65 136.11
Rate & taxes 62.19 64.19
Insurance 84.04 77.27
Research and Development Expenses** 0.42 1.11
Loss on sale/discard of PPE 6.91 62.48
Donation 10.49 3.39
Directors' sitting fee 0.25 0.49
Bad debts 25.27 -
Provision for doubtful debts & advances 11.47 101.15
Freight handling and other selling expenses 998.46 1,099.25
Miscellaneous expenses(includes unbilled revenue written off ` 86.53 826.06 581.70
crore (31st March, 2018 Nil)***
Foreign exchange fluctuation (net) (51.90) 82.01
Total 13,807.22 11,087.24
* The Group has paid lease rentals of ` 228.08 Crore (previous year ` 136.11 crore ) under non cancellable operating leases (also refer note 45).
** The Parent Company has during the year incurred expenditure on research & development activities of ` 0.75 crore (previous year ` 1.11 crore
crore) {including capital expenditure of ` 0.33 crore (previous year ` Nil )}excluding salary and wages of ` 4.06 crore (previous year ` 5.35 crore).
*** Includes CWIP written off during the year of ` 23.80 crore
222

2019
43. TAX EXPENSE

` in crore
Current tax 51.58 33.14
ANNUAL REPORT
Deferred tax (441.75) (272.95)

Total (390.17) (239.81)
Effective tax Reconciliation :

Numerical reconciliation of tax expense applicable to profit before tax at the latest statutory enacted tax rate in India to
income tax expense reported is as follows:
` in crore

Net Loss/(Income) before taxes 2,801.69 1,864.05
Enacted tax rate 34.944% 34.608%
Computed tax Income/(expense) 979.02 645.11
Increase/(reduction) in taxes on account of:
Additional allowance for tax purpose(net) (2.32) 1.32
Expenses not allowed for tax purpose - (18.85)
Capital receipt (w/off ) 112.84 -
Capital gain on slump sale / investments - (28.40)
Inter company adjustment/ elimination (58.72) (36.27)
Change in tax rate applicable on the overseas subsidiaries 149.96 189.64
DTA not created on losses (210.96) (0.05)
Past year adjustment 45.55 33.34
Effect of tax due to ICDS (35.50) -
Deferred tax charge(net) 149.86 -
Income exempt from tax/Others (739.56) (420.82)
Ind AS Effect - (125.21)
Income tax expense reported 390.17 239.81
44. (A). CONTINGENT LIABILITIES AND CLAIMS AGAINST THE GROUP

(to the extent not provided for)
` in crore
Contingent Liabilities *
Guarantees, Undertakings
Guarantees issued by the Bankers on behalf of the Group 1,252.16 1,154.86
Corporate guarantees/undertakings issued on behalf of third parties 192.07 186.45
Demand:
Disputed Statutory and Other demands 3,014.32 3,001.55
Income Tax demands where the cases are pending at various stages of 1,907.10 2,136.27
appeal with the authorities
Bonds executed for machinery imports under EPCG Scheme 208.15 904.23
*Also Refer Note 50
1 Duty saved on import of raw material under Advance License pending fulfillment of export obligation is amounting
to ` 72.43 crore (previous year ` 28.47 Crore). The Management is of the view that considering the past export
performance and future prospects there is certainty that pending export obligation under advance licenses, will
be fulfilled before expiry of the respective advance licenses.
223

2 One of the subsidiaries, as a matter of prudence, as per the past practice till date March 31, 2015, had recognised an
expense on account for disputed demand of electricity duty and interest thereon of amounting to ` 280.99 Crores.
The Company has challenged the validity of demand made by the Government of Chhattisgarh, in Court, which
is pending for decision. Considering the present status of the case, management consideration and opinion of an
expert, the company has not recognised electricity duty of ` 166.44 Crores and interest thereon of ` 204.01 Crores from
2015-16 to 2018-19 against disputed demand of electricity duty and disclosed the same under contingent liability.
Management feels that it has good creditable case and confident about favorable decision in respect of above
disputed demand.
3 i) Chief Electrical Inspector has raised the demand amounting ` 17.50 Crores of electricity duty on 4*600 MW of one
of the subsidiary as per the tariff applicable for start-up power whereas the Company is paying as the tariff applicable
for EHT industrial power consumers provided by CSEB (Rate for start-up is more than EHT power consumer)
ii) Chief electrical inspector is demanding the electricity duty on KVAh whereas the company is paying on KWH basis.
4 It is not possible to predict the outcome of the pending litigations with accuracy, the Management believes, based
on legal opinions received, that it has meritorious defences to the claims, the pending actions will not require
outflow of resources embodying economic benefits and will not have a material adverse effect upon the results of
the operations, cash flows or financial condition of the Group.
(B). COMMITMENTS
` in crore
Estimated amount of contracts remaining to be executed on capital 914.41 2,147.17
account and not provided for (net of advances)
45. OPERATING LEASE COMMITMENTS

i) The Parent Company has divested its oxygen plant assets at its interegated steel plant at Raigarh (Chattisgarh) and
Angul (Odisha). The Parent Company has also entered into lease back agreement for operating lease with the buyer of
the oxygen plant assets for continued operation by the Parent Company for manufacturing of steel at respective plants.
ii) One of the foreign subsidiaries has leased two plots from Sohar Industrial Port Company, sohar under an operating
non cancellable lease agreement on which the plant and building is constructed.
The Future minimum lease payment for these commitments are as follows:-
` in crore
Within one year 234.30 221.52
Later 1 year but not later than 5 years 667.27 803.73
Later than 5 years 99.45 165.57
Total 1,001.02 1,190.82
In case of Oxygen Plant

On expiry of lease term the Parent Company will have option to renew the agreement, or purchase the equipment at fair
value or return the equipment to the lessor.
In case of renewal of the agreement the rent shall be mutually agreed with the lessor.
224

2019
46. EARNINGS PER SHARE (EPS)

` in crore
Particulars 2018 - 19 2017 - 18
A Net profit/ (loss) as attributable for equity shareholders (` crore) (1,645.34) (1,409.11)
ANNUAL REPORT
B Weighted average number of equity shares in calculating Earning

per share (refer Note 23)
Basic (face value ` 1 each) 96,79,46,379 91,62,39,387
Add:- Effect of potential Equity Share on share warrant outstanding 4,80,00,000 1,88,05,479
Add:- Effect of potential Equity shares on employee stock options 4,88,550 -
outstanding
Add:- Effect of potential Equity shares on employee stock purchase 44,537 -
scheme outstanding
Diluted (face value ` 1 each) 1,01,64,79,466 93,50,44,866
Basic Earnings per Share (`) (17.00) (15.38)

Diluted Earnings per Share (`) (17.00) (15.38)
The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity.
Effect of anti-dilutive has been ignored.
47. INDAS 115-REVENUE FROM CONTRACTS WITH CUSTOMERS

The Step down Subsidiary company, Jindal Realty Limited has aligned its policy of revenue recognition with Ind
AS 115 -Revenue from Contracts with Customers” effective from 1st April, 2018. Accordingly, revenue from real
estate sales has been recognised based upon ‘Satisfaction of performance obligation at a point in time method’ as
against ‘Percentage of completion method’ hitherto in accordance with the guidance note issued by lCAl which
has since been withdrawn. The net cumulative effect of initial application of Ind AS 115 aggregating to ` 85.65
crores has been appropriated against the retained earnings as at the initial adoption date, as permitted by the
standard. However, total profit for the year ending 31st March, 2019 would have been lower by ` 10.11 crores if the
company would have recognised the revenue from real estate sales for the year based upon erstwhile ‘Percentage
of completion method’. The comparative information is not restated in the standalone financial results.
The impact on the company’s retained earnings as at 1st April, 2018 is as follows :
Retained earnings (as originally presented)
` in crore
Particulars 1st April, 2018
Adjustment arising from from adoption of Ind AS 115 (85.65)
Retained earnings (Restated)
The following table presents the amounts by which each financial statement line item is affected in the current
year ended 31st March, 2019 by the application of Ind AS 115 as compared with the previous revenue recognition
requirements. Line items that were not affected by the changes have not been included.
` in crore
Balance sheet (extract) 31st March, 2019 Increase / 31st March, 2019
without adoption (decrease) as reported
of Ind AS 115
Assets
Non current assets
Contract assets - - -
Other assets 110.03 - 110.03
Total non current assets 110.03 - 110.03
Current assets
Contract assets - -
225

` in crore
Balance sheet (extract) 31st March, 2019 Increase / 31st March, 2019
without adoption (decrease) as reported
of Ind AS 115
Other assets 1,856.77 14.71 1,871.48
Total current assets 1,856.77 14.71 1,871.48
Total assets 1,966.80 14.71 1,981.52
Equity and liabilities

Equity
Other equity (19.04) (75.54) (94.58)
Total equity (19.04) (75.54) (94.58)
Liabilities
Non-current liabilities 82.46 - 82.46
Contract liabilities -
Other non-current liabilities 0.42 0.42
Total non-current liabilities 82.87 - 82.87
Current liabilities
Contract liabilities
Other current liabilities 1,869.94 123.28 1,993.22
Advance from customers 33.03 (33.03) -
Total current liabilities 1,902.97 90.26 1,993.22
Total liabilities 1,966.81 14.71 1,981.52
Statement of profit and loss (extract) 31st March, 2019 Increase / 31st March, 2019
year ended 31 March 2019 without adoption (decrease) as reported
of Ind AS 115
Revenue from operations 64.28 24.84 89.12
Other Income 2.60 - 2.60
Total Income 66.89 24.84 91.72
Profit before tax (28.53) 10.11 (18.42)

Income tax expense (0.00) - (0.00)
Profit for the year (28.53) 10.11 (18.42)
Other comprehensive income (0.05) - (0.05)
Total Comprehensive Income (28.48) 10.11 (18.37)

Above has no material impact on the EPS/ Diluted EPS of the Group.
48. ASSETS HELD FOR SALE

The group has identified certain assets for disposal. The management is in discussions with potential buyers.
Based on preliminary discussions with potential buyers/ external valuation, the carrying value of these assets
has been considered as fair value :-
` in crore
Land 6.68 -
Property, plant & equipment 277.41 229.96
Investment Property - 20.82
Total 284.09 250.78
226

2019
49. OPERATING SEGMENT REPORTING 2. Finance income earned and finance expense
incurred are not allocated to individual
Information about segments
segment and the same has been reflected at
The Group is engaged primarily into manufacturing the Group level for segment reporting.
of Iron & steel products and generation of power.
3. The total assets disclosed for each segment
ANNUAL REPORT
The primary segments as identified by management

represent assets directly managed by each
are Iron and steel products and Power. Segments
segment, and primarily include property,
have been identified taking into account nature
plant and equipment, intangibles, receivables,
of product and differential risk and returns of the
inventories, operating cash and bank balances,
segment. These business segments are reviewed by
inter segment assets and exclude derivative
the Chief Operating Officer of the Parent Company
financial assets, deferred tax assets, income
(Chief operating decision maker).
tax recoverable and capital work in progess
Iron and steel products: Segment comprises related to ongoing projects.

of manufacturing of Steel products, sponge iron,
4. Segment liabilities comprise operating
pellets and castings.
liabilities and exclude external borrowings,
Power: Segment comprises of business of power provision for taxes, deferred tax liabilities and
generation. derivative financial liabilities.
Others: Segment comprises of mainly aviation, 5. Unallocated expenses/ results, assets and
machinery division,and real estate. liabilities include expenses/ results, assets
and liabilities (including inter-segment assets
The measurement principles for segment reporting
and liabilities not allocable to any other
are based on IND AS. Segment’s performance is
segment) and other activities not allocated to
evaluated based on segment revenue and profit or
the operating segments. These also include
loss from operating activities.
current taxes, deferred taxes and certain
1. Operating revenues and expenses related financial assets and liabilities not allocated to
to both third party and inter-segment the operating segments.
transactions are included in determining the
segment results of each respective segment.
` in crore
S. Particulars As at As at
No. 31st March, 2019 31st March, 2018
1. Segment Revenue
a) Iron and Steel 34,191.47 22,785.97
b) Power 7,124.71 6,814.67
c) Others 921.76 704.42
Sub Total (gross) A 42,237.94 30,305.06
Inter Segment Revenue
a) Iron and Steel 253.49 227.36
b) Power 2,612.31 2,236.38
c) Others - -
Sub Total (gross) B 2,865.80 2,463.74
External Segment Revenue
a) Iron and Steel 33,937.98 22,558.61
b) Power 4,512.40 4,578.29
c) Others 921.76 704.42
Net Segment Revenue 39,372.14 27,841.32
2. Segment Result(profit(+)Loss(-) before tax and interest from
each segment)
a) Iron and Steel 4,445.50 3,133.14
b) Power 490.49 607.22
c) Others (1,637.69) (647.65)
Sub Total(gross) 3,298.30 3,092.71
Less:
(i) Finance Cost (Net) (Interest and financial expenses) 4,264.19 3,865.70
(ii) Other un-allocable expenses(net of un-allocable Income) 357.39 503.70
227

` in crore
Exceptional items 1,478.40 587.36
Profit before tax (2,801.68) (1,864.05)
Less:
Current Tax 51.58 33.14
Deferred Tax (441.75) (272.95)
Profit after tax (2,411.52) (1,624.24)
Share in Profit / (Loss) of associates (Net of tax) - 8.74
Total Profit/(Loss) (2,411.52) (1,615.50)
4. Depreciation & amortisation expenses
a) Iron and Steel 2,290.98 1,859.16
b) Power 1,565.37 1,703.97
c) Others 1,624.00 319.90
Total 5,480.35 3,883.03
5. Material Non- Cash expenditure other than depreciation &
amortisation expenses
a) Iron and Steel 98.00 406.36
b) Power - -
c) Others 25.27 -
Total 123.27 406.36
` in crore
1. Segment Assets
a) Iron and Steel 55,125.98 49,977.96
b) Power 22,020.11 22,830.78
c) Others 349.64 1,568.73
d) Unallocated Assets*# 12,089.58 14,852.95
Total Assets 89,585.32 89,230.42
# Investment in (included above) :
Associates 1.82 1.61
Joint Venture 7.69 7.69
2. Segment Liabilities
a) Iron and Steel 7,363.68 5,692.54
b) Power 1,981.85 1,109.43
c) Others 493.24 160.82
d) Unallocated Liabilities 47,619.58 51,883.01
Total Liabilities 57,458.35 58,845.80
3. Addition to Non-Current Assets

a) Iron and Steel 5,395.97 1,268.35
b) Power 58.37 65.53
c) Others 203.17 230.98
d) Unallocated 112.99 7.79
Total 5,770.50 1,572.65
* Unallocated assets include Capital work In progress relating to ongoing projects.
Secondary Segment (Geographical Segment)

Particular Current Year Previous year
India Outside India Total India Outside India Total
Segment Revenue 31,571.21 7,800.92 39,372.14 21,536.45 6,304.87 27,841.32
Segment non current assets 57,737.88 15,289.76 73,027.64 61,300.74 11,436.84 72,737.58
228

2019
50. Pursuant to the Judgment dated 25.08.2014 read with Order dated 24.09.2014 passed by the Hon’ble Supreme Court
the allocation of the coal blocks, Gare Palma IV/1 (operational); Utkal B-1, Amarkonda Murgadangal, Gare Palma
IV/6, Ramchandi, Urtan North and Jitpur (non-operational) to the Company/its joint ventures stand de-allocated.
Prior to the said de-allocation by the Hon’ble Supreme Court, the Government had invoked bank guarantees
provided by the Company to the extent of ` 155 crore with respect to Ramchandi, Amarkonda Murhadangal, Urtan
ANNUAL REPORT
north and Jitpur Coal Blocks. These matters were contested by the Company at various levels and the invocation
of the said bank guarantees had been stayed by the respective Hon’ble High Courts. Bank guarantees amounting
to ` 155.00 crore (previous year ` 155 crore) have been provided by the Company for the above mentioned four
non- operational coal blocks.
Pursuant to the said de-allocation by the Hon’ble Supreme Court and pending the decision/s of the Ministry
of Coal on the show cause notices issued by the Ministry of Coal calling upon the Company to show cause
as to why the delay in the development of the non-operational coal blocks should not be held as violation of
the terms and conditions of the allocation letters of the said coal blocks, the respective Hon’ble High Courts
have required the Company to keep the said Bank Guarantees alive pending the decision of the Government
(Ministry of Coal) in individual case. The High Courts have restrained the Ministry of Coal to act in furtherance of its
subsequent decision/s, to invoke the bank guarantee/s, for a further period of two weeks’ time from the date of the
communication of such decision/s in order to enable the Company to challenge such decision/s of the Ministry of
Coal. In the meantime, the invocation of the bank guarantees has been stayed by the Hon’ble High Courts.
The Management believes that it has good case in respect to this matter and hence no provision is considered necessary.
51 A. INTEREST IN JOINT VENTURES:

Details of the Parent Company’s immaterial Joint ventures are as follows:
S. Particulars Country of Percentage Percentage
No. Incorporation of ownership of ownership
interest as at interest as at
1 Jindal Synfuels Limited * India 70 70
2 Shresht Mining and Metals Private Limited# India 50 50
3 Urtan North Mining Company Limited * India 66.67 66.67
* Considered for consolidation as per Ind AS 110
# Carrying amount of investment is ` 7.69 crore (31st March, 2018 ` 7.69 crore). Profit/loss and other comprehensive income are `Nil( previous year ` Nil).
51 B. INTEREST IN ASSOCIATES:
Details of the Group’s immaterial associates are as follows:
S. Particulars Country of Percentage Percentage
No. Incorporation of ownership of ownership
interest as at interest as at
1 Goedehoop Coal (Pty) Limited (read with note no. 9) South Africa 50 50
2 Thuthukani Coal (Pty) Limited South Africa 49 49
` in crore
Particulars 31st March, 2019 31st March, 2018
Carrying Amount 1.82 1.61
Profit & loss from continuing operation - 8.74
Other Comprehensive income - -
Total Comprehensive income - 8.74
229

51 C. INTEREST IN MATERIAL SUBSIDIARY

S. Particulars Country of Percentage of Percentage of
No. Incorporation ownership interest as ownership interest as
at 31st March, 2019 at 31st March, 2018
1 Jindal Power Limited (“ JPL “) India 96.43 96.43
Financial information of Jindal Power Limited

` in crore
JPL
Particulars 31st March, 2019 31st March, 2018
Total assets 20,193.31 21,053.97
Total liabilities 9,546.33 9,970.72
Equity attributable to owners of equity 10,266.88 10,687.57
Non controlling interest 380.10 395.69
Profit & loss after tax (434.59) 673.55
Cash Flows (44.90) 1.27
52. FINANCIAL AND DERIVATIVE INSTRUMENTS:

a) The Parent Company uses foreign currency forward and Interest rate swap contracts to manage some of its
transactions exposure. The details of derivative financial instruments are as follows:
` in crore
Assets
Forward Contracts-Export Nil Nil
Liabilities
Forward Contracts-Import Nil 102.54(USD 15.59 Millions)
b) The principal component of monetary foreign currency loans/debts and payable amounting to ` 1919.95
crore (31st March, 2018 ` 2005.84 crore) and receivable amounting to ` 87.42 crore (31st March, 2018 ` 140.96
crore) not hedged by derivative instruments.
53. FAIR VALUE OF FINANCIALS ASSETS AND LIABILITIES

