JINDALSTEL

ROME, March 20 (Reuters) - Italy will begin exclusive talks with an Azeri consortium about the sale of Italian steel company Acciaierie d'Italia (ADI), formerly known as Ilva, Industry Minister Adolfo Urso said on Thursday.

The consortium investors interested in taking over ADI are Baku Steel and Azerbaijan Business Development Fund, a person with knowledge of the matter said.

ADI, which is under state administration after struggling to maintain production amid rising energy costs and weak demand, is a major headache for Italian Prime Minister Giorgia Meloni because its closure would have major knock-on effects for the country's manufacturing sector.

"The commissioners (running the company) have pre-announced to me that they will send a formal request today to be authorized to negotiate with the Azeri consortium that made the best proposal," Urso told reporters on the sidelines of an event in Bologna, northern Italy.

In February, both Baku Steel and the Indian company Jindal Steel International raised their preliminary bids for ADI.

The government took charge of the ADI's factories in Italy last year under a special administration procedure, ending weeks of clashes with its then top shareholder ArcelorMittal MT.LU, the world's second-largest steelmaker.

(Reporting by Giuseppe Fonte and Francesca Piscioneri, editing by Gavin Jones and Tomasz Janowski)

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March 19 (Reuters) - Shares of Indian steel companies rose in early trade on Wednesday after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports.

An index of metal company shares .NIFTYMET rose 0.8%, with industry leader JSW Steel and Tata Steel among the top ten gainers on the Nifty 50 index .NSEI, which was trading flat.

Shares of JSW Steel JSTL.NS rose 1.5%, while Tata Steel TISC.NS climbed 2.1% as of 9:30 a.m. IST. State-owned SAIL SAIL.NS rose 2.6% and Jindal Steel and Power JNSP.NS gained about 1%.

The Directorate General of Trade Remedies, under the federal trade ministry, has recommended a 12% temporary tax or safeguard duty for 200 days on certain steel products in a bid to curb "serious injury" to the domestic industry.

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 27 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL SAID TO RAISE BID FOR ITALIAN STEELMAKER TO €4 BILLION- BLOOMBERG NEWS

Source text: https://tinyurl.com/2csxtpk9

Further company coverage: JNSP.NS

(Reporting by AnushaDevan Shah)

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ROME, Feb 15 (Reuters) - Baku Steel Company and Jindal Steel International have raised their bids for Acciaierie d'Italia (ADI), formerly known as Ilva, the Italian government said on Saturday, making them the frontrunners in the bidding for the plant.

ADI, based in the southern Italian city of Taranto, has been under state administration after struggling to maintain production amid rising energy costs and weak demand.

The fate of ADI is a concern for Italian Prime Minister Giorgia Meloni, as its closure would have a serious impact on the country's manufacturing sector.

Ilva's extraordinary commissioners said in a statement that they would evaluate the bids "in a few days" and send their opinion to the industry ministry.

They did not give financial details.

Italian newspaper Il Messaggero reported on Saturday that Baku Steel Company has raised its offer to around 1 billion euros ($1.05 billion), more than Jindal's.

The government hopes to conclude negotiations by March, Il Messaggero added.

($1 = 0.9532 euros)

(Reporting by Giselda Vagnoni; editing by Barbara Lewis)

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By Neha Arora and Mayank Bhardwaj

NEW DELHI, Feb 12 (Reuters) - India could impose a temporary tax of 15%-25% on steel from China in as soon as six months because of the "serious challenge" to domestic producers from cheap imports, Steel Minister H.D. Kumaraswamy said.

"Rising Chinese steel imports, often aided by unfair trade practices, pose a serious challenge to Indian manufacturers," Kumaraswamy told Reuters in an interview late on Tuesday. "The government is resolute in its commitment to protecting the Indian steel industry," Kumaraswamy added.

