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Bringing alive a billion dreams


No LimitsAnnual Report 2010-11



lasting expertise


Global presence

Contents2 Board of Directors 6 Storehouse. of power, passion and perfection. 7 Financial highlights - Standalone 8 Aspiration and Belief 9 The Credible Performance - Standalone 10 2010-11 in retrospect 12 Message from the Vice Chairman and Managing Director 16 5-point success strategy 18 No Limits In accelerating the momentum 20 No Limits In investing in technology 24 No Limits In growing people expertise 28 No Limits In saving the environment 34 No Limits In leaving a lasting impression 40 Our Business 44 The Ispat deal - Identifying a profitable deal in piles of losses 46 Operational Review 52 Marketplace analysis 58 Senior Management Team 60 Directors Report 71 Management Discussion and Analysis 98 Report on Corporate Governance for the year 2010-11 115 Auditors Report to the Members of JSW Steel Limited 118 Standalone Accounts 159 Consolidated Accounts



Mining Resource

Corporate Office

Map for graphical representation purposes only. Not to scale.

At JSW, No limits is not a convenient tag line. It is a philosophy that we live.This is where belief in No limits has got us. And this is where we expect that our No limits commitment will take us. 2020

Then (2006-07)


3.8 MTPA 3 ` 9,297 crs

Installed capacity

7.8 MTPA 4 ` 25,131 crs(5 years CAGR 30% )

40 MTPA 8

Manufacturing locations

Revenue growth

` 1,292 crs

Net profit (PAT) growth

` 2,011 crs(5 years CAGR 19% )

Shri O. P. Jindal August 7, 1930 - March 31, 2005 O. P. Jindal Group - Founder and Visionary

Truly, for some men, destiny isnt written, unless they write it.Shri O. P. Jindal was a father figure for millions. Where others would see walls, he saw doors of opportunities. He continuously worked towards making India self-reliant. He believed that the growth should be inclusive and made it his lifes mission to help the underprivileged sections of society. A successful industrialist, a politician, a leader and a passionate philanthropist, late Shri O. P. Jindal achieved this and more with his inspiring energy. And amongst other things, he left behind a few billion smiles and a legacy of inspiration. His legacy and the vision of inclusive growth is being carried forward by the group companies through various social initiatives.

Annual Report 2010-11


Board of Directors

Mrs. Savitri Devi JindalChairperson Savitri Devi Jindal, is the wife of late Shri. O.P. Jindal, who was a great visionary, renowned industrialist and patriarch and founder of Jindal Group. She is also the Chairperson of the Company and the patron of the Managing Committee of Vidya Devi Jindal Public School at Hisar. Mrs. Savitri Devi is Member of Legislative Assembly of Haryana and has been elected as Minister in Haryana State Assembly.

Mr. Sajjan Jindal

Vice Chairman & Managing Director Sajjan Jindal holds a Bachelors degree in Mechanical Engineering from the Bangalore University. He is the Vice Chairman and Managing Director of JSW Steel. He is a member of Indian Council for Sustainable Development, member of the Advisory Committee of TERI School of Management, member of CII National Council, council member of Indian Institute of Metals and member of the Board of Directors of Indian Institute of Management, Indore and was the President of ASSOCHAM from June 2008 to October 2009. In 2009, Mr. Jindal was awarded the prestigious 19th Willy Korf/Ken Iverson Steel Vision Award at the Steel Survival Strategies XXIV Conference, New York for elevating JSW Steel amongst the selected few global steel producers. In 2007, Mr. Jindal was also named the Ernst & Young Entrepreneur of The Year in the manufacturing category.


JSW Steel Limited

Mr. Seshagiri Rao M.V.S

Jt. Managing Director & Group CFO Seshagiri Rao M V S joined the Company in 1997 as CFO and has played an active role in the growth strategies of JSW. Mr. Rao oversees the overall operations of the Company, strategic formulations related to business development, expansion of existing businesses, joint ventures, mergers and acquisitions and cost management. He possesses rich experience spanning over two decades in the areas of Corporate Finance and Banking.

Dr. Vinod NowalDirector & CEO Dr. Vinod Nowal is associated with Jindal Group since 1994. He joined Jindal Iron & Steel Co. Ltd as Works Manager and elevated to the position of Executive Director looking after the Operations of Vasind & Tarapur Plants and Commercials from 2004. He was later transferred to Vijayanagar Works as Executive Director (Commercial) and rose to the position of Director & CEO.