Class wise composition of carrying amount and fair value of financial assets and liabilities that are recognised in the
financial statements is given below:
` in crore
Amount Amount
As at 31st March, 2019 As at 31st March, 2018
Financial Assets at amortised cost
Fixed deposits with banks (Non Current) 1.82 1.82 10.50 10.50
Cash and bank balances 421.62 421.62 467.88 467.88
Trade and other receivables 3,029.19 3,029.19 1,826.09 1,826.09
Loans (non current) 348.18 348.18 326.07 326.07
Loans (current) 257.08 257.08 470.52 470.52
Other financial assets (Non Current) 12.53 12.53 4.34 4.34
Other financial assets (Current) 204.08 204.08 1,430.47 1,430.47
Financial Asset at fair value through profit or loss :
Investment(Current ) 4.96 4.96 0.21 0.21
Financial Liabilities at amortised cost
Borrowings (Non Current ) 29,940.22 29,940.22 32,955.91 32,955.91
Borrowings (Current ) 4,825.89 4,825.89 6,242.94 6,242.94
Trade & other payables 5,247.26 5,247.26 4,191.80 4,191.80
230

2019
` in crore
Amount Amount
As at 31st March, 2019 As at 31st March, 2018
Other financial liabilities (Non current ) 409.10 409.10 687.79 687.79
ANNUAL REPORT
Other financial liabilities (Current ) 7,175.76 7,175.76 6,314.45 6,314.45

Financial Liabilities at fair value through profit or loss :
Other financial liabilities- Derivatives - - 1.19 1.19
Fair value hierarchy

The Group uses the following hierarchy for fair value measurement of the company’s financials assets and
liabilities:
Level 1: Quoted prices/NAV (unadjusted) in active markets for identical assets and liabilities at the measurement date.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable,
either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data.
The following table provides the fair value measurement hierarchy of Group’s asset and liabilities, grouped into Level 1 to Level 3:
` in crore
Particulars 31.03.2019 31.03.2018 Levels Valuation Techniques and
Carrying Carrying Key Inputs
Value Value
Financial Assets at amortised cost :
Other financial assets 12.53 4.34 level 3 Discounted cash flow method
Investment 25.32 25.32 level 3 Discounted cash flow method
Loans 348.18 326.07 level 3 Discounted cash flow method
Financial Asset at fair value through
profit or loss:
Investment (Non Current ) 107.02 111.26 level 3 Net Asset Value
Investment (Non Current ) 3.38 4.23 level 1 Quoted market price
Investment(Current ) 4.96 0.21 level 1 Quoted market price
Financial Liabilities at amortised cost:

Borrowings (Non Current ) 29,940.22 32,955.91 level 3 Discounted cash flow method
Borrowings (Current ) 4,825.89 6,242.94 level 3 Discounted cash flow method
Other financial liabilities (Non-Current) 409.10 687.79 level 3 Discounted cash flow method
Financial Liabilities at Fair value
through profit or loss:
Other financial liabilities- Derivatives - 1.19 level 2 Forward foreign currency
exchange rates, Interest Rates
to discount future cash flow
During the year ended 31st March, 2019 and 31st March, 2018, there were no transfers between Level 1 and Level 2 fair
value measurements, and no transfer into and out of Level 3 fair value measurements.
Fair valuation techniques
The Group maintains policies and procedures to value financial assets or financial liabilities using the best and most
relevant data available. The fair values of the financial assets and liabilities are included at the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
The following methods and assumptions were used to estimate the fair values:
1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.
231

2) Long-term fixed-rate and variable-rate receivables The analysis exclude the impact of movements in
/ borrowings are evaluated by the Group based on market variables on: the carrying values of gratuity
parameters such as interest rates, specific country and other post-retirement obligations; provisions.
risk factors, credit risk and other risk characteristics. The sensitivity of the relevant profit or loss item is the
Fair value of variable interest rate borrowings effect of the assumed changes in respective market
approximates their carrying values. For fixed interest risks. The Group uses derivative financial instruments
rate borrowing fair value is determined by using the such as foreign exchange forward contracts of
discounted cash flow (DCF) method using discount varying maturity depending upon the underlying
rate that reflects the issuer’s borrowings rate. Risk of contract and risk management strategy to manage
non-performance of the Group is considered to be its exposures to foreign exchange fluctuations.
insignificant in valuation.
(a) Interest rate risk
3) The fair values of derivatives are estimated by using Interest rate risk is the risk that the fair value or
pricing models, where the inputs to those models are future cash flows of a financial instrument will
based on readily observable market parameters basis fluctuate because of changes in market interest
contractual terms, period to maturity, and market rates. In order to optimise the Group’s position with
parameters such as interest rates, foreign exchange regard to interest income and interest expenses
rates, and volatility. These models do not contain a and to manage the interest rate risk, the Company
high level of subjectivity as the valuation techniques performs a comprehensive corporate interest rate
used do not require significant judgement, and risk management by balancing the proportion of
inputs thereto are readily observable from actively the fixed rate and floating rate financial instruments
quoted market prices. Management has evaluated in its total portfolio .
the credit and non-performance risks associated with
its derivative counterparties and believe them to be (i) the exposure of the Group’s borrowings to interest
insignificant and not warranting a credit adjustment. rate changes at the end of reporting period are as
follows:
54. FINANCIAL RISK MANAGEMENT ` in crore
The Group’s principal financial liabilities, other than Particulars 31st March, 31st March,
derivatives, comprise of borrowings, trade and other 2019 2018
Floating rate borrowings* 34,058.41 35,342.29
payables, and financial guarantee contracts. The main
Fixed rate borrowings* 5,500.61 7,619.76
purpose of these financial liabilities is to manage
Total borrowings 39,559.02 42,962.05
finances for the Group’s operations. The Company’s
financial assets comprise investments, loan and other *Inclusive of current maturity
receivables, trade and other receivables, cash, and
deposits that arise directly from its operations. (ii) Sensitivity
With all other variables held constant the
The Group’s activities are exposed to market risk,
following table demonstrates impact of
credit risk and liquidity risk. In order to minimise
borrowing cost on floating rate portion of
adverse effects on the financial performance of
loans and borrowings:
the Company, derivative financial instruments such
as forward contracts are entered into to hedge ` in crore
Particulars Increase/ Impact on Profit
foreign currency risk exposure. Derivatives are used
Decrease in Basis before Tax
exclusively for hedging purposes and not as trading
Points
and speculative purpose.
31- 31- 31- 31-
I. Market risk Mar-19 Mar-18 Mar-19 Mar-18
Market risk is the risk that the fair value or future cash INR +50 +50 (103.49) (111.57)
flows of a financial instrument will fluctuate because - 50 - 50 103.49 111.57
EURO +25 +25 (0.07) (0.13)
of changes in market prices. Market prices comprise
-25 -25 0.07 0.13
three types of risk: interest rate risk,currency risk
USD +25 +25 (33.23) (32.31)
and other price risks, such as equity price risk and -25 -25 33.23 32.31
commodity price risk. Financial instruments affected ZAR +25 +25 (0.10) (0.13)
by market risk include loans and borrowings, deposits, -25 -25 0.10 0.13
investments, and derivative financial instruments.
The sensitivity analysis in the following sections relate to The Assumed movement in basis point for interest rate
the position as at 31st March, 2019 and 31st March, 2018. sensitivity analysis is based on currently observable
market environment.
232

2019
(b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Group Company transacts business primarily in Indian Rupees and US
dollars. The Group has obtained foreign currency loans and has foreign currency trade payables and receivables
and is therefore exposed to foreign exchange risk. Certain transactions of the Company act as a natural hedge as a
ANNUAL REPORT
portion of both assets and liabilities are denominated in similar foreign currencies. For the remaining exposure to
foreign exchange risk the Group adopts a policy of selective hedging based on risk perception of the management.
Foreign exchange contracts are carried at fair value.
The Group hedges its exposure to fluctuations by using foreign currency forwards contracts on the basis of risk
perception of the management.
The carrying amounts of the Group’s net foreign currency exposure (net of forward contracts) denominated monetary
assets and monetary liabilities at the end of the reporting period are as follows:
` in crore
INR pertaining to exposure in specified currencies 31.03.2019 31.03.2018
USD (1,688.49) (1,487.94)
Euro (116.58) (337.47)
GBP (18.19) (25.00)
Others (9.27) (14.47)
Total (1,832.53) (1,864.88)
Foreign currency sensitivity

5% increase or decrease in foreign exchange rates vis- à -vis Indian Rupees, with all other variables held constant, will
have the following impact on profit before tax and other comprehensive income:
` in crore
5 % increase 5 % decrease 5 % increase 5 % decrease
USD (84.42) 84.42 (74.40) 74.40
Euro (5.83) 5.83 (16.87) 16.87
GBP (0.91) 0.91 (1.25) 1.25
Others (0.46) 0.46 (0.72) 0.72
The assumed movement in exchange rate sensitivity analysis is based on the currently observable market environment
by the management.
(c) Commodity Price Risk

Commodity Price Risk is the risk that future cash flow of the Group will fluctuate on account of changes in market
price of key raw materials.
The Group is exposed to the movement in price of key raw materials in domestic and international markets. The
Group has in place policies to manage exposure to fluctuations in the prices of the key raw materials used in
operations. The Group enters into contracts for procurement of materials, most of the transactions are short term
fixed price contract and a few transactions are long term fixed price contracts.
II. Credit risk
Credit risk arises from the possibility that the counterparty will default on its contractual obligations resulting in
financial loss to the Group. To manage this, the Group periodically assesses the financial reliability of customers,
taking into account the financial conditions, current economic trends, and analysis of historical bad debts and
ageing of accounts receivable.
The Group considers the probability of default upon initial recognition of assets and whether there has been a
significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is
significant increase in credit risk, it considers reasonable and supportive forward looking information such as:
(i) Actual or expected significant adverse changes in business.
(ii) Actual or expected significant changes in the operating results of the counterparty.
233

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability
to meet its obligation
(iv) Significant increase in credit risk and other financial instruments of the same counterparty
(v) Significant changes in the value of collateral supporting the obligation or in the quality of third party
guarantees or credit enhancements.
The ageing analysis of the trade receivables (gross) has been considered from the date the invoice falls due:
` in crore
12 months
As at 31-03-2019
Gross Carrying Amount 1,337.89 355.51 170.96 1,864.36
Carrying Amount (net of provision) 1,337.89 355.51 77.32 1,770.72
` in crore
12 months
As at 31-03-2018
Gross Carrying Amount 791.21 20.19 221.42 1,032.82
Carrying Amount (net of provision) 791.21 20.19 139.25 950.65
III. Liquidity Risk
Liquidity risk refers to risk of financial distress or extra ordinary high financing cost arising due to shortage of
liquid funds in a situation where business conditions unexpectedly deteriorate and require financing. The Group’s
objective is to maintain at all times optimum levels of liquidity to meet its cash and collateral requirements.
Processes and policies related to such risk are overseen by senior management and management monitors the
Group’s net liquidity position through rolling forecast on the basis of expected cash flows.
The table below provides details regarding the remaining contractual maturities of financial liabilities at the
reporting date based on contractual undiscounted payments:
` in crore
Borrowings (Inclusive of current maturity) 39,559.02 9,618.80 11,675.03 18,265.19 39,559.02
Trade payables 5,247.26 5,220.76 24.57 1.93 5,247.26
47,598.23 17,222.41 11,922.38 18,453.44 47,598.23
` in crore
Borrowings (Inclusive of current maturity) 42,962.05 10,006.14 11,012.70 21,943.21 42,962.05
Trade payables 4,191.80 4,189.91 1.89 - 4,191.80
Total 50,394.08 16,748.49 11,642.13 22,003.46 50,394.08
Unused Borrowing Facilities ( i.e. sanctioned but not availed )
` in crore
Fixed Floating
Particulars 31.03.2019 31.03.2018 31.03.2019 31.03.2018
Short term borrowings 79.43 486.28 1,234.50 752.76
Long term borrowings - - 1,559.96 2,392.70
79.43 486.28 2,794.46 3,145.46
234

2019
55. RELATED PARTY DISCLOSURES AS 15 Smt Shallu Jindal

PER IND AS 24 (Non-Executive Director)
A. List of Related Parties and Relationships 16 Shri Amar Singh

a) Associates (Independent Director) (upto
02.05.2018)
ANNUAL REPORT
1 Goedehoop Coal (Pty) Limited

17 Shri Pradyuman Singh Dubey
2 Thuthukani Coal (Pty) Limited (Nominee Director) (upto 02.05.2018)
3 Nalwa Steel & Power Limited 18 Shri Ravikant Uppal
(upto 26.03.2018) (MD & CEO) (Upto 30.09.2017)
19 Shri K.C Sood
b) Joint Ventures
(Independent Director) (upto
1* Jindal Synfuels Limited 01.12.2017)
2 Shresht Mining and Metals Private

Limited e) Relative of Key Managerial person
3* Urtan North Mining Company Limited Shri Venkatesh Naveen Jindal (Son of Shri
* considered for consolidation as per Ind AS 110 Naveen Jindal) (w.e.f 15.07.2018)
c) Other Significant influences f) Enterprises over which Key Management

OPJ Trading Private Limited Personnel and their relatives exercise
significant influence and with whom
d) Key Managerial person transaction have taken place during the year
1 Shri Naveen Jindal 1 Jindal Stainless Limited
(Chairman-Whole Time Director) 2 Jindal Stainless Hisar Limited
2 Shri D.K. Saraogi 3 Jindal Industries Limited
(Wholetime Director) 4 Bir Plantation Limited
3 Shri Rajeev Bhadauria 5 India Flysafe Aviation Limited
(Wholetime Director) (upto 31.01.2019)
6 Minerals Management Services (India)
4 Shri Rajesh Bhatia Private Limited
(Chief Financial Officer) (Upto 27.06.2017)
7 Jindal Saw Limited
5 Shri Deepak Sogani
(Chief Financial Officer) (w.e.f 19.12.2017) 8 JSW Steel Limited
6 Shri Murli Manohar Purohit 9 Rohit Tower Building Limited
(Company Secretary) (Upto 31.05.2017) 10 JSW Projects Limited
7 Shri Jagdish Patra 11 JSW Energy Limited
(Company Secretary) (w.e.f 08.08.2017) 12 JSW Steel Coated Product Limited
8 Shri N. A. Ansari 13 JSW Severfield Structures Limited
(Whole Time Director- Joint Managing
14 JSW International Tradecorp Pte Limited
Director) (w.e.f 29.03.2019)
15 Jindal Coke Limited
9 Shri Anjan Barua
(Nominee Director) 16 Jindal Stainless Steelway Limited
10 Shri Arun Kumar 17 Ambitious Power Trading Company
(Independent Director) Limited
11 Shri Arun Kumar Purwar 18 Jindal United Steel Limited
(Independent Director) 19 JSW Steel Processing Centres Limited
12 Shri Hardip Singh Wirk 20 JSW Cement Limited
(Independent Director) 21 Opelina Finance & Investment Limited
13 Shri Ram Vinay Shahi 22 Nalwa Steel & Power Limited (w.e.f.
(Independent Director) 27.03.2018)
14 Shri Sudershan Kumar Garg 23 Achievers Real Estates Pvt. Ltd.
(Independent Director)
24 Action Buildwell Pvt. Ltd.
235

25 Action Infrastructure Pvt. Ltd. 69 Sarvasampan Builders Pvt. Ltd.

26 Adventure Buildwell Pvt. Ltd. 70 Shaandar Builders Pvt. Ltd.
27 Aglow Realtech Pvt. Ltd. 71 Shikhar Real Estates Pvt. Ltd.
28 Almora Township Pvt. Ltd. 72 Sikkim Land Developers Pvt. Ltd.
29 Ambar Buildcon Pvt. Ltd. 73 Singtam Buildwell Pvt. Ltd.
30 Beau Green Real Estate Pvt. Ltd. 74 Snow Cool Buildcon Pvt. Ltd.
31 Bhiwani Builders Pvt. Ltd. 75 Snow Veiw Buildcon Pvt. Ltd.
32 Bhopal Infrastructures Pvt. Ltd. 76 Specular Buildmart Pvt. Ltd.
33 Bahadurgarh Townships Pvt. Ltd. 77 Sukhdham Buildcon Pvt. Ltd.
34 Callow Buildmart Pvt. Ltd. 78 Synergry Buildhome Pvt. Ltd.
35 Chamba Buildcon Pvt. Ltd. 79 Tamanna Buildcon Pvt Ltd.
36 Cloud Buildcon Pvt. Ltd. 80 Ujjain Buildwell Pvt. Ltd.
37 Dalhousie Buildtech Pvt. Ltd. 81 Uttranchal Buildwell Pvt. Ltd.
38 Exclusive Infrastructure Pvt. Ltd. 82 Vision Buildtech Pvt. Ltd.
39 Green City Infrastructures Pvt. Ltd. 83 Yamuna Real Estates Pvt. Ltd.
40 Growth Buildwell Pvt. Ltd.
g) Post Employment Benefit Entity
41 Holiday Buildwell Pvt. Ltd.
42 Jaandar Builders Pvt. Ltd.
43 Jagran Real Estate Pvt. Ltd.
44 Jindal Infosolution limited
45 Kangaroo Buildcon Pvt. Ltd.
46 Karnal Buildtech Pvt. Ltd.
47 Kufri Buildcon Pvt. Ltd.
48 Kullu Buildcon Pvt. Ltd.
49 Kundli Builders Pvt. Ltd.
50 Manali Townships Pvt. Ltd.
51 Matadi Vanijya Pvt. Ltd.
52 Metro Facility Management Pvt. Ltd.
53 Monsoon Infrastructure Pvt Ltd.
54 Moonstone Realcon Pvt. Ltd.
55 Mount Abu Buildwell Pvt. Ltd.
56 Mountain Touch Builders Pvt. Ltd.
57 Munnar Buildcon Pvt.Ltd.
58 Mysore Infrastuctures Pvt. Ltd.
59 Nainital Buildcon Pvt. Ltd.
60 Nainital Buildtech Pvt. Ltd.
61 Orissa Infrastructure Pvt. Ltd.
62 Pamposh Builders and Developers Pvt.
Ltd.
63 Panchmarhi Buildcon Pvt.Ltd.
64 Power Plant Engineers Ltd.
65 Rajkot Buildwell Pvt. Ltd.
66 Ramgarh Infrastructures Pvt. Ltd.
67 Rohtak Townships Pvt. Ltd.
68 Saarthi Buildwell Pvt. Ltd.
236

2019
55 B. TRANSACTION WITH RELATED PARTIES

` in crore
Description Key management Relatives of Key Enterprises
Personnel management controlled by key
Personnel management
ANNUAL REPORT
personnel & their

relatives
Current Previous Current Previous Current Previous
year year year year year year
Purchase of goods/services* - - - - 2,840.90 1,537.32
Sale of goods (inc capital goods)* - - - - 3,144.18 1,233.96
Rendering of services - - - - 27.33 1.45
Sale of Investment - - - - - 251.40