New Delhi began an investigation in December into whether to impose a temporary tax, known locally as a safeguard duty, to curb steel imports. If adopted, it could remain in force for as long as two years.

"Based on ongoing investigations, safeguard duties in the range of 15-25% are being considered to prevent unfair competition and ensure a level playing field," the minister said.

India became a net importer of finished steel in the fiscal year ending March 2024, and shipments from China reached a record high between April and December.

As a result, despite robust local demand as a result of rapid economic growth and rising infrastructure spending in the world's fastest-growing major economy, domestic steel prices have slumped.

Some of India's smaller mills have had to scale down operations and consider job cuts as a result of the import surge, Reuters reported in December.

Industry insiders say U.S. President Donald Trump's sharp tariff increases on steel imports could exacerbate the problems as exporters look to ship to India instead.

"Given their duty-free access on account of the free trade agreements (FTA) with India, import pressures from South Korea and Japan could increase in FY2026 as they search for alternate markets for their hitherto American cargoes. This can exert pressure on domestic steel prices, pulling down the industry’s earnings further in FY2026," ratings agency ICRA said in a note on Wednesday.

India's steel exports have also slumped in recent months, primarily due to sluggish global demand, exacerbating the challenges faced by India's leading steelmakers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, and Jindal Steel and Power JNSP.NS.

JSW Steel, India's biggest steelmaker, reported a larger than expected decline in October to December profit, its fiscal third-quarter, last month.

"While short-term challenges have impacted steel exports, the government is actively working on expanding market access," Kumaraswamy said, alluding to India's efforts to find new markets for its steel.

India was looking to sell its steel to Africa, the Middle East, and Southeast Asia, he said, adding that manufacturers had shifted towards producing high-value, specialised steel. High-grade steel can command higher prices and the competition from China is less intense.

India is also looking to diversify sources of steel-making raw materials such as coking coal, Kumaraswamy said, looking towards Canada, Russia, Mongolia, Mozambique, and the United States.

Australia was the main supplier of coking coal to India in the last decade, accounting for about 80% of all such shipments. Its share dropped to 62% in 2024, as supplies from the U.S. as well as Russia and Mozambique helped India to diversify.

The minister also said the government would roll out a production-linked incentive programme to encourage low-carbon steel production.

India would require an estimated investment of $20-25 billion for its steel sector's decarbonisation, with the transition funded through green bonds, concessional financing, and public-private partnerships, the minister said.

(Reporting by Neha Arora and Mayank Bhardwaj; Additional reporting by Manvi Pant in Bengaluru; Editing by Kate Mayberry)

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** India's Jindal Steel & Power JNSP.NS down 12.7% at 733 rupees, its lowest since Feb 2024

** JNSP stock marks its worst intraday pct drop since May 2022

** The steel miner on Thursday reported a 51% Y/Y profit slump on lower demand and prices

** Co also announced additional capex of 160 bln rupees ($1.85 bln) on top of existing 310 bln rupees capex plan

** Without corresponding capacity expansion, there is uncertainty around returns, earnings contribution from capex projects; expect stock to react negatively to results - CLSA

** JNSP stock down 20.1% so far in Jan vs a 4.6% drop in Nifty Metals Index .NIFTYMET

($1 = 86.6520 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

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Jan 30 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• APPOINTED MAYANK GUPTA AS CFO

Source text: [ID:]

Further company coverage: JNSP.NS

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The following factors could affect Italian markets on Tuesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

For a complete list of diary events in Italy please click on IT/DIA.

POLITICS

Germany, Poland, Britain, France and Italy will implement as swiftly as possible new NATO targets for weapons and troop numbers which the alliance is about to agree upon, German Defence Minister Pistorius pledged on Monday.

ECONOMY

ISTAT releases November industrial output data (0900 GMT) and bulletin on the state of the economy in November and December (1000 GMT).

