DSIJ Mindshare

Jindal Steel and Power bids for rail order

Jindal Steel and Power (JSPL) among the other international bidders is competing for rail orders to supply 487,000 tonnes of steel to Indian railways to replace ageing tracks and to improve efficiency. Other global bidders include Japan’s Sumitomo Corp, Russia’s East Metals AG, French’s British Steel France Rail etc.

Earlier, Steel Authority of India (SAIL) were the sole supplier to Indian rail. This will end their long running monopoly. Indian railways, the world’s fourth-largest rail system is considering offering a trial order of 20 per cent to domestic manufacturers. Earlier, JSPL had supplied 150,000 tonnes to Iran rail since 2016. The final order is yet to come which will depend upon the competitive bidding, but one can except JSPL to be in fortunate position considering the only domestic manufacturer in the bid.

This is expected to aid the company considering its huge debt (total debt of 45,850 cr vs market cap of 11,066 cr in FY17). JSPL is involved in the business activities of manufacture of basic iron and steel.

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