Other advances given/(taken) - - - - (0.24) (6.68)
Loan given / (taken) 0.07 0.18 - - (55.97) (39.61)
Other advances repaid back 0.13 0.07 - - 124.75 175.25
Rent & other expenses paid - - - - 77.41 81.02
Interest (Expense)/Income net - - - - (40.55) (53.25)
Security deposit Given/(Taken) - - - - 1.20 (22.77)
Remuneration 22.05 22.29 0.15 - - -
Other Receivible received - - - - 128.50 -
Director Sitting Fees 0.25 0.48 - - - -
Advanced received for sale of fixed assets - - - - - 8.13
*Figures are inclusive of taxes & other expenses
` in crore
Description Joint Ventures Key management Relatives of Key
Enterprises
Personnel management
controlled by key
management Personnel
personnel & their
relatives
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
Outstanding balance at
the year end
Guarantee outstanding # 16.50 16.50 - - - - - -
Advance/security deposit - - - - 79.51 77.91
paid
Loans & advance(including 0.05 0.12 - - 423.82 381.32
interest)
Advanced received for sale - - - - 331.13 381.13
of Power Plant
Security deposit receipt - - - - (21.57) (22.77)
Other advance received - - - - 114.45 (74.75)
Loan Outstanding (12.06) (78.56)
Interest Payable 1.52 -
Advance Recoverable 0.31 48.36
Other Receivable - - - - 17.90 144.40
Salary payable 0.95 0.51 0.01 - - -
Debtors- Dr. balance - - - - 159.18 79.87
Debtors- Cr. balance - - - - 18.21 17.65
Creditors Dr. balance - - - - 3.81 11.31
Creditors Cr. balance - - - - 128.05 8.30
# amount of guarantee given is restricted to actual uitlisation of limits including interest.
Material transactions with Enterprises controlled by Key Management Personnel & their relatives
Name Of Related Year JSW JSW Jindal Jindal India Bir Rohit Jindal JSW JSW JSW JINDAL Jindal Jindal JSW JSW Opelina Nalwa Jindal Total
Party Steel Ltd. Energy Saw Stainless Flysafe Plantation Tower Industries Steel Projects INTERNATIONAL COKE Stainless United Cement Severfield Finance & steel Stainless
Mumbai/ Limited Limited Ltd. Aviation Pvt. Ltd. Building Ltd. Coated Ltd. TRADECORP PTE LTD, Steelway Steel Limited Structures Investment power Hisar
Bellary Limited Limited Product LTD, SINGAPUR, JAJPUR, Ltd Limited Ltd. Ltd. limited Ltd.
Ltd. SG. IN.
Purchase of Goods/ 2018-19 0.31 - 0.18 20.99 - - - 0.19 5.77 - 1,505.53 295.84 0.21 14.69 - - - 994.98 2,839.80
Services* 2017-18 0.71 - 2.05 96.69 - - - 0.32 9.43 - 618.84 266.45 0.19 5.14 - - - 533.15 1,532.96
Sales Of Goods (Inc 2018-19 258.68 1.21 1,537.51 12.70 - - - - 4.97 0.57 - 0.41 0.53 2.76 9.40 172.11 - 3.77 3,142.76
Capital goods) 1,138.14
2017-18 58.97 - 699.92 6.18 - - - - 2.00 0.42 - 10.54 - 0.03 8.97 55.82 - 388.20 1,231.04
Rendering of services 2018-19 0.24 - - 0.16 0.50 - - - - - - - - - 17.55 - - 7.95 0.22 26.61
2017-18 0.29 - - - 0.30 - - - - - - - - - 0.00 - - - 0.59
Other advances 2018-19 - - - - - - - - - - - - - - - - - - -
given/(taken) 2017-18 - - - - - - - - - - - - - - - - - - -
Loan given/(taken) 2018-19 - - - - - - - - - - - - - - - - - (71.44) - (71.44)
2017-18 - - - - - - - - - - - - - - - - - (38.04) - (38.04)
Other advances 2018-19 - 50.00 - - - - - - - - - - - - - - - 74.75 124.75
repaid back 2017-18 - - - - - - - - - - - - - - - - - 175.25 175.25
Rent and Other 2018-19 - - 0.03 0.85 56.89 - - - - - - 0.56 - 17.40 - - - 1.64 77.37
Expense 2017-18 - - 0.16 1.05 79.05 0.11 0.40 - - - 0.20 - - - - - - - 80.98
Interest income/ 2018-19 - -41.91 - - - - - - - - - - - - -2.35 - - 3.04 -41.22
237
(expenses) 2017-18 - -49.17 - - - - - - - - - - - - - - - -2.10 -51.27

SECURITY DEPOSIT 2018-19 - - - - - - - - - - - - - - 1.20 - - - 1.20
GIVEN/(TAKEN) 2017-18 - - - - - - - - - - - - - - -22.77 - - - -22.77
Other Rec. Received 2018-19 - - - - - - - - - - - - - - - - 128.50 - 128.50
2017-18 - - - - - - - - - - - - - - - - - - -
Advanced received for 2018-19 - - - - - - - - - - - - - - - - - - -
sale of fixed assets 2017-18 - 8.13 - - - - - - - - - - - - - - - - 8.13
Sale of Investment 2018-19 - - - - - - - - - - - - - - - - - - - -
2017-18 - - - - - - - - - - - - - - - - 251.40 - 251.40
*Figures are inculusive of taxes & other expenses

238

2019

` in crore
March 31, 2019 March 31, 2018
Provident Fund Contribution 16.05 15.76
ANNUAL REPORT
Compensation to Key Management Personnels for each of the following categories

` in crore
March 31, 2019 March 31, 2018
Short term benefits 20.72 20.87
Post employment benefits
- Defined Contribution Plan 1.29 1.43
- Defined Benefit Plan

- Other Long Term Benefits
Share based payments 0.05 -
Dividend
Director Sitting Fees 0.25 0.48
Total 22.30 22.78
Compensation to Relatives of Key Management Personnels for each of the following categories
` in crore
March 31, 2019 March 31, 2018
Short term benefits 0.14 -
Post employment benefits - -
- Defined Contribution Plan 0.01 -
- Defined Benefit Plan - -
- Other Long Term Benefits - -
Share based payments - -
Dividend - -
Director Sitting Fees - -
Total 0.15 -
Note:
(a) Managerial Remuneration paid/ provided (to directors) of ` 27.33 crores (including ` 10.24 crores of earlier years/
period) is subject to the approval of members by special resolution.
Pursuant to the amended section 197 of the Companies Act, 2013 (‘the Act’) (effective from 12th September 2018)
remuneration to managerial personnel can be paid in excess (the Company would be seeking approval for waiver
for amount paid /in excess and for payment made to a erstwhile Whole Time Director) of the limits provided in
section 197 of the Act read with Schedule V of the Act with the consent of the members of the Company by way
of special resolution and any application pending with the Central Government under section 197 on the effective
date will automatically abate on the effective date. In respect of above stated amount, as per applicable provisions
of the Act, the Company had filed application/ forms with the Central Government.
(b) Managerial remuneration excludes provision for gratuity and compenstated absences, since these are provided on
the basis of an actuarial valuation for the Company as a whole.
55 C. TRANSACTION WITH RELATED PARTIES
` in crore
Name Of Related Party Year Metro Facility Action Action Adventure Beau Green Bhiwani Bhopal Chamba Cloud Exclusive Green City
Management Buildwell Infrastructure Buildwell Real Estate Builders Infrastructures Buildcon Buildcon Infrastructure Infrastructures
Private Limited Private Private Private Private Private Private Pvt. Ltd. Pvt Ltd. Pvt.Ltd. Pvt. Ltd.
Limited Limited Limited Limited Limited Limited
Purchase of Goods/ 2018-19 0.02 0.03 0.03 0.06 0.01 - 0.10 0.04
Services(Inc Capital goods)/ 2017-18 0.10 0.10 0.11 0.25 0.02 0.00 0.41 0.18
Land/development Rights*
Sales Of Goods/ scrap (Inc 2018-19 0.96 0.01
Capital goods)/Electricity/ 2017-18 1.64 0.10
Income From Real Estate
Project/Land*
Rendering of services 2018-19 0.72
2017-18 0.86
Other advances given/ 2018-19 (0.77) 0.01 0.01 - 0.04 0.01 0.01 0.01 0.01 (0.12)
(taken) 2017-18 (0.15) 0.00 (3.87) (0.14) 0.02 0.00 0.01 0.01 - 0.00
(` 25,000) (` 25,000) (` 40,000)
Rent and Other Expense 2018-19 0.00 0.00
(` 12,000) (` 12,000)
2017-18 0.00 0.00
(` 12,000) (` 12,000)
239
Interest income/(expenses) 2018-19

2017-18
` in crore
Name Of Related Party Year Jaandar Kangaroo Karnal Shikhar Sikkim Land Specular Uttranchal Callow Growth Shaandar Jindal Achievers
Builders Buildcon Buildtech Real Estates Developers Buildmart Buildwell Buildmart Buildwell Builders Infosolution Real Estates
Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Pvt.Ltd. Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Pvt.Ltd. Ltd. Pvt. Ltd.
Purchase of Goods/Services 2018-19 0.01 0.01 0.02 0.04 0.06 0.00 0.07 0.08 0.02 0.02 0.00
(Inc Capital goods)/Land/
development Rights*
(` 36,962)
2017-18 0.05 0.05 0.20 0.16 0.26 0.01 0.05 0.32 0.09 0.08 0.00
(` 23,078)
Sales Of Goods/ scrap (Inc 2018-19 0.46
Capital goods)/Income
From Real Estate Project/
Land*
2017-18 0.69 0.19 0.01
Rendering of services 2018-19
2017-18
2019
` in crore
Name Of Related Party Year Jaandar Kangaroo Karnal Shikhar Sikkim Land Specular Uttranchal Callow Growth Shaandar Jindal Achievers
Builders Buildcon Buildtech Real Estates Developers Buildmart Buildwell Buildmart Buildwell Builders Infosolution Real Estates
Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Pvt.Ltd. Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Pvt.Ltd. Ltd. Pvt. Ltd.
Other advances given/ 2018-19 - 0.01 0.00 0.05 0.01 (0.32) 0.00 0.00 0.01
(taken)
(` 20,000) (` 25,000) (` 510)
2017-18 (1.46) - (0.31) 0.00 0.00 (0.45) (0.04) - -
(` 20,000) (` 30,000)
Rent and Other Expense 2018-19 0.00
(` 12,000)
2017-18 0.00
(` 12,000)
Interest income/(expenses) 2018-19 (0.17)
2017-18 0.04

` in crore
Name Of Related Party Year Monsoon Mountain Kufri Kullu Kundli Matadi Munnar Mount Nainital Panchmarhi Ramgarh Pamposh
240
Infrastructure Touch Buildcon Buildcon Builders Vanijya Buildcon Abu Buildcon Buildcon Infrastructure Builders and
Pvt.Ltd. Builders Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Buildwell Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Developers
Pvt,Ltd. Pvt. Ltd. Pvt. Ltd.
Purchase of Goods/ 2018-19 0.02 0.02 0.00 0.00 0.03 0.06 0.02 0.00 0.01 0.03 0.00
Services(Inc Capital (` 11,511)
goods)/Land/ 2017-18 0.09 0.07 0.02 0.02 0.11 0.23 0.07 0.01 0.02 0.14 0.00
development Rights* (` 7,187)
Sales Of Goods/ scrap 2018-19
(Inc Capital goods)/ 2017-18 - 0.25 0.04
Electricity/Income From
Real Estate Project/Land*
Other advances given/ 2018-19 (0.07) 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00
(taken) (` 22,762) (` 16,854) (` 30,000)
2017-18 0.08 0.00 (0.39) - 0.00 0.00 0.00 0,01 (0.07) 0.01 0.01
(` 28,540) (` 25,000) (` 20,000) (` 30,000)
Rent and Other Expense 2018-19 0.01 0.01 0.00
(` 12,000)
2017-18 0.01 0.01 0.00
(` 12,000)
loan Given/(Taken)* 2018-19
2017-18
Interest income/ 2018-19
(expenses) 2017-18
` in crore
Name Of Related Party Year Nainital Orissa Rajkot Rohtak Synergry Vision Moonstone Almora Bhadurgarh Power Sarvasampan Snow Cool
Buildtech Infrastructure Buildwell Townships Buildhome Buildtech realcon Township Township Plant Builders Pvt. Buildcon
Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt.Ltd. Pvt.Ltd. Private Private Engineers Ltd. Pvt. Ltd.
Limited Limited Ltd.
Purchase of Goods/ 2018-19 0.04 0.09 0.08 0.01 0.05 0.00
Services(Inc Capital (` 35,684)
goods)/Land/ 2017-18 0.17 0.37 0.31 0.05 0.22 0.00
development Rights* (` 2,280)
Sales Of Goods/ scrap 2018-19 -
(Inc Capital goods)/ 2017-18 - 0.00
Income From Real Estate (` 25,995)
Project/Land*
Other advances given/ 2018-19 0.01 0.01 0.01 0.01 0.75 0.01
(taken) 2017-18 0.00 0.00 0.00 - - 0.00
(` 12,000) (` 30,000) (` 38,099) (` 15,000)
Rent and Other Expense 2018-19 0.01
2017-18 0.01
loan Given/(Taken) 2018-19 7.00 - 0.00 8.00 0.47
(` 1,432)
2017-18 (1.15) (0.17) - (0.25) -
Interest income/ 2018-19 - - 0.01 (0.03) 0.87
(expenses) 2017-18 (0.82) 0.02 0.01 (1.03) (0.20)
241
` in crore
Name Of Related Year Snow Veiw Ujjain Aglow Ambar Dalhousie Holiday Jagran Manali Mysore Saarthi Singtam Sukhdham
Party Buildcon Pvt. Buildwell Realtech Buildcon Buildtech Buildwell Real Estate Townships Infrastuctures Buildwell Buildwell Pvt. Buildcon
Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Pvt. Ltd. Ltd. Pvt. Ltd.
Purchase of Goods/ 2018-19 0.00 0.00
Services(Inc Capital (` 23,181) (` 25,519)
goods)/Land/ 2017-18 0.00 0.00
development Rights* (` 37,127) (` 15,933)
Sales Of Goods/ scrap 2018-19
(Inc Capital goods)/ 2017-18 -
Income From Real
Estate Project/Land*
Other advances 2018-19 0.00 0.01 0.01 0.01 - 0.01 0.01 0.01 0.01 0.01 0.01
given/(taken) (` 4,421)
2017-18 - - 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00
(` 25,000) (` 30,000) (` 1,504) (` 30,000) (` 30,000) (` 35,000) (` 30,000) (` 25,000)
Rent and Other 2018-19
Expense 2017-18
Interest income/ 2018-19
(expenses) 2017-18
242

2019
Name Of Related Party Year Tamanna Yamuna Real

Buildcon Pvt Ltd. Estates Pvt. Ltd.
Purchase of Goods/Services(Inc Capital goods)/Land/ 2018-19
development Rights* 2017-18
Other advances given/(taken) 2018-19 0.00 0.01
ANNUAL REPORT
(` 40,000)
2017-18 0.00 0.00
(` 15,000) (` 20,000)
Rent and Other Expense 2018-19
2017-18
loan Given/(Taken) 2018-19
2017-18
Interest income/(expenses) 2018-19
2017-18
2016-17
56. CAPITAL RISK MANAGEMENT

The Group manages its capital structures and makes adjustment in light of changes in economic conditions and
requirements of financing covenants. The respective Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares.
The primary objective of the Group’s Capital Management is to maximise the shareholder’s value by maintaining
an efficient capital structure and healthy ratios and safeguard Group’s ability to continue as a going concern.The
Group also works towards maintaining optimal capital structure to reduce the cost of captial. No changes were
made in the objectives,policies, processes during the year ended 31st March, 2019 and 31st March, 2018.
` in crore
March 2019 March 2018
Debt 39,559.02 42,962.05
Cash & bank balances (421.62) (467.88)
Net Debt 39,137.40 42,494.17
Total Capital 32,427.64 30,384.61
Total Capital and Net Debt 71,565.05 72,878.78
Gearing Ratio 0.55 0.58
Notes- and other assets except as mentioned elsewhere in

(i) Debt is defined as long-term and short-term these financials(note no. 6, 7 & 8)
borrowings including current maturities of long term The measurement of the cash generating units’ value
debt (excluding derivatives and financial guarantee in use is determined based on financial plans that have
contracts) as described in notes 25 and 30 & 32. been used by management for internal purposes. The
(ii) Total Capital includes all equity and share warrants. planning horizon reflects the assumptions for short to
mid term market conditions.
57. IMPAIRMENT REVIEW Key assumptions used in value-in-use calculations:

Assets are tested for impairment whenever there are - Operating margins (Earnings before interest
any internal or external indicators of impairment. and taxes)
- Discount Rate
Impairment testing is performed at the level of each
Cash Generating Unit (‘CGU’) or groups of CGUs - Growth Rates
within the Group at which the goodwill or other - Capital expenditures
assets are monitored for internal management Operating margins: Operating margins have
purposes, within an operating segment. been estimated based on past experience after
The impairment assessment is based on higher of considering incremental revenue arising out of
value in use and value from sale calculations. adoption of valued added and data services from the
existing and new customers, though these benefits
During the year, the testing did not result in any are partially offset by decline in tariffs in a hyper
impairment in the carrying amount of goodwill
243

competitive scenario. Margins will be positively (loss) after tax of ` (304.27 crores) and net cash inflow
impacted from the efficiencies and initiatives driven ` 16.15 crores for the year ended 31st March, 2019.
by the Company; at the same time, factors like
increased cost of key raw materials and operations
61. As at year end, the groups current liabilities has exceeded
its current Assets by ` 7092.09 crore. Management is
may impact the margins negatively.
confident of its ability to generate cash inflow from
Discount rate: Discount rate reflects the current operations to meet its obligations on due date.
market assessment of the risks specific to a CGU
or group of CGUs. The discount rate is estimated
62. Two of the overseas subsidiary namely Jindal
shadeed Iron Steel LLC & Jindal Mining SA (pty) Ltd
based on the weighted average cost of capital for
has revalued its Property, Plant & Equipment (PPE)
respective CGU or group of CGUs.
and intangibles during the year which has resulted in
Growth rates: The growth rates used are in line with net increase in value by ` 4228.81 crore and `166.91
the long term average growth rates of the respective Crore respectively, based on independent valuations
industry and country in which the respective performed by an independent external valuers as on
Company operates and are consistent with the 15th May 2018 & 31st December, 2018 and 18th January
forecasts included in the industry reports. 2018. The net impact of ` 4395.72 crore (gross
` 5206.92 crore, deffered tax assets 811.20 crore)
Capital expenditures: The cash flow forecasts of
which has been Credited to the statement of profit &
capital expenditure are based on past experience
loss(OCI) for the current year ended 31st March, 2019.
coupled with additional capital expenditure required.
The stated revaluation of the PPE & Intangible Assets
58. In the year 2014, Hon’ble Supreme Court of India results in and additional depreciation charge of
had cancelled number of coal blocks allocated ` 52.05 Crore to statement of profit & loss account.
including to the Group. The Parent Company has
net book value of investment made in mining assets
63. The Group has filed legal suits /notices or in the
process of filing legal case /sending legal notices
including land, infrastructure and clearance etc. of
/ making efforts for recovery of debit balances of
` 425 crore (` 608.58 crore including a subsidiary)
` 118.88 crore (31st March, 2018 ` 205.22 crore) plus
and had filed claim for the same pursuant to directive
interest wherever applicable, which are being carried
vide letter dated 26 December, 2014 given by the
as long term /short term advances, trade receivables
Ministry of Coal on such mines. Meanwhile the
and other recoverable. Pending outcome of legal
Ministry of Coal has made interim payment to the
proceedings/Group ‘s efforts for recovery and based on
Parent Company of ` 22.72 crore towards the same.
legal advise in certain cases , the Group has considered
Pending final settlement of the aforesaid claim, this
aforesaid amounts as fully recoverable. Hence, no
amount has been accounted for as advance.
provision has been made in respect of these balances.
59 A. Consolidated financial statements include results 64. Subject to customary regulatory approvals and other
of five overseas step down subsidiary companies
conditions precedent(s), the Board of Directors at
which is based on unaudited financial statements
its meeting held on 3rd May,2016 has approved the
having total revenue of ` 320.67 crore and net cash
agreement for divestment of 1,000 MW Power unit of
outflow of ` 15.11 crore and total loss after tax of
Jindal Power Limited (a subsidiary of the Company (JPL)),
` 1811.63 crores for the year ended 31st March, 2019,
located in Chhattisgarh into a separate purpose vehicle
total assets of ` 2791.40 crore and net assets of
(SPV), for the purpose of transferring the same to JSW
(` 2226.82 crore) as at 31st March, 2019.
Energy Limited through sale of the entire share capital
59 B. During the year in respect of (out of five above) and other securities of the aforesaid entity in terms of
two overseas Subsidiaries, management of the the share purchase agreement for an enterprise value
respective subsidiary companies had estimated of ` 6,500 Crores plus the value of Net Current Assets
(provisional) the recoverable amount of intangible as on the Closing Date. The valuation may vary based
assets which was lower than carrying value of upon the achievement of PPA’s before the closing date
intangible Assets, accordingly net impairment of 30th June, 2019 and as prescribed in the Agreement
` 1286.57 crores has been provided for during the subject to minimum of `.4,000 Crores plus the value of
year ended 31st March, 2019. The assessment by Net Current Assets as on the Closing Date.The company
management was based on replacement value and has received advance of `331.13 crores (previous year
market scenario(refer note no. 57). ` 381.13 crore) from JSW aganist the same.
60. Consolidated financial statements include results of 8 In order to streamline cash flows of the group and
nos. overseas subsidiary companies whose unaudited create SPV amenable for, the Board of Directors of
financial statements having total assets of ` 12,738.36 the Company and JPL have in principle approved
crores, net assets of ` 46.27 crores as at 31st March, the restructuring involving parent company and JPL
2019, total revenue of ` 328.45 crores and total profit/ and formed a committee of directors (“Restructuring
244