COMPANIES

(*) INTESA SANPAOLO ISP.MI

Italy's largest bank on Monday completed its first proprietary Bitcoin trade, investing 1 million euros ($1.03 million) in the world's largest digital currency, an internal memo showed.

(*) UNICREDIT CRDI.MI

Credit Agricole CAGR.PA should decide by May whether it wants Italy's second largest lender to extend its contract with the French bank's fund manager Amundi AMUN.PA, Italian daily Il Messaggero reported on Tuesday, citing comments by UniCredit CEO Andrea Orcel.

(*) BANCA POPOLARE SONDRIO BPSI.MI, BANCO DESIO DESI.MI

The Cr Asti banking foundation, the main shareholder of the northern Italian lender Cassa di Risparmio di Asti, is considering possible merger partners for the bank and has attracted the interest of northern peers Banca Popolare di Sondrio and Banco Desio, daily La Stampa reported on Tuesday.

(*) FINCANTIERI FCT.MI, LEONARDO LDOF.MI

The Italian shipbuilder Fincantieri has reached a final agreement with defence group Leonardo for the acquisition of its Underwater Armament Systems unit, the daily MF reported on Tuesday. The purchase price will be around 415 million euros, the paper said, at the upper end of a range set in May last year.

(*) BANCO BPM BAMI.MI, ANIMA HOLDING ANIM.MI

Lawyers for Italy's third-largest bank have advised the lender that it can raise the price of its offer for asset manager Anima with the votes of just half of its shareholders plus one, at a general meeting, rather than the two-thirds required under a so-called "passivity rule," MF daily reported on Tuesday.

The passivity rule prevents managers of a takeover target from doing anything that could thwart a takeover bid without approval from shareholders.

The newspaper added that the bank's board of directors will hold a preliminary discussion on Jan. 21 over whether to increase its bid, while a general meeting could be held by March.

(*) DANIELI DANI.MI

India's Jindal Steel International JNSP.NS, one of three companies which has presented an offer to buy Italian steel firm Acciaierie d'Italia, wants to involve machine-maker Danieli in its plans for modernising Acciaierie d'Italia's existing plants and building new ones, Jindal Steel's European director Narendra Kumar Misra said in an interview with daily Il Sole 24 Ore on Tuesday.

(*) A2A A2.MI, HERA HRA.MI, IREN IREE.MI, EDISON EDNn.MI

The French utility Engie ENGIE.PA is considering selling its retail business in Italy, Italian daily Il Sole 24 Ore reported on Tuesday. The newspaper said the business, with almost a million customers, is worth at least 500 million euros. It mentioned the Italian utilities A2A, Hera, Iren and Edison as potential buyers.

(*) NEXI NEXII.MI

Morgan Stanley cut its rating on the Italian payments firm to underweight from equal rate. It lowered its target price to 4.75 euros from 7.15.

(*) PIRELLI PIRC.MI

Goldman Sachs on Tuesday raised its recommendation for the Italian tyre maker to buy from neutral, and raised the target price to 7.2 euros from 6.4.

(*) MONCLER MONC.MI

Barclays on Tuesday cut its rating on the Italian fashion company to equal weight from overweight, and lowered the target price to 56 euros from 61

CUCINELLI BCU.MI

Revenues at the Italian luxury group rose 12.4% at constant exchange rates last year, a touch above its most recent guidance, bucking a sector slowdown thanks to its focus on the industry's high end.

SAIPEM SPMI.MI

The Italian energy contractor said on Monday it will present its strategic plan for 2025-2028 on Feb. 25.

TELECOM ITALIA (TIM) TLIT.MI

An Italian court is expected to decide this week on a request by top investor Vivendi VIV.PA to annul the former phone monopoly's decision to sell its landline grid to a consortium led by KKR KKR.N, a source close to the matter said on Monday.

MEDIOBANCA

Consumer credit arm Compass took a majority stake in HeidiPay, a company focusing on the "Buy Now Pay Later" sector, in which it previously had a 19.5% stake, the bank said on Monday.