Mr. Jayant Acharya

Director - Commercial & Marketing Jayant Acharya has over 24 years of experience in the steel industry spanning the entire range of flat and long steel products. He has worked in various capacities and locations in India. His extensive experience includes startup operations, development and execution of strategies for penetrating new markets and customers, creation of strong brand equity for the Company in the domestic and international markets and introduction of innovative marketing concepts.

Mr. M. Maheshwar Rao, IASNominee Director of KSIIDC M. Maheshwar Rao, IAS is the Managing Director of Karnataka State Industrial and Development Corporation (KSIIDC). He has held various positions including Chief Executive Officer, Gulbarga; Deputy Commissioner, Hassan, Belgaum, Dakshin Kannada, Mandya and Special Commissioner, BBMP. He has also completed his Masters Degree in Public Management.

Mr. Yasushi Kurokawa

Nominee Director of JFE Steel Corp., Japan Yasushi Kurokawa is a Nominee Director of JFE Steel Corporation, Japan. He holds a Bachelor of Law Degree from Kyoto University, Japan. He started his career with Kawasaki Steel Corporation in the year 1977 and thereafter joined JFE Steel Corporation as a Manager.

Mrs. Zarin Daruwala

Nominee Director of ICICI Bank Ltd. Zarin Daruwala is ICICI Banks nominee on the Board. She is a Chartered Accountant and a Company Secretary. She is President (Wholesale Banking Group) at ICICI Bank and has over 16 years extensive experience in the field of Corporate Finance and Investment Banking.

Annual Report 2010-11



Dr. S. K. GuptaDirector Dr. Saibal Kanti Gupta has over 50 years of experience in the field of metallurgy, engineering and management in the steel domain. He has vast experience in the fields of research and development, engineering and management of steel plants and large engineering companies and has held key positions in several government and private organizations. He was the recipient of the Metallurgist of the Year award instituted by the Government of India in 1980 and was conferred the National Metallurgist Award in 1998. He has more than 100 research publications in leading journals in Metallurgy and Management.

Mr. Anthony Paul PeddarDirector Anthony Paul Pedder has spent over 30 years in a wide range of roles with British Steel/ Corus plc. He retired as the Chief Executive of British Steel in 2003. Today he retains an active involvement in the industry as Chairman of Sheffield Forgemasters Ltd., Chairman of Hatch Corporate Finance Ltd. and as Director of Metalysis Ltd. He is also a Director of a number of other organizations and a Pro-Chancellor in Sheffield University.

Dr. Vijay Laxman KelkarDirector Dr. Vijay Laxman Kelkar, is the Chairman of National Exchange of India Ltd. and is recipient of the prestigious Padma Vibhushan award for his exemplary service to the Nation. He has held key posts in the Government of India including as Advisor to the Minister of Finance, Finance Secretary, Secretary of Ministry of Petroleum & Natural Gas, and the most recent as Chairman, 13th Finance Commission, India, Chairman of India Development Foundation, in the rank of a Union Cabinet Minister.

Mr. Uday M. ChitaleDirector Uday Madhav Chitale is a Chartered Accountant. He has extensive experience in Corporate Auditing, Business Advisory Services, Commercial Dispute Resolution, Business Negotiations and Valuation. He has undertaken specialized training in Commercial Mediation from Centre for Effective Dispute Resolution (CEDR), UK at the International Summer School, Geneva (September 2000) and is an accredited CEDR Mediator. He has served on various Expert Committees set up by ICAI, SEBI, RBI, IRDA and IBA.4 JSW Steel Limited

Mr. Sudipto SarkarDirector Sudipto Sarkar is a senior advocate in the Calcutta High Court and has wide experience in Commercial Law particularly Company Law, Intellectual Property and Shipping Laws. He also has several publications to his credit and is the collaborating editor of the Ramaiyas Guide to the Companies Act and contributor to several volumes of International Law Reports (Cambridge).

Mr. Kannan VijayaraghavanDirector Kannan Vijayaraghavan is a Fellow Member of the ICAI, a Certified Management Consultant and a Fellow of the Institute of Management Consultants. He is the Director and Founder of Sathguru Management Consultants Pvt. Ltd. He is also Partner, DFK International, a Worldwide firm of accountants and business advisors.

Company SecretaryMr. Lancy Varghese

WorksVijayanagar Works P.O. Vidyanagar, Toranagallu Village, Sandur Taluk, Bellary District, Karnataka - 583 275. Tel. : 08395 - 250120 to 30 Fax : 08395 - 250138/250665 Vasind Works Shahapur Taluk, Thane District, Maharashtra - 421 604. Tel. : 02527 - 220022 to 025 Fax: 02527 - 220020/84/92 Tarapur Wo

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