2019
Committee”), to explore and evaluate various interest written back ` 5.15 and Charged Interest on
restructuring options available including a scheme preference share of ` 3.84 crore (Previous Year- Loss
of arrangement. The restructuring will entail that on divestment of its oxygen plant assets of ` 149.72
1000 MW Power Plant owned by JPL is hived off into crore; additional payment of compensation of
an separate purpose vehicle, being subsidiary of the ` 137.82 crore for its iron ore mines at Tensa, pursant
ANNUAL REPORT
parent company, creation of other SPV amenable to the judgement of the Honable Supreme Court;
for monetisation by way of divestments as well as the differential royality demand on iron ore fine
achieve better synergy across the parent company raised by the Mining Authority of ` 223.70 crores
and its subsidiaries, and to ensure that the businesses on judgement of Odisha High Court in another
of these entities are operated in the most efficient case; service tax liability of ` 14.85 Crores on royalty
and cost effective manner, including by pooling of payable on mining of natural resources (the company
technical, distribution and marketing skills, creating has been advised in view of adverse judgment of the
optimal utilisation of resources, better administration Rajasthan High Court); Provision against Entry tax on
and cost reduction. Upon completion of evaluation of import of goods in the state of Odisha. ` 67.31 crore
the possible arrangement options, the Restructuring (including interest ` 42.07 crore) pursuant to the
Committee is to submit its recommendations to the judgement of Honable Supreme Court and Profit on
Board of Directors and to such other committee(s) sale of Investment in an associate of ` 6.04 crore).
of the Board, including the Audit Committee,
shareholders as may be required by applicable laws.
68. The Group w.e.f 1st April, 2015 decided to amortised
foreign exhange difference of inter group long term
65 A. BUSINESS RESCUE foreign currency loans transcations of overseas business
to the extend of financing requirement other than
(a) During the year Eastern Solid Fuels (Pty) Ltd and acquiring the fixed assets, if material, over the remaining
Jindal Africa Investments (Pty) Ltd, a step-down period of the loan. Accordingly ` 250.75 crore (PY
overseas subsidiary companies has entered into ` 108.24 crore) has been included in foreign currency
voluntary business rescue on 12th June, 2018 and monetary items translation difference Account.
exited business rescue on 13th February, 2019.
69. In compliance with Ind AS-115 (previous periods
(b) During the year Jindal Mining SA (Pty) Ltd, a step- Ind AS-18), the reported revenue for the period upto
down overseas subsidiary went into voluntary 30th June, 2017 is inclusive of Excise duty. Goods and
business rescue on 12th June, 2018. The company has Service tax (GST) is made applicable w.e.f. 1st July,
had positive cashflows since entering into business 2017 and as per Ind AS-115 (previous periods Ind
rescue. The Company has issued its business rescue AS-18), revenue for subsequent period is net of GST,
plan on 25th April 2019 and in the meeting held on 13th hence revenue from operations for the Year ended
May 2019 all relevant stakeholders voted for approval 31st March, 2019 is not strictly comparable with
of the plan which cover a period of over 36 months. corresponding year ended 31st March 2018.
65 B. Two overseas subsidiary whose assets / liabilities 70. One of the vendor had been referred to National
were Nil has been liquidated, their financials Company Law Tribunal (NCLT), Kolkata and vide its
statements has been considered in the consolidated order dated 12th December 2018, NCLT allowed the
financial statements as certified by the management. withdrawal of the same. The Company is confident
66. Balances of certain advances, creditors (including of recovering the full value of the claim/amount
MSME) and receivables are in process of confirmation/ of ` 1297.41 crores which has been shown as part
reconciliation. Management believe that on advance to vendors.
reconciliation/ confirmation there will not be any 71. The Audited GST return for the year ended 31st
material impact on statement of financials statements. March 2018 is pending for the filing as competent
authority has extended the date of filing till 30th June
67. EXCEPTIONAL ITEMS: 2019. The company is in the process of reconciling
i) In Current Year, ` 1355.79 crores being differential the data of GSTR 2A with GSTR 3B. In the view of the
royalty (on coal block cancellation) amount paid in management, on final reconciliation the impact will
earlier year in view of the Hon’ble Supreme Court not be material.
judgement (levy of ` 295 PMT) dated 24th September
2014; Loss on discard of PGP plant and disputed 72. Cost of captive sales (reduced from total expenditure)
Electricity duty liability of a captive unit of ` 71.14 includes interest on internally manufactured goods
crores and ` 308.24 crores respectively; saving of consumed in capital projects which is not separately
` 472.50 crores by early redemption of 17,500 no. of ascertainable.
privately placed debentures and Write off of part of
expenses incurred in earlier years of discontinued
projects of ` 217.04 crores and in one of subsidiary
73. INFORMATION RELATED TO CONSOLIDATED FINANCIAL
The Parent Company is listed on stock exchanges in India. The Parent Company has prepared consolidated financial statements as required under IND AS 110, Sections
129 of Companies Act, 2013 and listing requirements. The consolidated financial statements are available on its website.
74. FINANCIAL INFORMATION PURSUANT TO SCHEDULE III OF COMPANIES ACT, 2013

` in crore
S. No. Name Of Entity Net Assets i.e total assets Share in profit or loss Share in other comprehensive Share in total
minus total liabilities income comprehensive income
As % of Amount As % of Amount As % of Amount As % of total Amount
Consolidated Consolidated Consolidated other comprehensive
Net Assets profit & loss comprehensive income
income
PARENT
Jindal Steel & Power Limited 70% 22,548.56 11% (262.90) 0% (13.89) -14.30% (276.79)
INDIAN SUBSIDIARIES
1 Jindal Power limited 33% 10,646.98 18% (434.59) 0% (1.67) -22.54% (436.26)
2 Everbest Power Limited 0% (0.01) 0% (0.01) 0% - 0.00% (0.01)
3 Jindal Angul Power limited 0% 0.01 0% (0.01) 0% - 0.00% (0.01)
4 JB Fabinfra Limited 0% (3.36) 0% (0.60) 0% - -0.03% (0.60)
5 Trishakti Real Estate Infrastructure and 0% 37.69 0% (0.14) 0% - -0.01% (0.14)
Developers Limited
6 Attunli Hydro Electric Power Company Limited 0% 30.45 0% 0% - 0.00% -
7 Etalin Hydro Electric Power Company Limited 1% 339.35 0% 0% - 0.00% -
245
8 Jindal Hydro Power Limited 0% 0.01 0% (0.01) 0% - 0.00% (0.01)

9 Jindal Power Distribution limited 0% 1.59 0% 0.07 0% - 0.00% 0.07
10 Ambitious Power Trading Company Limited 0% 10.03 0% (0.16) 0% - -0.01% (0.16)
11 Jindal Power Transmision Limited 0% 0.01 0% (0.01) 0% - 0.00% (0.01)
12 Kamala Hydro Electric Power Co. Limited 1% 194.84 0% 0% - 0.00% -

13 Kineta Power Limited 0% 145.13 0% 0.03 0% - 0.00% 0.03
14 Uttam Infralogix Limited 0% 6.34 0% (0.04) 0% 0.00% (0.04)
15 Panther Transfrfreight Pvt .Ltd. 0% 4.16 0% 2.32 0% (0.02) 0.12% 2.30
16 Jindal Realty Limtied 0% (81.03) 0% (6.86) 0% 0.05 -0.35% (6.81)

17 Jagran Developers Pvt Ltd ( subsidiary of Jindal 0% (38.51) 0% (11.61) 0% 0.00 -0.60% (11.61)
Realty Limited)
18 Raigarh Pathalgaon Expressway Ltd. 0% 0.03 0% (0.00) 0% - 0.00% (0.00)
FOREIGN SUBSIDIARIES -
1 Jindal Steel & Power (Mautritius) Limited -3% (822.89) 11% (264.91) 0% - -13.68% (264.91)
2 Skyhigh Overseas Limited 0% 154.47 0% (0.01) 0% - 0.00% (0.01)
3 Gas to liquids International S.A 0% 136.84 0% - 0% - 0.00% -
4 Jindal Power Venture (Mauritus) Limited 0% (0.15) 0% (0.03) 0% - 0.00% (0.03)
5 Jindal Power Senegual SAU 0% (0.02) 0% (0.03) 0% - 0.00% (0.03)
6 Blue Castle Ventures Limited 0% (55.46) 0% (0.02) 0% - 0.00% (0.02)
7 Brake trading (pty)Limited 0% 0.00 0% - 0% - 0.00% -
8 Fire Flash Investments (pty) Limited 0% 0.00 0% - 0% - 0.00% -
9 Harmony Overseas Limited 0% 36.96 0% 0.17 0% - 0.01% 0.17
2019
` in crore
income
10 Jin Africa Limited (ceased during FY 2018-19) 0% - 0% (0.00) 0% - 0.00% (0.00)
11 Jindal (BVI) Limited 2% 575.27 0% (0.06) 0% - 0.00% (0.06)
12 Jindal Africa Investment (pty) Limited 0% (117.05) 0% (9.64) 0% - -0.50% (9.64)
13 Jindal Botswana (pty) Limited 0% (5.84) 0% (1.05) 0% - -0.05% (1.05)
14 Jindal Investimentos LDA 0% (2.50) 0% 0% - 0.00% -
15 Jindal Investment Holding Limited 0% (0.12) 0% (0.01) 0% - 0.00% (0.01)
16 Jindal KZN Processing (pty) limited 0% (0.00) 0% - 0% - 0.00% -
17 Jindal Madagascar SARL 0% (1.63) 0% (0.04) 0% - 0.00% (0.04)
18 Jindal Mining & Exploration Limited 0% (18.35) 0% (8.65) 0% - -0.45% (8.65)
19 Jindal Mining Namibia (pty) Limited 0% (27.03) 0% (0.61) 0% - -0.03% (0.61)
20 Jindal Steel & Minerals Zimbabwe Limited 0% (8.29) 0% 1.06 0% - 0.05% 1.06
21 Jindal Steel & Power (Australia) pty Limited 0% 4.13 1% (15.10) 0% - -0.78% (15.10)
22 Jindal Tanzania Limited 0% (12.93) 0% (0.00) 0% - 0.00% (0.00)
246
23 Jindal Zambia Limited (ceased during FY 2018-19) 0% - 0% (0.00) 0% - 0.00% (0.00)

24 Jspl Mozambique Minerais LDA -1% (415.79) -1% 26.52 0% - 1.37% 26.52
25 Jubilant Overseas Limited 0% 0.17 0% 0% - 0.00% -
26 Landmark Mineral Resources (Pty) Limited 0% 0.00 0% - 0% - 0.00% -
27 Osho madagascar SARL 0% (0.94) 0% (0.00) 0% - 0.00% (0.00)
28 PT Jindal Overseas 0% (43.08) 0% (3.92) 0% - -0.20% (3.92)
29 Shadeed Iron & Steel L.L.C 23% 7,611.82 -26% 632.39 97% 4,228.81 251.12% 4,861.20
30 Sungu sungu pty Limited 0% 0.00 0% - 0% - 0.00% -
31 Vision Overseas Limited 0% 0.25 0% 1.09 0% - 0.06% 1.09
32 Wollongong Coal Limited -6% (1,888.61) 48% (1,167.90) 0% -60.33% (1,167.90)

33 Jindal Steel DMCC 0% (17.57) 0% (1.11) 0% - -0.06% (1.11)
34 Belde Empreendimentos Mineiros LDA 0% 0.00 0% - 0% - 0.00% -
35 Eastern Solid Fuels (pty) Limited 0% (13.66) 0% (1.54) 0% - -0.08% (1.54)
36 PT BHI Mining Indonesia 0% (29.23) 0% (3.61) 0% - -0.19% (3.61)
37 PT Sumber Surya Gemilang 0% (18.11) 0% (0.14) 0% - -0.01% (0.14)

38 PT Maruwai Bara Abadi 0% (3.50) 0% (0.05) 0% - 0.00% (0.05)
39 Jindal Mining SA (pty) Limited 0% 26.28 4% (108.08) 4% 166.92 3.04% 58.84
40 Bon Terra Mining (pty) Limited 0% (0.00) 0% 0.00 0% - 0.00% 0.00
41 jindal (Barbodos) Holding Corp. 0% (0.17) 0% (0.01) 0% - 0.00% (0.01)
42 Jindal Energy (Bhamas) Limited 0% (12.11) 0% (0.01) 0% - 0.00% (0.01)
43 Jindal Energy (Botswana) pty Limited 0% (7.55) 0% 0.98 0% - 0.05% 0.98
44 Jindal energy (SA) pty Limited 0% (0.60) 0% (0.01) 0% - 0.00% (0.01)
45 Jindal Transafrica (Barbados) Corp 0% (0.09) 0% (0.01) 0% - 0.00% (0.01)
46 Jindal Resources (Botswana) pty Limited 0% (131.08) 2% (46.37) 0% - -2.40% (46.37)
47 Trans Africa Rail (pty) Limited 0% (0.09) 0% (0.01) 0% - 0.00% (0.01)
48 Sad - Elec (pty) Limited 0% (0.00) 0% 0.01 0% - 0.00% 0.01
49 Jindal (Barbados) Mining Corp. 0% (144.68) 0% (0.01) 0% - 0.00% (0.01)
` in crore
income
50 Jindal (Barbados) Energy Corp. 0% (0.17) 0% (0.01) 0% - 0.00% (0.01)
51 Meepong Resources (Mauritius) (pty) Limited 0% (0.46) 0% (0.14) 0% - -0.01% (0.14)
52 Meepong Resources (pty) Limited 0% (70.78) 1% (28.83) 0% - -1.49% (28.83)
53 Meepong Energy (Mauritius) (pty) Limited 0% (0.47) 0% (0.15) 0% - -0.01% (0.15)
54 Meepong Energy (pty) Limited 0% (68.74) 1% (35.73) 0% - -1.85% (35.73)
55 Meepong Service (pty) Limited 0% (0.37) 0% (0.14) 0% - -0.01% (0.14)
56 Meepong water (pty) Limited 0% (4.24) 0% (1.98) 0% - -0.10% (1.98)
57 Peerboom Coal (pty) Limited 0% (0.00) 0% 0% - 0.00% -
58 Shadeed Iron & Steel Company Limited 0% 2.39 0% 0.31 0% - 0.02% 0.31
59 Koleko Resources (pty) Limited 0% 0.00 0% 0.00 0% - 0.00% 0.00
60 Legend Iron Limited 0% 106.80 0% (0.05) 0% - 0.00% (0.05)
61 Cameroon Mining Action (CAMINA)SA 0% (53.26) 1% (15.54) 0% - -0.80% (15.54)
62 Jindal Africa SA 0% - 0% - 0% - 0.00% -
63 Jindal Steel & power (BC) Limited 0% - 0% - 0% - 0.00% -
64 Jindal Mauritania SARL (under liqudation) 0% 0% 0% - 0.00% -
65 Trans Asia Mining Pte.Limited 0% (0.30) 0% (0.04) 0% - 0.00% (0.04)
66 Wongawilli Coal Pty Limited 0% (123.97) 27% (644.02) 0% - -33.27% (644.02)
67 Oceanic Coal Resources 1% 249.42 0% (0.47) 0% - -0.02% (0.47)
68 Southbulli Holding Pty Limited 0% 25.69 0% 0.75 0% - 0.04% 0.75
247
69 Enviro Waste Gas Services Pty ltd 0% 0.02 0% (0.00) 0% - 0.00% (0.00)
70 Jindal Steel Bolivia SA @ 2% 538.52 0% - 0% - 0.00% -
71 Jindal Africa Consulting (Pty) Limited 0% (0.18) 0% (0.18) 0% - -0.01% (0.18)
Minority Interest in all Subsidiaries -1% (301.07) 32% (766.18) 0% (4.69) -39.82% (770.87)
Associates*
1 Goedehope Coal Pty Ltd ( formally Known as 0% 0.00 0% 0% - 0.00% -
Prodisyne (Pty) Limited)
2 Thuthukani Coal (pty) Limited 0% (0.00) 0% 0% - 0.00% -
Joint Ventures
1 Jindal Synfuels Limited# 0% 24.45 0% (0.02) 0% - 0.00% (0.02)
2 Shresht Mining & Metals Private limited* 0% 7.69 0% 0% - 0.00% -
3 Urtan North Mining Company Limited# 0% 16.29 0% (0.96) 0% - -0.05% (0.96)
Consolidation Adjustments/Elimination -20% (6,509.02) -32% 767.08 -1% (28.21) 38.17% 738.87
TOTAL 100% 32,427.64 100% (2,411.52) 100% 4,347.29 100% 1,935.78
The above fiqures for Parent, its subsidiaries and joint ventures are before inter-company eliminations and consolidation adjustments.
* Investment as per the equity method
# Considered for consolidation as per Ind AS 110
@ Provision for write-off taken in earlier years.
75. Previous year figures have been regrouped/ rearranged / recast, wherever considered necessary to conform to current year’s classification. Figures less than 50000 have
been shown as absolute number.
248

2019
IN RESEPECT OF CERTAIN HYDRO POWER PROJECTS proposals are in progress. The project is likely to be
OF STEP DOWN SUBSIDIARY COMPANIES : developed in due course of time; the management
believe that the departure from the schedule does not
76 A. In respect of investment amounting to ` 1144.60 crores have any material impact. Accordingly cost incurred
by subsidiary company Jindal Power Limited in certain till 31st March 2019 in Property, Plant & Equipment/
ANNUAL REPORT
Hydro projects of Stepdown Subsidiary Companies: Capital Work-in-progress of ` 58.34 crores is considered
The 1800 MW Kamla Hydroelectric Power Project goods by the management.
(Kamala Project) is a run of the river project located on Due to delay on the part of the state government
Kamala River in the state of Arunachal Pradesh. Detailed to contribute its share in equity share capital of
Project Report (DPR) of Kamala Project is under detailed the above stated three subsidiaries, long delay in
examination by the Central Electricity Authority. Issues issuance of licenses by the government, stated
related to cost compensation owing to Land Acquisition, projects could not be started and amounts spend
diversion of forest Land and Environment studies till 31st March, 2019 its shown under capital work
are in progess.Government of Arunachal Pradesh in progress. Based on the present status of the
has been requested for grant of extension of time for Hydro projects and reports of independent valuer,
commencement of Kamala Project. The management management believe that presently there is no need
believe that the departure from the schedule does not to make any provision on account of impairment (in
have any material impact. Accordingly cost incurred till respect of above stated projects taken up by the
31st March 2019 in Property, Plant & Equipment/ Capital respective subsidiary companies).
Work-in-progress of ` 383.65 crores is considered goods
by the management. 76B.IN RESPECT OF STEPDOWN SUBSIDIARY
The 3097 MW Etalin Hydroelectric Power Project
JINDAL REALTY LIMITED (JRL):
(Etalin Project) is a run of the river project located on (i) The Company has entered into Development
Dri River and Tangon River in the state of Arunachal Agreement(s) with various companies for
Pradesh. Substantial progress has been achieved development of land. Pursuant to the said
with respect to the land acquisition, environment agreements the company has advanced
and forest clearance and other statutory clearances. ` 384.80 Crores (previous year ` 385.73 Crores)
Further The Central Electricity Authority (CEA) has also to these various companies as interest free
issued concurrence for implementation of the project advances, pending execution of the project,
subject to fulfilment of certain conditions. As assessed has been shown as Work in Progress (Project)
by the management. The project has achieved some under Inventories.
milestones and is likely to be developed in due course (ii) In pursuance to the settlement agreements
of time including ensuing PPAs; the management signed between JRL and certain body
believe that the departure from the schedule does corporates, outstanding amount aggregating
not have any material impact. Accordingly cost to ` 158.02 crores shall be repaid / settled over
incurred till 31st March 2019 in Property, Plant & a period of time as agreed between the parties.
Equipment/ Capital Work-in-progress of ` 670.81 Accordingly, interest charged amounting to
crores is considered goods by the management. ` 15.47 crores have been waived off (including
The 680 MW Attunli Hydroelectric Power Project is a run ` 5.15 crores for earlier period which is shown
of the river project located on Tangon River in the state as exceptional item – refer note no. 67).
of Arunachal Pradesh. Detailed Project Report (DPR) has
been concurred by Central Electricity Authority (CEA) 77. Notes 1 to 77 are annexed to and form an integral
in july 2018. Enviromental studies and forest diversion part of the financial statements.