DIARY

Rome, Foreign Minister Antonio Tajani holds press point with Israeli counterpart Gideon Sa'ar (1800 GMT).

Environment and Energy Security Minister Gilberto Pichetto Fratin attends 4th edition "Future Minerals Forum (FMF)" in Riyadh (Saudi Arabia).

Rome, Slovakia President Peter Pellegrini on official visit meets with Prime Minister Giorgia Meloni (1030) and President Sergio Mattarella (1100 GMT).

Rome, National Institute for Public Policy Analysis (INAPP) President Natale Forlani presents 2024 report (1000 GMT); Labour Minister Marina Elvira Calderone expected to give speech.

Milan, Intesa Sanpaolo ISP.MI and business lobby Confindustria present renewed cooperation agreement "Investment, innovation, credit; the key factors for the sustainable growth of Italian companies" with CEO Carlo Messina (1000 GMT).

((Milan newsroom, e-mail: [email protected]))

For Italian market data and news, click on codes in
brackets:

20 biggest gainers (in percentage).............PG.MI

20 biggest losers (in percentage)..............PL.MI

FTSE IT allshare index .FTITLMS

FTSE Mib index........ .FTMIB

FTSE Allstars index... .FTSTAR

FTSE Mid Cap index.... .FTITMC

Block trades.......... .BLK.MI

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in
brackets:

European Equities speed guide...................EUR/EQUITY

FTSEurofirst 300 index...............................FTEU3

DJ STOXX index.......................................STOXX

Top 10 STOXX sectors............................PGL.STOXXS

Top 10 EUROSTOXX sectors.......................PGL.STOXXES

Top 10 Eurofirst 300 sectors....................PGL.FTEU3S

Top 25 European pct gainers........................PG.PEUR

Top 25 European pct losers.........................PL.PEUR

Main stock markets:

Dow Jones................DJI Wall Street report ......N

Nikkei 225..............N225 Tokyo report.............T

FTSE 100................FTSE London report............L

Xetra DAX..............GDAXI Frankfurt market stories.F

CAC-40..................FCHI Paris market stories....PA

World Indices.....................................0#.INDEX

Reuters survey of world bourse outlook.........EQUITYPOLL1

Western European IPO diary..........................WEUIPO

European Asset Allocation........................EUR/ASSET

Reuters News at a Glance: Equities...............TOP/EQE

Main currency report:...............................FRX/

($1 = 0.9759 euros)

MUMBAI, Dec 20 (Reuters) - India has launched an investigation to consider if it should impose a safeguard duty or a temporary tax to curtail unbridled steel imports, according to a government notice on Friday.

The probe comes after Indian Steel Association, which represents top steelmakers such as ArcelorMittal Nippon Steel India Ltd, JSW Steel Ltd, Jindal Steel and Power, filed a petition to initiate an investigation concerning imports of "Non-Alloy and Alloy Steel Flat Products" into India.

India's finished steel imports from China reached an all-time high during the first eight months of the fiscal year to March 2025, according to provisional government data reviewed by Reuters on Friday, adding to concerns among domestic mills about cheap shipments from China.

"There is a recent, sudden, sharp and significant increase in the volume of imports, which has caused significant injury to the domestic industry in India," ISA said in its petition.

The Directorate General of Trade Remedies, an arm of the federal trade ministry, which launched the probe, in a notice dated Dec. 19 said there is sufficient evidence of "a recent, sudden, sharp and significant increase in imports" to start a safeguard investigation.

An influx of cheap Chinese steel has forced India's smaller mills to scale down operations and consider job cuts, as the South Asian nation joins a growing list of countries contemplating action to stem imports.

(Reporting by Neha Arora in New Delhi and Shanima A in Mumbai)

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Dec 18 (Reuters) - Interarch Building Products Ltd INEH.NS:

• INTERARCH BUILDING PRODUCTS LTD - ENTERS STRATEGIC PARTNERSHIP WITH JINDAL STEEL & POWER

Source text: ID:nBSE1YGXch

Further company coverage: INEH.NS

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By Neha Arora

NEW DELHI, Nov 26 (Reuters) - India's JSW Steel JSTL.NS and state-run Steel Authority of India (SAIL) SAIL.NS are in talks with Mongolian authorities to import two shipments of coking coal, two sources with direct knowledge of the matter said.

JSW Steel, the country's biggest steelmaker by capacity, plans to buy 2,500 metric tons, while SAIL aims to import 75,000 metric tons of the steelmaking raw material from Mongolia, said the sources who requested anonymity as the plans are not public.

Both JSW Steel and SAIL would import Mongolian coking coal either via Russia or China, said the sources.

"We are just trying to understand how the logistics work," SAIL Chairman Amarendu Prakash told Reuters when asked if the company was looking to receive a shipment from Mongolia.

SAIL was exploring sourcing coking coal from Mongolia to diversify its suppliers, it said in an emailed statement to Reuters.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports.

Late last year, erratic weather conditions hit coking coal supplies from Australia, which accounts for over half of India's coking coal imports of around 70 million metric tons a year.

Since then, Indian steel mills have been seeking to source coking coal from other countries.

Last month, a source said India was exploring ways to import regular supplies of Mongolian coking coal via Russia to reduce reliance on supplies through China.

Industry officials say landlocked but resource-rich Mongolia can offer superior grades of coking coal at relatively lower prices to India, which is witnessing strong steel demand driven by rapid economic growth and increasing infrastructure spending.

Mongolian coal is about $50 a metric ton cheaper than the Australian supplies, they said.

India's Jindal Steel and Power JNSP.NS is also keen to source coking coal from Mongolia, one of the sources said.

India's JSW Steel and Jindal Steel and Power didn't respond to Reuters emails for comment.

The Indian government is working to help steel companies diversify imports to avoid over-reliance on specific countries, commodities consultancy BigMint said.

India imported 29.4 million metric tons of coking coal during the first half of the fiscal year, up nearly 2% from a year earlier, the consultancy added.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Christina Fincher)

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Nov 6 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• Q2 CONSOL NET PROFIT 8.61 BILLION RUPEES

• Q2 CONSOL TOTAL REVENUE FROM OPERATIONS 112.13 BILLION RUPEES

Source text: ID:nBSENQZbQ

Further company coverage: JNSP.NS

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Oct 7 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL INTERNATIONAL TO ACQUIRE CZECH VITKOVICE STEEL, SUBJECT TO REGULATORY APPROVAL - NEWS AGENCY CTK

Source text for Eikon: [ID:]

Further company coverage: JNSP.NS

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BENGALURU, Aug 12 (Reuters) - India's state-run miner NMDC NMDC.NS reported a first-quarter profit ahead of estimates on Monday as higher prices offset a decline in sales primarily caused by workers' strikes.

Profit for the country's largest state-owned iron ore miner swelled 20% from a year earlier to 19.84 billion rupees (about $236 million) for the three months ended June 30.

Analysts had estimated a profit of 16.35 billion rupees, per LSEG data.

NMDC imposed price hikes of iron ore in the quarter, analysts said, which hit bottomlines of steelmakers including JSW Steel JSTL.NS and Jindal Steel JNSP.NS. Iron ore is a key steelmaking raw material.

NMDC's sales, however, fell significantly in two of the three months of the quarter, while production dipped in all three months, according to its monthly updates.

Iron ore production and sales volumes were affected by employee strikes, analysts at brokerage Prabhudas Lilladher said.

The miner has been facing significant disruptions in its production and dispatches due to an ongoing workers' strike which erupted in May, BigMint, a commodities consultancy firm said in May.

NMDC's revenue from operations fell marginally to 53.78 billion rupees. Analysts had predicted a revenue of 54.46 billion rupees.