Place: New Delhi

Form AOC - 1
Statement containing salient features of Subsidiaries, Associates Companies and Joint Ventures as required under first proviso to sub-section (3) of Section 129 of the Companies Act 2013 read
with Rule 5 of Companies (Accounts) rules, 2014
PART A: SUBSIDIARY COMPANIES

Amount ` crore
Sl. No. Name of Company Date since Reporting Exchange Share Other Total Total Investments Total Turnover Profit/ Provision Profit/ Proposed % of
when Currency rate as Capital Equity Assets Liabilities Long Current (Loss) for (Loss) Dividend Shareholding
subsidiary at 31st Term before Taxation After
was March, Taxation Taxation
aquired 2019
1 Jindal Power Limited 09.06.2005 INR 1.00 1,348.80 9,298.18 20,193.31 9,546.33 1,352.40 3.60 1,356.00 3,858.49 (585.06) (150.47) (434.59) 96.43
2 Attunli Hydro Electric Power Company Limited 19.05.2009 INR 1.00 1.00 29.45 59.25 28.79 - 71.36
3 Etalin Hydro Electric Power Company Limited 16.05.2009 INR 1.00 1.00 338.35 671.33 331.98 - 71.36
4 Kamala Hydro Electric Power Company Limited 12.03.2010 INR 1.00 1.00 193.84 384.11 189.26 - 71.36
5 Jindal Power Transmission Limited 23.06.2008 INR 1.00 0.08 (0.07) 0.01 0.00 0.00 0.00 95.71
6 Jindal Hydro Power Limited 18.08.2008 INR 1.00 0.08 (0.07) 0.01 0.00 0.00 0.00 (0.01) (0.01) 95.71
7 Jindal Power Distribution Limited 27.08.2008 INR 1.00 1.55 0.04 1.66 0.07 1.31 1.31 0.10 0.10 0.03 0.07 96.39
8 Ambitious Power Trading Company Limited 02.05.2009 INR 1.00 7.60 2.43 10.04 0.01 0.00 0.01 0.01 0.04 (0.16) 0.00 (0.16) 76.51
9 Uttam Infralogix Limited 07.03.2013 INR 1.00 6.50 (0.16) 14.63 8.29 0.05 0.05 (0.04) (0.04) 96.43
249
10 Panther Transfreight Limited 12.07.2011 INR 1.00 1.00 3.16 17.92 13.76 - 18.75 3.28 0.96 2.32 49.18
11 Kineta Power Limited 1.02.2006 INR 1.00 25.01 120.12 146.02 0.88 - (0.01) (0.03) 0.03 72.33
12 Jindal Realty Limited 31.03.2017 INR 1.00 10.01 (91.04) 1,704.26 1,785.28 3.09 3.09 81.18 (3.24) (3.62) (6.86) 96.43
13 Jagran Developers Private Limited 11.01.2018 INR 1.00 0.01 (38.52) 262.08 300.59 25.13 25.13 7.94 (15.22) (3.61) (11.61) 96.43
14 Jindal Power Ventures (Mauritius) Limited 18.12.2013 USD 69.17 0.00 (0.15) 0.55 0.70 - 0.00 (0.03) (0.03) 96.43
15 Jindal Power Senegal Sau 17.07.2014 XOF 0.12 0.12 (0.14) 0.24 0.26 - (0.03) (0.03) 96.43
16 Jindal Angul Power Limited 25.08.2011 INR 1.00 0.05 (0.04) 0.01 0.00 - (0.01) (0.01) 100.00
17 Jindal Steel & Power (Mauritius) Limited 06.02.2007 USD 69.17 577.87 (1,400.76) 8,350.85 9,173.74 4,090.78 4,090.78 39.78 (264.91) (264.91) 100.00
18 Pt Jindal Overseas 25.05.2007 IDR 0.00 2.14 (45.21) 94.10 137.18 - (3.92) - (3.92) 99.00
19 Pt Bhi Mining Indonesia 07.10.2008 IDR 0.00 1.21 (30.44) 63.04 92.27 61.82 61.82 (3.61) - (3.61) 99.00
20 Pt Maruwai Bara Abadi 27.02.2012 IDR 0.00 0.49 (3.99) 3.99 7.49 - (0.05) - (0.05) 74.25
21 Pt Sumber Surya Gemilang 18.03.2009 IDR 0.00 0.06 (18.17) 9.57 27.68 - (0.14) - (0.14) 98.01
22 Vision Overseas Limited 28.02.2008 USD 69.17 0.00 0.25 46.35 46.10 - 1.09 - 1.09 100.00
23 Jubiliant Overseas Limited 28.02.2008 USD 69.17 0.00 0.17 0.25 0.08 0.04 0.04 - - - 100.00
24 Skyhigh Overseas Limited 29.02.2008 USD 69.17 154.60 (0.13) 154.63 0.16 152.23 152.23 (0.01) - (0.01) 100.00
25 Harmony Overseas Limited 29.02.2008 USD 69.17 0.00 36.96 36.96 (0.00) - - 0.17 - 0.17 100.00
26 Jindal Steel Bolivia Sa 19.04.2007 BOB 9.35 613.05 (74.54) 550.30 11.78 0.00 0.00 - - - 51.00
27 Gas to Liquids International S.A 19.04.2007 BOB 9.35 131.95 4.89 139.70 2.86 0.02 0.02 - - - 87.56
2019
Amount ` crore
aquired 2019
28 JSPL Mozambique Minerals LDA 30.07.2008 MZN 1.09 453.24 (869.03) 1,007.43 1,423.22 0.00 0.00 390.19 26.52 - 26.52 97.50
29 Enduring Overseas Inc Closed
30 Jindal Mining & Exploration Limited 07.10.2008 USD 69.17 0.00 (18.35) 400.88 419.23 81.35 81.35 - (8.65) - (8.65) 100.00
31 Jindal Investment Holding Limited 07.10.2008 USD 69.17 0.00 (0.12) 16.70 16.83 0.71 0.71 - (0.01) - (0.01) 100.00
32 Jindal Africa Investments (Pty) Limited 24.10.2008 RAND 4.74 0.00 (117.05) 262.82 379.87 1.82 1.82 6.89 (33.79) (24.15) (9.64) 100.00
33 Osho Madagascar Sarl 1.09.2009 MGA 0.02 0.01 (0.95) 11.54 12.48 - - - - 0.00 (0.00) 100.00
34 Jindal Madagascar Sarl 1.09.2009 MGA 0.02 0.01 (1.63) 10.96 12.58 - - - (0.04) 0.00 (0.04) 100.00
35 Jindal Investimentos Lda 30.11.2009 MZN 1.09 0.16 (2.67) 6.14 8.64 - - - - - - 100.00
36 Belde Empreendimentos Mineiros Lda. 15.02.2005 MZN 1.09 0.00 - 0.06 0.06 0.00 0.00 - - - - 97.50
37 Eastern Solid Fuels (Pty) Ltd. 01.04.2004 RAND 4.74 0.01 (13.66) 177.13 190.78 0.45 0.45 0.06 (2.14) (0.60) (1.54) 100.00
38 Jindal Mining SA (Pty) Limited 18.07.2000 RAND 4.74 0.00 26.28 310.91 284.63 - - 130.94 (126.50) (18.42) (108.08) 73.94
250
39 Shadeed Iron & Steel LLC 19.05.2010 USD 69.17 1,785.88 5,825.94 14,847.97 7,236.15 0.02 0.02 7,121.27 741.67 109.28 632.39 99.99
40 Jindal Steel & Power (Australia) Pty Limited 15.06.2010 AUD 49.02 65.69 (61.56) 2,752.21 2,748.07 0.47 0.47 50.23 (15.10) - (15.10) 100.00
41 Jindal Steel & Minerals Zimbabwe Limited 06.05.2010 USD 69.17 0.01 (8.30) 1.12 9.41 - - 1.09 1.06 - 1.06 100.00
42 Jindal Tanzania Limited 16.12.2010 TZS 0.03 0.03 (12.96) 0.74 13.67 - - - (0.00) - (0.00) 100.00
43 Jindal Zambia Limited Closed - - - - - - - -
44 Jin Africa Limited Closed - - - - - - - -
45 Jindal (BVI) Limited 06.09.2012 USD 69.17 404.65 170.62 1,070.21 494.94 0.00 0.00 - (0.06) - (0.06) 97.44
46 Jindal Energy (Bahamas) Limited 06.09.2012 USD 69.17 - (12.11) 0.05 12.16 - - 0.00 - 0.00 97.42
47 Jindal (Barbados) Energy Corp 06.09.2012 USD 69.17 0.00 (0.17) 0.00 0.17 - - 0.00 - 0.00 100.00
48 Jindal (Barbados) Mining Corp 06.09.2012 USD 69.17 0.00 (144.68) 113.34 258.02 - - 0.00 - 0.00 100.00
49 Jindal (Barbados) Holdings Corp 06.09.2012 USD 69.17 0.00 (0.17) 0.00 0.17 - - 0.00 - 0.00 97.44
50 Jindal Transafrica (Barbados) Corp 06.09.2012 USD 69.17 - - - - - - - - - 97.44
51 Meepong Energy (Mauritius) Pty Limited 06.09.2012 USD 69.17 0.00 (0.47) 0.01 0.48 0.00 0.00 (0.15) - (0.15) 100.00
52 Meepong Resources (Mauritius) Pty Limited 06.09.2012 USD 69.17 0.00 (0.46) 0.01 0.47 0.00 0.00 (0.14) - (0.14) 100.00
53 Jindal Energy (SA) Pty Limited 06.09.2012 ZAR 4.74 0.00 (0.60) 0.41 1.01 0.00 0.00 (0.01) - (0.01) 100.00
54 Bon-Terra Mining (Pty) Limited 06.09.2012 ZAR 4.74 0.00 0.00 0.00 (0.00) - - 0.00 0.00 0.00 100.00
55 Sad-Elec (Pty) Limited 06.09.2012 ZAR 4.74 0.00 0.00 0.00 (0.00) - - 0.01 - 0.01 100.00
56 Jindal Energy (Botswana) Pty Limited 06.09.2012 BWP 6.41 0.00 (7.55) 23.51 31.06 - - 0.98 - 0.98 97.44
57 Jindal Resources (Botswana) Pty Limited 06.09.2012 BWP 6.41 0.00 (131.08) 237.79 368.86 - - (46.37) - (46.37) 100.00
58 Meepong Energy (Pty) Limited 06.09.2012 BWP 6.41 0.00 (68.74) 225.70 294.44 - - (35.73) - (35.73) 100.00
59 Meepong Resources (Pty) Limited 06.09.2012 BWP 6.41 0.00 (70.78) 175.08 245.86 - - (28.83) - (28.83) 100.00
60 Meepong Service (Pty) Limited 06.09.2012 BWP 6.41 0.00 (0.37) 0.98 1.34 - - (0.14) - (0.14) 100.00
Amount ` crore
aquired 2019
61 Meepong Water (Pty) Limited 06.09.2012 BWP 6.41 0.00 (4.24) 11.96 16.20 - - (1.98) - (1.98) 100.00
62 Trans Africal Rail (Pty) Limited 06.09.2012 BWP 6.41 0.00 (0.01) - 0.01 - - - (0.00) - (0.00) 100.00
63 Jindal Mining Namibia (Pty) Limited 09.10.2012 NAD 4.79 0.00 (27.03) 0.12 27.16 - - - (0.61) - (0.61) 100.00
64 Jindal Africa Liberia Limited 05.08.2014 USD 69.17 - - - - - - - - -
65 Jindal Botswana (Pty) Limited 06.09.2012 BWP 6.41 0.00 (5.84) 0.02 5.86 - - - (1.05) - (1.05) 100.00
66 Blue Castle Ventures Limited 17.02.2014 USD 69.17 0.00 (55.46) 0.00 55.46 - - - (0.02) - (0.02) 100.00
67 Brake Trading (Pty) Limited 29.07.2013 NAD 4.79 0.00 - 0.00 - - - - - - - 85.00
68 Fire Flash Investments (Pty) Limited 20.06.2013 NAD 4.79 0.00 - 0.00 - - - - - - - 65.00
69 Jindal Kzn Processing (Pty) Limited 15.10.2013 ZAR 4.74 0.00 (0.00) 0.00 0.00 - - - - - - 85.00
70 Landmark Mineral Resources (Pty) Limited 1.04.2013 NAD 4.79 0.00 - 0.00 - - - - - - - 60.00
71 Peerboom Coal (Pty) Limited 19.04.2011 RAND 4.74 0.00 (0.00) 0.00 0.00 - - - - - - 70.00
72 Shadeed Iron & Steel Company Limited 11.04.2013 USD 69.17 0.02 2.37 22.02 19.63 - - 1.01 0.31 - 0.31 99.99
73 Wollongong Coal Limited 15.11.2013 AUD 49.02 4,479.17 (6,367.78) 2,674.20 4,562.81 0.59 0.59 - (1,167.90) - (1,167.90) 60.38
74 Wongawilli Coal Pty Limited 15.11.2013 AUD 49.02 77.47 (201.44) 1,686.47 1,810.44 - - 305.70 (644.02) - (644.02) 60.38
75 Oceania Coal Resources 15.11.2013 AUD 49.02 246.93 2.49 236.24 (13.17) 0.44 0.44 - (0.47) - (0.47) 60.38
76 Southbulli Holdings Pty Limited 15.11.2013 AUD 49.02 24.54 1.15 2.21 (23.48) - - - 0.75 - 0.75 60.38
251
77 JB Fabinfra Limited 24.09.2010 INR 1.00 2.00 (5.36) 9.95 13.31 - - 4.06 (0.60) 0.01 (0.60) 100.00
78 Trishakti Real Estate Infrastructure and Developers Limited 17.02.2006 INR 1.00 39.17 (1.48) 38.17 0.48 - - 0.49 0.03 0.17 (0.14) 94.87
79 Cameroon Mining Action SA 05.08.2014 XAF 0.12 0.12 (53.38) 157.18 210.44 - - - (15.54) - (15.54) 89.80
80 Jindal Steel DMCC 02.07.2013 USD 69.17 0.19 (17.76) 0.30 17.87 - - - (1.11) - (1.11) 100.00
81 Sungu Sungu Pty Limited 30.06.2010 RAND 4.74 0.00 0.00 0.39 0.39 - - - - - - 74.00
82 Legend Iron Limited 05.08.2014 AUD 49.02 0.00 106.80 232.62 125.81 106.87 106.87 - (0.05) - (0.05) 100.00
83 Koleka Resources (Pty) Limited 12.10.2014 RAND 4.74 - - - - - - - - - - 60.00
84 Jindal Africa Sa USD 69.17 - - - - - - - - - - 100.00
85 Jindal Steel & Power (Bc) Limited USD 69.17 - - - - - - - - - - 100.00
86 Everbest Power Limited 04.01.2013 INR 1.00 0.27 (0.28) 0.00 0.01 - - - (0.01) - (0.01) 100.00
87 Trans Asia Mining Pte. Limited 02.10.2012 USD 69.17 0.00 (0.30) 0.03 0.33 - - - (0.04) - (0.04) 100.00
88 Raigarh Pathalgaon Expressway Limited 18.10.2016 INR 1.00 0.05 (0.02) 0.05 - - - (0.00) - (0.00) 100.00
89 Enviro Waste Gas Services Pty Ltd 10.11.2014 AUD 49.02 0.02 (0.01) 0.00 (0.02) - - (0.00) - (0.00) 60.38
90 Jindal Africa Consulting (Pty) Limited 13.08.2018 RAND 4.74 0.00 (0.18) 7.00 7.17 - 0.17 (0.25) (0.07) (0.18) 100.00
Note:
Subsidiary yet to commence operation
Jindal Mauritania SARL
2019
PART B: JOINT VENTURE & ASSOCIATES

Amount ` crore
S Name of the Associate/Joint Venture Latest Date since Share of Associates/Joint Venture held by the company on the Profit/Loss for the year ended
No. audited when the 31st March, 2019 31st March, 2019
balance associate/ Number Amount of Extent Description Net worth Considered in Not
sheet Joint of Shares Investment of of how there attributable to consolidation considered in
date venture in Holding is significant shareholder Consolidation
was Associates/ influence as per latest
aquired Joint audited Balance
Venture sheet (` crore)
1 Jindal Synfuels Limited* 31.03.2019 01.09.2008 7,00,000 0.70 70 % of Share Holding 17.12 (0.02) -
2 Shresht Mining and Metals Private 31.03.2019 01.02.2008 76,94,248 7.69 50 % of Share Holding 7.69 - -
Limited
3 Urtan North Mining Company Limited* 31.03.2019 04.03.2010 1,15,03,618 11.50 66.67 % of Share Holding 10.95 (0.96) -
252
4 Thuthukani Coal (Pty) Limited 02.02.2012 1,029 0.00 49 % of Share Holding - - -