($1 = 83.9250 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore)

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By Giuseppe Fonte

ROME, July 24 (Reuters) - Six international and domestic players have expressed interest in taking over the steelworks of Acciaierie d'Italia (ADI) which was formerly known as Ilva, the government told trade unions during a meeting on Wednesday.

They are India's Vulcan Green Steel and Steel Mont, Ukraine's Metinvest, Canada's Stelco and Italian steel firms Arvedi and Marcegaglia, government officials told Reuters.

The fate of ADI is a major headache for Italian Prime Minister Giorgia Meloni, as its closure would have serious knock-on effects for the country's manufacturing sector.

ADI's main plant in the city of Taranto is one of the largest in Europe and a major employer in Italy's under-developed south.

Addressing unions, Industry Minister Adolfo Urso said six players would be interested in taking part in the tender process that Rome was expected to launch by the end of this month, according to the officials, who attended the meeting.

The government took charge of the group's factories in Italy this year under a special administration procedure, ending weeks of clashes with its then top shareholder ArcelorMittal MT.LU, the world's second-largest steelmaker.

As energy costs rose and rolled steel coil prices fell, ADI ran out of cash and accumulated huge debts with suppliers including energy group Eni ENI.MI and grid operator Snam SRG.MI, prompting the government to offer financial aid and a temporary layoff scheme to keep staff at home.

Canada's Innovation Minister Francois-Philippe Champagne championed Stelco's bid in a telephone conversation with Urso on Tuesday, the Italian ministry said in a statement.

Metinvest, Ukraine's largest steelmaker, is looking for production sites abroad to offset significant asset losses at home, including the vast Azovstal steel plant in Mariupol that was destroyed during a prolonged Russian siege.

Vulcan Green Steel is part of Jindal Steel Group, which has already signed off on a preliminary agreement with the Italian government to relaunch the Piombino steelmaking site in Tuscany.

(Reporting by Giuseppe Fonte; Editing by Kirsten Donovan)

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July 19 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• DINESH KUMAR SARAOGI HAD RESIGNED FROM HIS POSITION AS DIRECTOR OF COMPANY

Source text for Eikon: ID:nBSE84DVV5

Further company coverage: JNSP.NS

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** Shares of Jindal Steel & Power JNSP.NS rise as much as 4.1% to 978 rupees, hitting a record high

** Stock top gainer in Nifty metals index .NIFTYMET, last up 3.4%

** JNSP on Monday said its reported profit after tax doubled to 9.33 billion rupees ($111.7 million) in the March-quarter

** Co said its input costs declined nearly 15% to 52.65 billion rupees, aiding the profit rise

** Average analyst rating on stock is "buy"; median PT is 865 rupees, a discount of 10.9% to day's high - LSEG data

** YTD stock has risen 30.5% so far vs a 15.2% climb in the Nifty metals index

($1 = 83.5030 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru)

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May 13 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL AND POWER Q4 CONSOL GROSS REVENUE 157.49 BILLION RUPEES

• JINDAL STEEL & POWER: NET DEBT AT 112.03 BILLION RUPEES AS MAR-END VERSUS 91.15 BILLION RUPEES AT DEC-END

• JINDAL STEEL AND POWER Q4 YEAR AGO CONSOL REPORTED PAT 4.66 BILLION RUPEES, GROSS REVENUE 157.97 BILLION RUPEES

• JINDAL STEEL AND POWER Q4 CONSOL REPORTED PAT 9.33 BILLION RUPEES

• JINDAL STEEL AND POWER LTD - DIVIDEND 2 RUPEES/SHR

Source text for Eikon: [ID:]

Further company coverage: JNSP.NS

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April 1 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL AND POWER LTD - CLARIFICATION ON NEWS ITEM TITLED "JINDAL STEEL & POWER TAKES ON OPERATIONS AT VENEZUELA'S LARGEST IRON-ORE MILL"