5 Goedehoop Coal (Pty) Limited (formely 15.08.2011 50 1.82 50 % of Share Holding - - -
known as Prodisyne (Pty) Limited)
* Considered for consolidation as per IND AS 110
For & on behalf of the Board of Directors
Naveen Jindal N.A. Ansari

Chairman Joint Managing Director
DIN: 00001523 DIN: 03340568
Deepak Sogani Jagdish Patra

Chief Financial Officer Company Secretary
Corporate Information
Chairperson Emeritus Corporate Office
Smt. Savitri Jindal Jindal Centre
12, Bhikaiji Cama Place
Board of Directors New Delhi-110066, India
Mr. Naveen Jindal Chairman
Mrs. Shallu Jindal Non-Executive Director Registrar & Transfer Agent
Mr. R.V. Shahi Independent Director Alankit Assignments Limited
Mr. Arun Kumar Purwar Independent Director Alankit Heights,
Mr. Sudershan K. Garg Independent Director 1-E/13- Jhandelwalan Extension
Mr. Hardip Singh Wirk Independent Director New Delhi-110055, India
Mr. V.R. Sharma Managing Director
Mr. N.A. Ansari Jt. Managing Director Debenture Trustee(S)
Mr. D.K. Saraogi Wholetime Director Axis Trustee Services Limited
Mr. Anjan Barua Nominee Director - SBI 2nd Floor ‘E’, Axis House
Bombay Dyeing Mills Compound,
Statutory Auditors Pandurang Budhkar Marg,
M/s. Lodha & Co., Chartered Accountants Worli, Mumbai - 400 025
12, Bhagat Singh Marg Phone: +91 22 2425 5215/5216
New Delhi-110001, India
Fax: +91 22 2425 4200
Firm Registration No. 301051E
Email: debenturetrustee@axistrustee.com
Cost Auditor IDBI Trusteeship Services Limited
M/s. Ramanath Iyer & Co, Cost Accountants Asian Building, Ground Floor
808, Pearls Business Park 17. R. Kamani Marg Ballard Estate
Netaji Subhash Place Mumbai Maharashtra – 400 001,
New Delhi-110034, India India Phone: +91 022 40807000
Firm Registration No. 000019
Fax: +91 022 66311776
Email: itsl@idbitrustee.com
Secretarial Auditor
M/s. RSMV & Co. Company Secretaries Plant Locations
268, Anarkali Complex
Jhandelwalan Extension Raigarh
New Delhi-110055, India Kharsia Road, Post Box No.1/6,
Raigarh – 496 001, Chhattisgarh, India
Bankers
Raipur
Andhra Bank 13 K M Stone, G E Road, Mandir Hasaud,
Axis Bank Limited
Raipur – 492 001, Chhattisgarh, India
Bank of Baroda
Bank of India Patratu
Bank of Maharashtra Balkudra, Patratu, District Ramgarh,
Canara Bank
Jharkhand – 829 143, India
Central Bank of India
Corporation Bank Angul
DBS Bank Limited Plot No. 751, Near Panchpukhi Chhaka,
Deutche Bank
Simplipada, Angul – 759 122, Odisha, India
Export Import Bank of India
HDFC Bank Limited Barbil
ICICI Bank Limited Plot No. 507/365, Barbil-Joda Highway,
IDBI Bank Limited Barbil – 758 035, Odisha, India
IDFC First Bank
Indian Bank Punjipatra
Punjab & Sindh Bank 201 to 204 Industrial Park SSD, Punjipatra,
Punjab National Bank Raigarh – 496001, Chattisgarh, India
Standard Chartered Bank
State Bank of India DCPP
UCO Bank Dhorabatta, Dongamahua, Raigarh-496001,
Union Bank of India Chhattisgarh, India
Yes Bank Limited
Tensa
Registered Office TRB Iron Ore Mines, P. O. Tensa,
O.P. Jindal Marg Dist. Sundergarh – 700 042, Odisha, India
Hisar, Haryana-125005, India
260
Made in
INDIA Metre Long Rails
RUBM
Made by
JSPL Raigarh (Chhattisgarh)
260 meter long

JSPL Rails are
designed for
facilitating rapid JSPL is now regular supplier of
deployment of
durable metal
Indian Railways, supplying rails
tracks for high up to the length of 260 meters that
speed trains facilitates fast erection of tracks.
We continue to stay committed to
developing nation’s infrastructure
needs.
Design by www.dickensonworld.com
JINDAL STEEL AND

POWER LIMITED
CIN: L27105HR1979PLC009913
www.jindalsteelpower.com
CORPORATE OFFICE
Jindal Centre, 12, Bhikaji Cama Place,
New Delhi - 110 066, India
REGISTERED OFFICE
O.P. Jindal Marg, Hisar - 125 005, Haryana, India
Tel: +91 1662 222471-84
Fax: +91 1662 220476
Email: jsplinfo@jindalsteel.com
Jindal Steel & Power Ltd. jsplcorporate jsplcorporate jsplcorporate

Registered Office: O. P. Jindal Marg, Hisar –125005 (Haryana)
Corporate Secretariat Office: Jindal Centre, Tower-B, 4th Floor, Plot No.2,
Sector-32, Gurgaon-122001 (Haryana)
CIN: L27105HR1979PLC009913 | Website: www.jindalsteelpower.com
Email: jsplinfo@jindalsteel.com | Tel.: +91 124 6612000
NOTICE
NOTICE is hereby given that the 40th ANNUAL GENERAL MEETING of the Members of JINDAL STEEL & POWER LIMITED will be held on
Friday, September 27, 2019 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(es):
ORDINARY BUSINESS(ES):
ITEM NO. 1: To consider and adopt (a) Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2019
and reports of Board of Directors and Auditors’ thereon; (b) Audited Consolidated Financial Statements of the Company for the Financial Year
ended March 31, 2019 and the reports of Auditors’ thereon and in this regard, pass the following resolutions as Ordinary Resolutions:
(a) “RESOLVED THAT the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2019 and the reports
of Board of Directors and Auditors’ thereon laid before this meeting, be and are hereby considered and adopted.”
(b) “RESOLVED THAT the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2019 and the
report of Auditors’ thereon, be and are hereby considered and adopted.”
ITEM NO. 2 :To appoint Mrs. Shallu Jindal (DIN: 01104507), who retires by rotation at this Annual General Meeting and being eligible, offers herself
for re-appointment as a Director and in this regard, pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 152 and other applicable provisions, if any, of the Companies Act, 2013, Mrs. Shallu
Jindal (DIN: 01104507), who retires by rotation at this meeting and being eligible has offered herself for reappointment, be and is hereby re-
appointed as a Director of the Company, liable to retire by rotation.”
SPECIAL BUSINESS(ES):
ITEM NO. 3 : To ratify the remuneration of Cost Auditors for the Financial Year ending March 31, 2020 and in this regard, pass the following
resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to Section 148 and all other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit
and Auditors) Rules, 2014, including any amendment(s), modification(s) or variation(s) thereof, the Company hereby ratifies the remuneration
amounting to ` 8,50,000/- (Rupees Eight Lakh and Fifty Thousand Only) plus applicable taxes and out of pocket expenses incurred, payable to M/s
Ramanath Iyer & Co., Cost Accountants (Firm Registration Number: 000019), Cost Auditors, appointed by the Board of Directors, to conduct the audit
of the cost records of the Company for the Financial Year 2019-20;
RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds and things, as it may, in its absolute discretion,
deem necessary to give effect to this resolution”.
ITEM NO. 4 : To approve the issuance of further securities and in this regard pass the following resolution as a Special Resolution:
“RESOLVED BY WAY OF SPECIAL RESOLUTION THAT pursuant to Sections 23, 41, 42, 62, 71 and other applicable provisions, if any, of the
Companies Act, 2013 and the Rules made there under (including any statutory modification(s) or re-enactment(s) thereof, for the time being in
force) (”the Act”), and any other applicable laws as amended as on date including the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Securities Contracts (Regulation) Act, 1956 (“SCRA”), the Securities Contracts (Regulation) Rules,
1957 (“SCRR”), the Foreign Exchange Management Act, 1999 (“FEMA”), the Foreign Exchange Management (Transfer or Issue of Security by a
Person Resident Outside India) Regulations, 2017, the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository
Receipt Mechanism) Scheme, 1993, the Depository Receipts Scheme, 2014, Securities and Exchange Board of India (Issue and Listing of Debt
Securities) Regulations, 2008, the provisions of the Uniform Listing Agreement entered into by the Company with the Stock Exchanges on which
its equity shares are listed and in accordance with any other applicable regulations/ guidelines issued by the Government of India (“GOI”), the
Securities and Exchange Board of India (“SEBI”), Reserve Bank of India (“RBI”) and/or any other competent authorities and clarifications thereof,
1
issued from time to time, the provisions of the Memorandum of Association (“MOA”) and Articles of Association (“AOA”) of the Company, and
subject to receipt of approval, if any, of the SEBI, RBI, Registrar of Companies (“RoC”) and other appropriate statutory or regulatory authorities, and
such other approval(s), no objection(s), permission(s) and sanction(s), as may be necessary and subject to such conditions and modifications
as may be stipulated or imposed by any of them while granting such approval(s), no objection(s), permission(s) and sanction(s) which may be
agreed to by the Board of Directors of the Company or any Committee of the Board duly constituted/ to be constituted to exercise its powers
including the powers conferred by this resolution (hereinafter referred to as the “Board”), approval of the Members of the Company be and is
hereby accorded to create, issue, offer and allot (including the provisions for reservation on firm and/or competitive basis, of such part of Issue
and for such categories of persons including employees of the Company, as may be permitted), in one or more tranches and in one or more
foreign markets the Global Depository Receipts (“GDRs”) and /or American Depository Receipts (“ADRs”) and /or other Depository Receipts and
/or FCCBs and /or Euro Convertible Bonds (“ECBs”), and/ or equity shares and / or preference shares whether cumulative or non-cumulative /
redeemable / optionally convertible and / or securities linked to equity shares/ preference shares and / or fully convertible debentures/partly
convertible debentures / optionally convertible debentures or any other securities which are convertible into or exchangeable with equity
shares / preference shares, at a later date, including warrants, with a right exercisable by the warrant holder to exchange the said warrants
with equity shares at a later date (hereinafter referred to as “Securities”) in the course of one or more offering(s), including through a Further
Public Offering (“FPO”) and / or by way of Rights Issue and/or Qualified Institutional Placement in accordance with Chapter VI of the SEBI
ICDR Regulations(“QIP”) and / or such other form(s), modes and means, pursuant to the SEBI Regulations, to such Indian person(s) whether
or not such persons are Members of the Company, including Qualified Institutional Buyers (“QIBs”) and eligible investors (whether residents
and /or institutions/ incorporated bodies and / or individuals and / or trustees and / or banks or otherwise) including to Government of India,
State Industrial Development Corporations, Insurance Companies, Provident Funds, Pension Funds, Development Financial Institutions, Bodies
Corporate, Companies, Private or Public or other Entities, authorities and employees by way of any employee reservation, and to eligible retail
individual Shareholders of the Company by way of a reservation, and to such other categories of eligible investors for whom a reservation
category is permissible pursuant to the SEBI ICDR Regulations, and to such other person, in one or more combinations thereof, through a
public issue including the exercise of a green shoe option, if any, at such price as may be determined whether through book building process
with a specified price band or through alternate book building method with a specified base / floor price or otherwise in accordance with
the SEBI ICDR Regulations in consultation with advisors or such persons and on such terms and conditions as the Board may in its absolute
discretion decide, whether by way of public offering or private placement or conversion of any debt or sub-debt into any securities, or a
combination thereof and whether by way of circulation of an offering circular or placement document or otherwise, for an amount (including
upon conversion of warrants or other convertible securities into equity shares) not exceeding ` 5,000 Crore (Rupees Five Thousand Crore only)
at such price, either with or without premium or with or without discount, as may be determined by the Board, at the option of the Company, as
the case may be, and such issue and allotment be made in one or more tranches, on such terms and conditions as may be decided by the Board
at the time of issue or allotment considering the prevailing market conditions and other relevant factors and wherever necessary in consultation
with lead manager(s) and/ or underwriter(s) and/or other advisor(s) for such Issue;
RESOLVED FURTHER THAT the securities to be so allotted shall be subject to the MOA and AOA of the Company and shall rank paripassu in all
respects with the existing securities of the same class of the Company including rights in respect of dividend;
RESOLVED FURTHER THAT the securities may be offered, issued and allotted under Chapter VI of SEBI ICDR Regulations to QIBs at such price
to be determined by the Board at its absolute discretion, subject to compliance with the SEBI ICDR Regulations and / or other applicable law,
and may also offer a discount percentage as permitted under applicable law, as amended, on the floor price calculated in accordance with the
pricing formula based on the relevant date as prescribed under the SEBI ICDR Regulations;
RESOLVED FURTHER THAT in the event of issue of GDRs / ADRs, the pricing shall be determined in compliance with principles and provisions
set out in the Issue of Foreign Currency Convertible Bonds (Through Depository Receipt Mechanism) Scheme, 1993, as amended from time to
time, the Depository Receipts Scheme, 2014, as amended and other applicable provisions, as amended from time to time;
RESOLVED FURTHER THAT in case of a QIP pursuant to Chapter VI of the SEBI ICDR Regulations, the allotment of Securities (or any combination
of the securities as may be decided by the Board) shall only be to QIBs within the meaning of Chapter VI of the SEBI ICDR Regulations, such
securities shall be fully paid-up and the allotment of such securities shall be completed within 356 days from the date of passing of this
resolution or such other time as may be allowed under the SEBI ICDR Regulations from time to time at such price being not less than the
price determined in accordance with the pricing formula provided under Chapter VI of the SEBI ICDR Regulations and the securities shall not
be eligible to be sold for a period of twelve months from the date of allotment, except on a recognized stock exchange, or except as may be
permitted from time to time under the SEBI ICDR Regulations;
2 Jindal Steel & Power Limited

RESOLVED FURTHER THAT in the event that Equity Shares are issued to QIBs under Chapter VI of the SEBI ICDR Regulations, the relevant
date for the purpose of pricing of the Equity Shares shall be the date of the meeting in which the Board decides to open the proposed issue
of Equity Shares under Chapter VI of the SEBI ICDR Regulations or such other time as may be decided by the Board and as permitted by the
SEBI Regulations, subject to any relevant provisions of applicable laws, rules and regulations as amended from time to time, in relation to the
proposed Issue of the Securities;
RESOLVED FURTHER THAT the Board be and is hereby authorized on behalf of the Company to make available for allocation a portion of the
FPO to anchor investors as may be permissible in accordance with the SEBI ICDR Regulations and applicable laws and to take any and all actions
in connection with such reservations, allocation as the Board may think fit or proper in its absolute discretion, including, without limitation,
to negotiate, finalize and execute any document or agreement and any amendments, supplements, notices or corrigenda thereto, seek any
consent or approval required or necessary, give directions or instructions and do all such acts, deeds, matters and things as the Board may, from
time to time, in its absolute discretion, think necessary, appropriate, or desirable and settle any question, difficulty, or doubt that may arise with
regard to or in relation to the foregoing;
RESOLVED FURTHER THAT the Company may enter into any arrangement with any agency or body authorized by the Company for the issue
of depository receipts representing the underlying equity shares issued by the Company in registered or bearer form with such features and
attributes as are prevalent in international capital markets for instruments of this nature and to provide for the trade ability or free transferability
thereof as per international practices and regulations (including listing on one or more stock exchange(s) inside or outside India) and under the
forms and practices prevalent in the international markets;
RESOLVED FURTHER THAT without prejudice to the generality of the above, the aforesaid Issue of Securities may have all or any of the terms
or combinations of the terms in accordance with the prevalent market practice including but not limited to terms and conditions relating to
payment of interest, dividend, premium or the redemption at the option of the Company and/or holders of any Securities including terms or
issue of additional equity shares or variations of the price or period of conversion of securities into equity shares or issue of equity shares during
the period of the securities or terms pertaining to voting rights or option(s) for early redemption of securities;
RESOLVED FURTHER THAT the Company and/or any agencies or the Board of the Company may issue depository receipts representing the
underlying Equity Shares in the capital of the Company or such other securities in bearer, negotiable or registered form with such features or
attributes as may be required and to provide for the trade ability thereof as per market practices and regulation (including listing on one or more
stock exchange(s) in or outside India);
RESOLVED FURTHER THAT for the purpose of giving effect to any offer, issue, transfer or allotment of Securities, the Board be and is hereby
severally authorized to take all the necessary steps, including preparation of the offer document for the issue and to authorize any director
or directors of the Company or any other officer or officers of the Company to sign the above documents for and on behalf of the Company
together with the authority to amend, vary or modify the same as such authorized persons may consider necessary, desirable or expedient and
for the purpose aforesaid to give such declarations, affidavits, certificates, consents and/or authorities as may, in the opinion of such authorized
person, be required from time to time, and filing of the offer document with SEBI, RoC, Stock Exchanges, appointment of various intermediaries
and entering into arrangements for managing, underwriting, placement, marketing, listing, trading, acting as depository, custodian, registrar,
paying and conversion agent, trustee and to sign all applications, filings, deeds, documents and writings, and to pay any fees, commissions,
remunerations, expenses relating thereto, determination of the terms of the issue, including the class of investors to whom the Securities are to
be issued and allotted, the number of Securities to be issued in each tranche, issue opening and closing dates, issue price, premium / discount
to the then prevailing market price, amount of issue, discount to issue price to a class of investors (including such as retail public, employees
and existing shareholders), flexibility of part payment at the time of application by a class of investors (such as retail public, employees and
existing shareholders) including through Application Supported by Blocked Amount (“ASBA”) and payment of balance amount on allotment of
Securities, exercise of a greenshoe option, if any, listing on one or more stock exchanges in India as the Board deems fit and to do all such acts,
deeds, matters and things and execute such deeds, documents and agreements, as it may, in its absolute discretion, deem necessary, proper or
desirable, and to settle or give instructions or directions for settling any questions, difficulties or doubts that may arise in regard to FPO, and the
transfer, allotment and utilization of the issue proceeds, and to accept and to give effect to such modifications , changes, variations, alterations,
deletions, additions as regards the terms and conditions, as it may in its absolute discretion, deem fit and proper in the best interests of the
Company, without requiring any further approval of the Members;
RESOLVED FURTHER THAT all or any of the powers conferred on the Company and the Board vide this resolution may be exercised by the
Board or by any Committee(s) of the Board thereof constituted/ to be constituted or by any one or more Directors of the Company with power
to delegate to any Officer(s) of the Company, as the Board may in its absolute discretion decide in this behalf.”
3
ITEM NO. 5: To approve the appointment of Mr. V.R. Sharma (DIN: 01724568) as Director and in this regard pass the following resolution as an
Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of sections 152, 160 and other applicable provisions of the Companies Act, 2013 and rules made
thereunder, Mr.V.R. Sharma (DIN: 01724568), who was appointed as an Additional Director in the category of Executive Director by the Board of
Directors of the Company w.e.f August 14, 2019, who holds office upto the date of ensuing Annual General Meeting of the Company be and is
hereby appointed as a Director of the Company, liable to retire by rotation;
RESOLVED FURTHER THAT any Director, Chief Financial Officer and Company Secretary, be and are hereby severally authorized to do all such
acts, deeds, and things, as it may, in its absolute discretion deem necessary to give effect to this resolution.”
ITEM NO. 6: To approve appointment of Mr. V.R. Sharma (DIN: 01724568) as Managing Director and in this regard pass the following resolution
as Special Resolution:
“RESOLVED BY WAY OF SPECIAL RESOLUTION THAT pursuant to the provisions of Sections 196, 197, 198 and 203 read with Schedule V and all
other applicable provisions of the Companies Act, 2013 (“the Act”), the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory
modification(s) or re-enactment thereof for the time being in force), Articles of Association of the Company and subject to such approvals, as
may be required and based on the recommendation of Nomination and Remuneration Committee and Board of Directors, approval of the
members be and is hereby accorded for the appointment of Mr. V.R. Sharma (DIN: 01724568) as Managing Director, for a period of 3 (three) years
from August 14, 2019, on the terms and conditions including remuneration as enumerated herein below:
a) Period of appointment: August 14, 2019 to August 13, 2022
b) Basic Salary: ` 1,33,36,000 /- (Rupees One Crore Thirty Three Lacs Thirty Six Thousand only) per annum.
c) Flexible Compensation Plan as per Company’s Policy: ` 1,84,03,680/- (Rupees One Crore Eighty Four Lakh Three Thousand Six Hundred and
Eighty only) per annum.
d) Variable Pay per annum in the form of profit sharing @ 0.1% of PBT (profit before tax) as per the consolidated financial statement of the
Company for the respective financial year subject to maximum of ` 2,00,00,000/- (Rupees Two Crores only) per annum.
e) Cost of Vehicale usage for business purpose (i.e. Car, Maintenance, Fuel, Driver and insurance etc.): ` 1,60,000 (Rupees One Lac Sixty
Thousand only) per month.
f ) He shall also be entitled to the following perquisites:

i) Employer’s Contribution to Provident Fund.
ii) Gratuity in accordance with Company’s Policy.
iii) Mediclaim Insurance coverage for self and family as per Company’s policy.
iv) Group Personal Accident Insurance as per Company’s Policy.
v) Leave encashment in accordance with Company’s Policy.
vi) Mobile phone, telephone facility, I- pad, laptop etc. as per Company’s Policy.
vii) Furniture/ fixtures/ home furnishing loan or any other loan as per Company’s Policy.
viii) Any other allowances/perquisites as per the policy of the Company. The perquisites and allowances, shall include accommodation
(furnished or otherwise) or house rent allowance in lieu thereof; house maintenance allowance together with reimbursement of
expenses and / or allowances for utilisation of gas, electricity, water, furnishing and repairs, medical assistance and leave travel
concession for self and family including dependents. The said perquisites and allowances shall be evaluated, wherever applicable, as
per the provisions of Income Tax Act, 1961 or any rules thereunder or any statutory modification(s) or re-enactment(s) thereof; in the
absence of any such rules, perquisites and allowances shall be evaluated at actual cost.

ix) Options/ shares under the Company’s ESOP/ESPS schemes/plans or any other schemes/ plans as per the policy of the Company in
accordance with extant regulations/rules.
x) such other benefits, perquisites, allowances, reimbursements and facilities as may be determined by the Board from time to time.
xi) Reimbursement of expenses on actual basis which are incurred for business of the Company.
RESOLVED FURTHER THAT in case the Company has no profits or its profits are inadequate in any financial year, the Company will pay remuneration
by way of salary, benefits, perquisites, allowances, reimbursements and facilities as specified above as minimum remuneration to Mr. V.R. Sharma.
RESOLVED FURTHER THAT the Board of Directors (hereinafter referred to as “Board” which term shall include the Nomination and Remuneration
Committee of the Board) be and is hereby authorized to revise the remuneration upto 20% of his gross salary per annum for such quantum,
periodicity and interval subject to overall limits as prescribed, from time to time, under the Act;
RESOLVED FURTHER THAT any Director, Chief Financial Officer and Company Secretary, be and are hereby severally authorized to do all such
acts, deeds, and things, as it may, in its absolute discretion deem necessary to give effect to this resolution.”
By Order of the Board of Directors
Naveen Jindal
Chairman
DIN: 00001523
Place: New Delhi

Dated: August 14, 2019
Registered Office:
O.P. Jindal Marg
Hisar – 125 005
Haryana
CIN: L27105HR1979PLC009913
5
IMPORTANT NOTES:
1. The Register of Members and Share Transfer Books of the Company shall remain closed from Monday, September 23, 2019 to Friday,
September 27, 2019 (both days inclusive).
2. Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 (“the Act”), which set outs details relating to Special Business(es)
at the meeting, is annexed hereto.
3. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING IS ENTITLED TO APPOINT ONE OR MORE PROXIES
TO ATTEND AND VOTE ON A POLL INSTEAD OF HIMSELF / HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
Pursuant to Section 105 of the Act read with the Companies (Management and Administration) Rules, 2014 a person shall not act as proxy
for more than fifty (50) members and holding in the aggregate not more than 10% of the total share capital of the Company carrying
voting rights. A member holding more than 10% of the total share capital of Company carrying voting rights may appoint a single person
as proxy and such person shall not act as proxy for any other person or shareholder.
4. A blank proxy form is being sent herewith. Members / Proxy holder must bring the attendance slip duly signed, to the meeting and
handover it at the entrance of the meeting hall.
5. The instrument appointing proxy, duly stamped completed and signed, should be deposited at the Registered Office of the Company
not less than 48 hours before the commencement of the meeting. Proxies submitted on behalf of companies must be supported by
appropriate resolution issued on behalf of the nominating companies.
6. Members who hold shares in dematerialized form are requested to write their Client ID and DP ID and those who hold shares in physical
form are requested to write their folio number in the attendance slip for attending the Meeting.
7. The Members are informed that in case of joint holders attending the Meeting, only such joint holder who is higher in the order of names
will be entitled to vote.
8. Corporate Members intending to send their authorized representatives to attend the meeting are requested to send to the Company duly
certified copy of the relevant Board resolution authorizing such representative(s) to attend and vote on their behalf at the meeting.
9. Details of Directors seeking re-appointment in Annual General Meeting pursuant to Secretarial Standard on General Meetings (SS-2) and
Regulations 26(4) & 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, are given elsewhere in the Notice.
10. All documents referred to in the accompanying Notice and the Explanatory Statement, are open to inspection by the members at the
Registered Office on all working days up to the date of Annual General Meeting i.e. September 27, 2019 between 11:00 AM and 1:00 PM.
11. Pursuant to Section 101 and Section 136 of the Act read with relevant Rules made thereunder, companies can serve Annual Reports and
other communications through electronic mode to those Members who have registered their e-mail address either with the Company
or with the Depository Participants. Members who have not registered their e-mail address with Company can now register the same
by sending a communication to the Company or to the RTA, Alankit Assignments Limited. Members holding Shares in demat form are
requested to register their e-mail address with their Depository Participants only. Members of the Company who have registered their
e-mail address are also entitled to receive such communication in physical form, upon request.
12. The Notice of AGM, Annual Report and Attendance Slip are being sent in electronic mode to members whose e-mail address are registered
with the Company or the Depository Participants, unless the members have registered their request for the hard copy of the same. Physical
copy of the Notice of AGM, Annual Report and Attendance Slip are being sent to those members who have not registered their e-mail
address with the Company or the Depository Participants.
13. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act, the Register of
Contracts or arrangements in which Directors are interested under Section 189 of the Act will be available for inspection at the AGM.
14. Members desiring any information/clarification on the accounts are requested to write to the Company at least seven days in advance so
as to enable the management to keep information ready at the Annual General Meeting.
15. Members are requested to note that Alankit Assignments Limited, 1E/13, Jhandewalan Extension, New Delhi – 110 055, is the Registrar and
Transfer Agent (RTA) to look after the work related to shares held in physical and dematerialised form.

16. Members are requested to immediately notify to the RTA any change in their address and/or bank mandate in respect of shares held in
physical form and to their Depository Participants (DPs) in respect of shares held in the dematerialised form. The Securities and Exchange
Board of India (SEBI) has mandated the submission of Permanent Account Number (PAN) by every participant in securities market.
Members holding shares in electronic form are, therefore, requested to submit their PAN to their Depository Participants with whom they
are maintaining their demat accounts. Members holding shares in physical form can submit their PAN to the Company/ RTA.
17. Members holding shares in single name and physical form are advised to make nomination in respect of their shareholding in the
Company. The nomination form can be downloaded from the Company’s website www.jindalsteelpower.com under the section investors.
18. Non-Resident Indian members are requested to inform Registrar and Transfer Agent, immediately of:
a. Change in their residential status on return to India for permanent settlement.
b. Particulars of their bank account maintained in India with complete name, branch, account type, account number and address of the
Bank with pin code number.
19. The Cost Auditors of the Company, M/s Ramanath Iyer & Co., Cost Accountants (FRN 000019), 808, Pearls Business Park, Netaji Subhash
Place, Pitampura, New Delhi-110034 have filed the Cost Audit Report for Financial Year 2017-18 in XBRL form on August 22, 2018. The
Board of Directors has appointed M/s Ramanath Iyer & Co., Cost Accountants (FRN 000019), as the Cost Auditors of the Company for
auditing the cost accounting records of the Company for the Financial Year 2019-20.
20. Members holding shares in physical form are advised to convert their shareholding in dematerialized form with any depository participant.
21. Please bring a copy of Annual Report and duly filled in attendance slip for attending the Annual General Meeting.
22. A route map to the venue of the AGM alongwith prominent landmark for easy location is enclosed.
23. Transfer of Unpaid/Unclaimed Amounts to Investor Education and Protection Fund
Pursuant to Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (“IEPF Rules”), dividends, if not claimed for a consecutive period of 7 years from the date of transfer to unpaid
dividend account of the Company, are liable to be transferred to the Investor Education and Protection Fund (“IEPF”). Further, shares
in respect of such dividends which have not been claimed for a period of 7 consecutive years are also liable to be transferred to the
demat account of the IEPF Authority. The said requirement does not apply to shares in respect of which there is a specific order of Court,
Tribunal or Statutory Authority, restraining any transfer of the shares. In the interest of the shareholders, the Company sends necessary
communication to the shareholders to claim their dividends in order to avoid transfer of dividends/ shares to IEPF Authority. Those who
have not received/ encashed their dividend warrants may please write to the Company
7
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
ITEM NO. 3: TO RATIFY REMUNERATION OF THE COST AUDITORS FOR THE FINANCIAL YEAR ENDING MARCH 31, 2020
Pursuant to Section 148(3) of the companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration
payable to Cost Auditors should be ratified by the shareholders of the Company. The Board of Directors had, in its meeting held on May 21, 2019,
and on the basis of recommendations of the Audit Committee, approved the appointment of M/s Ramanath Iyer & Co., Cost Accountants (FRN
000019), as the Cost Auditors to conduct audit of cost records of the Company for the financial year 2019-20 at a remuneration of ` 8,50,000/-
(Rupees Eight Lakh Fifty Thousand Only) plus applicable taxes and out of pocket expenses, subject to ratification by shareholders.
None of the Directors/Key Managerial Personnel of the Company or their relatives are, in any way, concerned or interested, financially or
otherwise in this resolution.
The Board recommends the Ordinary Resolution set out at Item No. 3 for ratification by the members.
ITEM NO. 4: TO APPROVE ISSUANCE OF FURTHER SECURITIES

The Company needs funds for meeting the business requirements and general corporate purposes with adequate mix of debt and equity. It
is therefore, proposed to have enabling approvals to raise funds through issue of adequate securities in Indian and/or International markets
by way of Further Public Offering (“FPO”) and/ or Qualified Institutional Placement (“QIP”), to Qualified Institutional Buyers (“QIBs”) and/or other
persons for an amount not exceeding ` 5,000 Crore (Rupees Five Thousand Crore only) on such terms and conditions and price as may be
determined by the Board.
Section 62 of the Companies Act, 2013 provides, inter-alia, that where it is proposed to increase the subscribed share capital of the Company
by the issue of further Securities, such further Securities shall be offered to the persons who at the date of the offer are holders of equity shares
of the Company, in proportion to the capital paid up on those shares as of that date unless Shareholders decide otherwise by way of passing
Special Resolution at the General Meeting of the Shareholders. The Special Resolution will be an enabling resolution authorizing the Board to
decide as and when it thinks it is appropriate to proceed with the offering. The funds raised from the issue will augment the Company’s capital
base and financial position, and the funds are proposed to be utilized including but not limited to the growth of the business, repayment of
borrowings and other general corporate purposes from time to time.
Accordingly, consent of the members is sought for passing the Special Resolution as set out at Item No. 4 of the Notice. This resolution is an
enabling resolution and authorises the Board of Directors of the Company to further issue Securities, as may be required by the Company, from
time to time.
None of the Directors / Key Managerial Personnel of the Company/ their relatives is, in any way, concerned or interested, financially or otherwise,
in the resolution set out at Item No. 4 of the Notice.
The Board recommends the Special Resolution set out at Item No.4 of the Notice for approval by the members.
ITEM NO. 5&6: TO APPROVE THE APPOINTMENT OF MR. V.R. SHARMA (DIN: 01724568) AS DIRECTOR AND MANAGING DIRECTOR OF
THE COMPANY
The Board of Directors, based on the recommendation of Nomination and Remuneration Committee, approved the appointment of Mr. V.R.
Sharma as an Additional Director and Managing Director for a period of 3 years w.e.f. August 14, 2019 on the terms and conditions as set out in
the resolution set out in the item no. 6 above.
Pursuant to the provisions of Section 160 of the Companies Act, 2013 (“the Act”), Mr. V.R. Sharma, as an Additional Director, will hold office upto
ensuing Annual General Meeting of the Company. Therefore, the Board recommends the appointment of Mr. V.R. Sharma as Director of the
Company for the approval of the members.
As per the provisions of Section 196, 197 read with Schedule V of the Act and rules framed thereunder, from time to time, in the event of no profit
or profits are inadequate, the Company may pay remuneration as per the terms & conditions of the Section II of Part II of Schedule V to the Act.

Mr. V.R. Sharma is not disqualified from being appointed as a Director of the Company in terms of Section 164 of the Act and has given his
consent to act as Director.
Further, currently, the Company has not defaulted in payment of dues to any of its banks, public financial institutions, non convertible debenture
holders or any other secured creditors, therefore, their prior approval is not required.
The other information as required under (a) Section II of Part II of the Schedule V to the Act (b) Secretarial Standard on General Meetings (SS-2)
in relation to the appointment or re-appointment of directors and (c) Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015; is given hereinbelow:
I. GENERAL INFORMATION:
(1) Nature of Industry: Steel and Power
(2) Date or expected date of commencement of commercial operation: N.A. (The Company is an existing Company and was
incorporated on September 28, 1979.)
(3) In case of new companies, expected date of commencement of activities as per the project approved by financial institutions
appearing in the prospectus: N.A.
(4) Financial performance based on given indicators:
(` in Crore except EPS)
Particular 2018-19 2017-18 2016-17
(Audited- Standalone) (Audited- Standalone) (Audited- Standalone)
Total Income 27,730.42 17,523.04 15,502.49
Profit / (Loss) before tax (569.78) (671.98) (1,456.98)
Net Profit / (Loss) after tax (262.90) (361.61) (986.45)
Earnings Per Share (EPS) (2.72) (3.95) (10.78)
(5) Foreign investments or collaborations, if any:

The Company has invested in below-mentioned foreign direct subsidiaries:
1. Jindal Steel & Power (Mauritius) Limited
2. Jindal Steel Bolivia SA
3. Skyhigh Overseas Limited
These foreign subsidiaries have various subsidiaries and step down subsidiaries in various foreign countries
9
II. INFORMATION ABOUT APPOINTEE:
Name and DIN Mr. V.R. Sharma (DIN: 01724568)
Brief Resume Mr. V.R. Sharma is having more than 36 years of Core sector industry experience like in Steel, Power,
Cement & Mining both in India and abroad. He has the specialization in execution and operations of
green field and brown field projects.
During this period, Prior to joining JSPL now in 2019, he worked in Companies like Abul Khair Group
as Group Chief Executive Officer for their Steel, Power, Cement & Mining business. Jindal Steel & Power
Limited as Deputy Managing Director and CEO (Steel), Bhushan Power & Steel Limited as Jt. Managing
Director, Bhushan Steel Ltd. as Whole Time Director, ISPAT Industries Limited as Executive Director.
Apart from above he also worked with other steel companies like Sipta / Comet Steel of Lloyd Steel
Group, Socialist Steel Limited, Libya, Arrasate Steel Spa, Bilbao, Spain etc.
He did his B.E. in Mechanical, MBA in marketing from UK and also holds Diploma in Mechanical
Engineering from Chandigarh.
In past he represented following professional bodies as Co-Chairman of CII (Confederation of Indian
Industry), Metals & Metallurgy Steering Committee, Chairman of Sponge Iron Manufacturers Association
(SIMA), New Delhi., Vice Chairman (India Chapter), Association for Iron & Steel Technology (AIST) USA
and presently Chairman of India Lead Zinc Development Association, New Delhi, India.
Nature of Expertise in Specific He has the specialization in execution and operations of green field and brown field projects.
functional Area
Date of Birth April 27, 1959
Age 60 years
Qualification He did his B.E. in Mechanical, MBA in marketing from UK and also holds Diploma in Mechanical
Engineering from Chandigarh.
Experience 36 years
Date of first appointment August 14, 2019
Relationship with Director/ Manager N.A.
& Other Key Managerial Personnel
Recognition or Awards N.A.
Job profile and suitability He is having more than 36 years of Core sector industry experience like in Steel, Power, Cement &
Mining both in India and abroad. He has the specialization in execution and operations of green field
and brown field projects.
During this period, Prior to joining JSPL now in 2019, he worked in Companies like Abul Khair Group
as Group Chief Executive Officer for their Steel, Power, Cement & Mining business. Jindal Steel & Power
Limited as Deputy Managing Director and CEO (Steel), Bhushan Power & Steel Limited as Jt. Managing
Director, Bhushan Steel Ltd. as Whole Time Director, ISPAT Industries Limited as Executive Director.
Terms And Condition including As per Resolution
Remuneration proposed
Past Remuneration N.A.
Comparative remuneration profile The remuneration payable has been benchmarked with the remuneration being drawn by similar
with respect to industry, size of the positions in Steel & Power Industry and has been considered by the Nomination and Remuneration
Company, profile of the position Committee and Board of Directors of the Company
and person (in case of expatriates
the relevant details would be with
respect to the country of his origin)
Shareholding in the Company 8,851
Pecuniary relationship directly or Mr. V.R. Sharma has no pecuniary relationship, directly or indirectly, with the Company except to the
indirectly with the Company, or extent of his remuneration and shareholding in the Company.
relationship with the managerial
personnel, if any

Number of meeting of Board N.A.
attended during the financial year
ended on March 31, 2019, :
Membership in Committee(s) of Nil
Board:
Directorship of the other Board : 1, VMC Steel Private Limited
Membership/ Chairmanship in the Nil
Committee of the Other Board:
III. OTHER INFORMATION:

Reason of loss or inadequate profits: In view of the cancellation of the coal blocks, increased cost of raw material, as well as non-
availability of fuel, increased borrowing cost, volatile market conditions, cheap imports at predatory prices, high interest burden due
to additional debt taken, non-utilisation of plant capacities, and depreciation impact of large asset base put pressure on steel prices
domestically. This affected the profitability and the Company reported net loss.
Steps taken or proposed to be taken for improvement & expected increase in productivity and profits in measurable terms: Your
Company has taken necessary steps to ensure optimum capacity utilization to achieve higher growth on turnover and higher EBITDA. In
addition to this, your Company is also ensuring reduction in raw material cost by participating in Coal and Iron Ore Mine auctions. This
will ensure availability of raw material at a cheaper price and increase competitiveness in procurement process thereby reducing the
procurement cost substantially. The Company is also taking various steps to reduce cost of production by cutting on other expenses, coal
costs and modernization, reducing the working capital by 15- 20% thereby reducing the interest cost and looking at sale of non-core
assets to bring down the debt levels and listing of some of the existing entities to raise capital.
IV DISCLOSURES
The disclosures as required on all elements of remuneration package such as salary, benefits, bonuses, pensions, details of fixed components
and performance linked incentives along with performance criteria, service contract details, notice period, severance fees, etc. have been
made in the Boards Report under the heading “Corporate Governance Report” forming part of the Annual Report for 2018-19.
None of the other Directors/ Key Managerial Personnel of the Company/ their relatives, except Mr. V.R. Sharma, Managing Director/ his
relative who are interested in the resolutions set out in item No. 5 and item no. 6 of this notice, are, in any way, concerned or interested,
financially or otherwise, in these resolutions.
The Board recommends the Ordinary Resolution set out in item no. 5 and Special Resolution set out in Item No. 6 of the notice for approval
by the members.
Naveen Jindal
Chairman
DIN: 00001523
Place: New Delhi

Dated: August 14, 2019
Registered Office:
O.P. Jindal Marg
Hisar – 125 005
Haryana
CIN: L27105HR1979PLC009913
11
Details of the Directors seeking re-appointment at the 40th Annual General Meeting
{In pursuance of Regulation 26(4) & Regulation 36(3) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standard on General Meetings (SS-2)}
Name of Director Mrs. Shallu Jindal (DIN: 01104507)

i) Date of Birth/Age October 20, 1970, 48 years
ii) Qualifications Bachelor’s Degree in Economics
iii) Experience Ms. Shallu Jindal is a Non–Executive Director of the Company. She is a renowned Kuchipudi dancer
and has performed with much acclaim and alacrity, both nationally and internationally at various
venues across India and abroad. She was honoured with the 2nd Aaadhi Aabadi Women Achievers
Award, 2010 and the ‘Indira Gandhi Priyadarshini Award 2007’ for her outstanding achievements
in the field of Indian classical dance (Kuchipudi) and contribution in the field of art and culture,
education and community development.
She was awarded the 2012 Rex Karmaveer Puraskaar – ‘artist for change’ for her outstanding services
and achievements in the field of Indian Classical Dance (Kuchipudi). The award also marks her
contributions towards social activities through the field of art and culture, education and community
development. She has also been awarded with the International Women’s Day award under the
category of ‘Dance’ (IWD award) by ICUNR (Indian Council for UN Relations). She has been honoured
with ‘Rajiv Gandhi Excellence Award’, ‘Devdasi National Award’ & ‘Art Karat Award for Excellence’ for
Best Classical Danseuse and remarkable contribution in field of Indian Classical Dance.
She co-chairs JSPL Foundation with her husband Mr. Naveen Jindal and spearheading the CSR
initiatives of the conglomerate. She focuses on facilitating holistic community developments
through various CSR interventions in the operative geographies of JSPL and its subsidiaries. Working
towards educating for better minds and helping the underprivileged get access to the best in
education is the motto of her life. Women empowerment and working for the deprived sections of
the society are issues close to her heart. She is Vice-President of the Flag Foundation of India and has
initiated various creative ventures.
She has compiled books like ‘Tiranga- My Life’, ‘My Words and Freedom’. She is also an applauded
author and has authored her first book for children titled ‘India: An Alphabet Ride’.
She is the ex-Chairperson of the National Bal Bhavan and Founder President of Young FICCI Ladies
Organisation. She has opened-Jindal Art Institute, with the aim of spreading far and wide the rich
artistic heritage of India and world with the masses.
She is also Director on the Board of Miracle Foundation India and Jindal Steel & Power (Mauritius)
Limited.
iv) Terms and Conditions of Re-appointment N.A.
v) Details of Remuneration sought to be paid N.A.
vi) Last Remuneration drawn N.A.
vii) Date of first appointment on the Board April 27, 2012
viii)No. of shares held 0
ix) Relationship with other Directors, Manager and Mr. Naveen Jindal, Chairman & Whole-time Director is spouse of Mrs. Shallu Jindal.
other Key Managerial Personnel of the company
x) No. of Board Meetings attended/held during 2/5
Financial Year 2018-19
xi) Directorships held in other companies 1. Miracle Foundation India
2. Jindal Steel & Power (Mauritius) Limited
xii) Chairman/Member of the Committee of the Nil
Board of Directors of the Company as on March
31, 2019
Committee position held in other companies
a. Audit Committee Nil
b. Stakeholders’ Relationship Committee Nil
c. Other Committees Nil

ROUTE MAP
Venue of 40th Annual General Meeting
Jindal Steel & Power Limited, O.P. Jindal Marg, Hisar-125005, Haryana
Form No. MGT-11
PROXY FORM
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the
Companies (Management and Administration) Rules, 2014]

Name of the Member (s) :
Registered Address :
E-mail Id:
Folio No/ Client Id :
*DP Id :
*Applicable to Investors holding shares in demat form.
I/We, being the member (s) of.......................................................................................................................................shares of the above named company, hereby appoint
1. Name:...........................................................................................................Address:............................................................................................................................................................................
E-mail Id:.....................................................................................................Signature:.........................................................................................................................................,or failing him
2. Name:...........................................................................................................Address:............................................................................................................................................................................
3. Name:...........................................................................................................Address:............................................................................................................................................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 40th Annual General Meeting of the Company, to be held
on Friday, September 27, 2019 at 12:00 noon at the Registered Office of the Company at O.P Jindal Marg, Hisar– 125 005, Haryana and at any
adjournment thereof in respect of such resolutions as are indicated below:
S.
RESOLUTION FOR AGAINST
NO.
Ordinary Business(es)
1. To consider and adopt (a) Audited Standalone Financial Statement of the Company for the financial
year ended March 31, 2019 and the reports of the Board of Directors and Auditors’ thereon; and (b)
Audited Consolidated Financial Statement of the Company for the financial year ended March 31,
2019 and the report of Auditors’ thereon
2. To appoint Mrs. Shallu Jindal (DIN: 01104507), who retires by rotation and being eligible, offers
herself for re-appointment as a Director
Special Business(es)
3. To ratify the remuneration of Cost Auditors for the financial year ending March 31, 2020
4. To approve the issuance of further securities
5. To approve the appointment of Mr. V.R. Sharma (DIN: 01724568) as Director
6. To approve the appointment of Mr. V.R. Sharma (DIN: 01724568) as Managing Director
Signed this...................day of.............................. , 2019.
Signature of Shareholder Signature of Proxy holder(s)

Affix
Revenue
Stamp
Notes:
1. This form should be signed across the stamp as per specimen signature registered with the Company.
2. The Proxy, to be effective, should be deposited at the registered office of the Company not less than 48 hours before the commencement of the meeting.
3. A proxy need not be a member of the Company.
4. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than 10% of the total share capital of the Company carrying voting
rights. A member holding more than 10% of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as
a proxy for any other person or shareholder.
5. Please put a ‘√’ in the appropriate column against the resolutions indicated in the Box. If you leave the ‘For’ or ‘Against’ column blank against any or all the resolutions, your Proxy
will be entitled to vote in the manner as he/she thinks appropriate. This is only optional.
ADDENDUM TO THE NOTICE OF THE 4OTH ANNUAL GENERAL MEETING OF JINDAL STEEL & POWER LIMITED
Addendum to the Notice of 40th Annual General Meeting of the members of the Jindal Steel & Power Limited to be held on Friday,
September 27, 2019 at 12.00 Noon at the Registered Office of the Company at O.P. Jindal Marg, Hisar, Haryana – 125 005
Pursuant to Section 160 of the Companies Act, 2013 read with Rule 13 of the Companies (Appointment and Qualifications of Directors) Rules,
2014, Notice is hereby given that the Company has received a notice under Section 160 of the Companies Act, 2013 from a Member of the
Company, proposing candidature of Dr. Aruna Sharma (DIN:06515361) for election to the office of Director at the ensuing 40th Annual General
Meeting (“AGM”) of the Company, scheduled to be held on Friday, September 27, 2019 at 12.00 noon, at the Registered Office of the Company
at O.P. Jindal Marg, Hisar, Haryana – 125 005. As the Notice was received from a Member subsequent to printing of the Notice of the 40th
AGM, an Addendum to the Notice of 40th AGM is being circulated along with the Notice of 40th AGM to the members in terms of the aforesaid
provisions of the Companies Act, 2013. Your Directors recommend the following resolution for appointment of Dr. Aruna Sharma (DIN:06515361)
as an Independent Director for your approval in the AGM, as part of the Special Business, as set forth below:
Item no. 7. To approve the appointment of Dr. Aruna Sharma (DIN:06515361) as an Independent Director and in this regard, pass the
following Resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149, 152, 160, Schedule IV and all other applicable provisions of the Companies Act,
2013 (the “Act”) read with the Companies (Appointment and Qualifications of Directors) Rules, 2014 and applicable provisions of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “Listing Regulations”)
(including any statutory modification(s) or re-enactment thereof for the time being in force), Dr. Aruna Sharma (DIN: 06515361), who was
appointed as an Additional Director of the Company pursuant to provisions of Section 161 of the Act and the Articles of Association of the
Company and who holds office upto the date of this Annual General Meeting and in respect of whom the Company has received a notice
in writing under Section 160 of the Act from a member proposing her candidature for the office of Director and who meets the criteria of
Independence as provided in Section 149(6) of the Act and Listing Regulations, be and is hereby appointed as an Independent Director of the
Company not liable to retire by rotation and to hold office for a term of 2 (Two) consecutive years w.e.f. September 2, 2019.
RESOLVED FURTHER THAT any Director and Chief Financial Officer of the Company be and are hereby severally authorized to do all such acts,
deeds, things and matters from time to time in order to give effect to the above resolution.”
Naveen Jindal
Chairman
DIN: 00001523
Place: New Delhi

Dated: September 2, 2019
Registered Office:
O.P. Jindal Marg
Hisar – 125 005
Haryana
1
NOTES:
1. An Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013 relating to the Special Business as proposed above to
be transacted at the Annual General Meeting (“AGM”) is annexed hereto.
2. Relevant documents referred to in this Addendum to Notice of 40th AGM are open for inspection purpose at the Registered Office of the
Company during its business hours on all working days up to the date of AGM.
3. This Addendum to the Notice of 40th AGM is available along with the Notice of 40th AGM on the website of the Company www.
jindalsteelpower.com The revised Proxy Form including the resolution proposed hereinabove as item No. 7 is enclosed and also available
on the website of the Company.
4. All the processes, notes and instructions relating to e-voting set out for and applicable to the ensuing 40th AGM shall mutatis-mutandis
apply to the e-voting for the Resolution proposed in this Addendum to the Notice. Furthermore, Scrutinizer appointed for the ensuing 40th
AGM will act as a Scrutinizer for the Resolution proposed in this Addendum to the Notice.
EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013

Item No. 7: The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has appointed Dr Aruna
Sharma (DIN: 06515361), as an Additional Director in the category of Independent Director on the Board of the Company, pursuant to
Section 161 of the Companies Act, 2013 w.e.f. September 2, 2019. She will hold office upto the date of ensuing 40th Annual General
Meeting (“AGM”) of the Company. In terms of Section 160 of the Companies Act, 2013, the Company has received a Notice in writing from a
Member of the Company signifying his intention to propose the candidature of Dr. Aruna Sharma for the office of Director of the Company.
Dr. Aruna Sharma is an Ex-Indian Administrative Service officer of the 1982 batch from the Madhya Pradesh cadre. She retired as Secretary –
Steel, Government of India in 2018. Prior to that, she has held important positions in Government of India and at the State (Madhya Pradesh) as:
- Secretary to Government of India, Ministry of Electronics and Information Technology (MEITY)
- Additional Chief Secretary, Ministry of Rural Development and Panchayati Raj, Govt. of Madhya Pradesh
- Commissioner and Secretary Public Health,Govt. of Madhya Pradesh
- Managing Director of the MP Dairy Federation.
Dr. Sharma holds a Master degree in Development Studies from the University of Bath, United Kingdom and a PhD in Development
Economics from Delhi University.
The Company has received a declaration from her to the effect that she meets the criteria of independence as provided in Section 149(6) of the
Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the
opinion of the Board, she fulfills the criteria of Independence and possesses appropriate skills, experience and knowledge for being appointed
as an Independent Director. Considering her vast experience and knowledge her appointment would be in the interest of the Company.
The Board of Directors recommends the appointment of Dr. Aruna Sharma as an Independent Director of the Company for a period of 2
(Two) years commencing from September 2, 2019, not liable to retire by rotation, as set in this Addendum to the Notice of 40th AGM.
None of the other Directors/ Key Managerial Personnel of the Company/ their relatives, except Dr. Aruna Sharma, Director/ her relatives who are
interested in the resolutions set out in item No. 7 of this notice, are, in any way, concerned or interested, financially or otherwise, in this resolution.
The Board recommends the Ordinary Resolution set out in item no. 7 of the notice for approval by the members.
Naveen Jindal
Chairman
DIN: 00001523
Place: New Delhi

Dated: September 2, 2019
Registered Office:
O.P. Jindal Marg
Hisar – 125 005
Haryana

Details of the Directors seeking re-appointment at the 40th Annual General Meeting
{In pursuance of Regulation 26(4) & Regulation 36(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS-2)}
Name of Director Dr. Aruna Sharma (DIN: 06515361)

i) Date of Birth/Age August 19, 1958, 61 years
ii) Qualifications Retired IAS, Master degree in Development Studies from the University
of Bath, United Kingdom and a PhD in Development Economics from
Delhi University
iii) Experience Dr. Aruna Sharma is an Ex-Indian Administrative Service officer of the
1982 batch from the Madhya Pradesh cadre. She retired as Secretary –
Steel, Government of India in 2018. Prior to that, she has held important
positions in Government of India and at the State (Madhya Pradesh) as:
- Secretary to Government of India, Ministry of Electronics and
Information Technology (MEITY)
- Additional Chief Secretary, Ministry of Rural Development and
Panchayati Raj, Govt. of Madhya Pradesh
- Commissioner and Secretary Public Health,Govt. of Madhya Pradesh
- Managing Director of the MP Dairy Federation.
Dr. Sharma holds a Master degree in Development Studies from
the University of Bath, United Kingdom and a PhD in Development
Economics from Delhi University.
iv) Terms and Conditions of appointment / re-appointment As per the resolution
v) Details of Remuneration sought to be paid N.A.
vi) Last Remuneration drawn N.A.
vii) Date of first appointment on the Board September 2, 2019
viii) No. of shares held 0
ix) Relationship with other Directors, Manager and other Key N.A.
Managerial Personnel of the company
x) No. of Board Meetings attended/held during Financial Year 2018-19 N.A.
xi) Directorships held in other companies 1, Welspun Enterprises Limited
xii) Chairman/Member of the Committee of the Board of Directors Nil
of the Company as on March 31, 2019
Committee position held in other companies
a. Audit Committee 1
b. Stakeholders’ Relationship Committee Nil
c. Other Committees Nil
3
Form No. MGT-11
PROXY FORM
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the
Companies (Management and Administration) Rules, 2014]

Name of the Member (s) :
Registered Address :
E-mail Id:
Folio No/ Client Id :
*DP Id :
*Applicable to Investors holding shares in demat form.
I/We, being the member (s) of.......................................................................................................................................shares of the above named company, hereby appoint
1. Name:...........................................................................................................Address:............................................................................................................................................................................
2. Name:...........................................................................................................Address:............................................................................................................................................................................
3. Name:...........................................................................................................Address:............................................................................................................................................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 40th Annual General Meeting of the Company, to be held
on Friday, September 27, 2019 at 12:00 noon at the Registered Office of the Company at O.P Jindal Marg, Hisar – 125 005, Haryana and at any
adjournment thereof in respect of such resolutions as are indicated below:
5
S.
RESOLUTION FOR AGAINST
NO.
Ordinary Business(es)
1. To consider and adopt (a) Audited Financial Statement of the Company for the financial year ended
March 31, 2019 and the reports of the Board of Directors and Auditors’ thereon; and (b) Audited
Consolidated Financial Statement of the Company for the financial year ended March 31, 2019 and
the report of Auditors’ thereon
2. To appoint Mrs. Shallu Jindal (DIN: 01104507), who retires by rotation and being eligible, offers
herself for re-appointment as a Director
Special Business(es)
3. To ratify the remuneration of Cost Auditors for the financial year ending March 31, 2020
4. To approve the issuance of further securities
5. To approve the appointment of Mr. V.R. Sharma (DIN: 01724568) as Director
6. To approve the appointment of Mr. V.R. Sharma (DIN: 01724568) as Managing Director
7. To approve the appointment of Dr. Aruna Sharma (DIN:06515361) as an Independent Director
Signed this...................day of.............................. , 2019.
Signature of Shareholder Signature of Proxy holder(s)

Affix
Revenue
Stamp
Notes:
1. This form should be signed across the stamp as per specimen signature registered with the Company.
2. The Proxy, to be effective, should be deposited at the registered office of the Company not less than 48 hours before the commencement of the meeting.
3. A proxy need not be a member of the Company.
4. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than 10% of the total share capital of the Company carrying voting
rights. A member holding more than 10% of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as
a proxy for any other person or shareholder.
5. Please put a ‘√’ in the appropriate column against the resolutions indicated in the Box. If you leave the ‘For’ or ‘Against’ column blank against any or all the resolutions, your Proxy
will be entitled to vote in the manner as he/she thinks appropriate. This is only optional.

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)INDJlY '

STEEL & POWER

BSE Limited National Stock Exchange of India Limited

Dear Sir/ Madam,

Jindal Steel & Power Limited

Submitted for your kind information and record please.

Jindal Steel & Power Limited

JINDAL STEEL & POWER LIMITED

SPEED I EFFICIENCY I PROBITY

Generation & Mining Facilities .....................................12

THE FURNACE FOR

Shri Om Prakash Jindal,

Smt. Savitri Jindal,

team, working together

company, and one of the

best-in-class management at the dedicated approach should vastly Looking ahead

Message from the

Consolidated Revenue for FY2019

A note from the

Joint Managing Director

good year, both in terms

than be dependent purely on fund-

Consolidated EBITDA for FY2019

a significant global presence. It operates To be a globally admired organisation

geographical footprints span across

product portfolio to 22+ countries. yy Maximising returns to stakeholders

Our Business Verticals

Steel Power Global

8.6 MTPA 3400 2.4 MTPA

3.11 MTPA 1634 IRON MAKING

Our Steel Manufacturing, Power

Generation & Mining Facilities

JSPL has a global presence

connected with evacuation

Coal mine Iron ore mine CPP IPP Steel Plant

South Africa Australia

Coal mine Iron ore mine CPP IPP Steel Plant

Rails Parallel Flange

Sizes: 75mm to 400mm Sizes: 50mm to 250mm

Wire Rods Jindal Panther

Width: 1500mm to 4900mm Width: 1500mm to 2500mm

Consolidated Steel Production, FY2019

Fabricated Cut and Bend

Sections: H-type Beam, Box Sections and Star Columns

Speed Floor Welded Wire Mesh

Available Joist Depth: 200mm, 250mm, Width: 1200mm to 3200mm

With a timeless business

success can essentially be

We create value by… Outputs

by JSPL taking the following thoughtful steps:

yy Providing required assistance during times of disasters

Our contribution in FY2019

Health & Nutrition Drinking Water & Sanitation

26,453 +12 Lakh

People in the communities around

Education Skill Building

20,380 children 17,158 youngsters

Community Infrastructure Social Inclusion

42,750 lives +10,206 families