• JINDAL STEEL AND POWER LTD - CONTENTS OF ARTICLE FACTUALLY INCORRECT AND ARE DENIED BY COMPANY

• JINDAL STEEL AND POWER LTD - COMPANY IS NOT ENGAGED IN ANY DISCUSSIONS/ ON- GROUND ACTIONS REGARDING MATTER

Source text for Eikon: ID:nBSE5JmMm6

Further company coverage: JNSP.NS

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By Krishna N. Das

NEW DELHI, March 24 (Reuters) - A billionaire industrialist and a former Indian Air Force chief on Sunday became the latest prominent figures, including a judge and an ambassador, to join Prime Minister Narendra Modi's party in recent weeks as it seeks to widen its lead over the opposition.

Modi's Bharatiya Janata Party (BJP) is widely expected to win a third straight term in elections starting next month, as the opposition struggles to stay together while its leaders are embroiled in various corruption investigations.

Analysts say the wave of new joiners, many from the main opposition Congress party that has ruled India for more than five decades, indicates the inevitability of another BJP win.

Naveen Jindal, head of Jindal Steel and Power JNSP.NS and a two-time Congress parliamentarian, followed the country's last air force chief, Rakesh Kumar Singh Bhadauria, in joining the BJP late on Sunday. Moments after he quit Congress, the BJP said Jindal would contest the upcoming election from his home state of Haryana for the party.

"To fulfil the resolve of Prime Minister Modi for a developed India, famous industrialist, sportsperson and politician Naveen Jindal joined the BJP today," BJP General Secretary Vinod Tawde told a press conference, with Jindal by his side thanking Modi for the opportunity.

Abhijit Gangopadhyay, who resigned as a judge of the Calcutta High Court earlier this month, will also contest the election for the BJP.

On Saturday, six former lawmakers from Congress in the state of Himachal Pradesh joined the BJP. Before that, India's ambassador to the United States until January, Taranjit Singh Sandhu, became a member and is expected to contest the polls.

Unlike previous governments that mostly relied on seasoned politicians to run key ministries, Modi roped in experts to head important departments like foreign, technology and energy in his current term that began in 2019.

Opposition parties say many of their members have been forced into joining the BJP out of fear of corruption investigations. The BJP denies that.

Congress, meanwhile, says it is short of money even for campaign work because authorities have frozen its accounts in connection with a number of tax investigations.

(Reporting by Krishna N. Das in New Delhi; editing by Giles Elgood)

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By Neha Arora and Manvi Pant

NEW DELHI/BENGALURU, March 19 (Reuters) - Leading Indian steel producers, including JSW Steel Ltd JSTL.NS and Tata Steel Ltd TISC.NS, are expected to invest billions in a record capacity increase to benefit from rising domestic demand in one of the world's fastest growing economies.

A spurt in economic activity and a revamp of broader infrastructure have drawn steel makers from around the world to India, where demand is rising. In Europe and the United States, it is falling.

Analysts and company data showed major mills were planning to increase capacity by at least 22 million metric tons in the fiscal year beginning April 2024.

Jindal Steel and Power JNSP.NS is expected to add 6 million metric tons to existing capacity of around 9.6 million metric tons and Tata Steel said it was adding 5 million tons to its capacity of 21 million tons.

JSW Steel, India's largest steel maker, has said in results reports it aims to increase capacity to 38.5 million tons by 2024/25, up from 27.5 million tons domestic capacity now.

None of the companies has said how much it will be spending on capacity, although analysts, who said the expansion was unprecedented, predicted it would be billions.

"We expect JSW Steel will spend $2-$2.2 billion a year towards brownfield expansions, scaling up its iron mining capacities in Odisha, raw material efficiency projects and downstream projects," Hui Ting Sim, an assistant vice president, Moody's Ratings in Singapore, said referring to the eastern Indian state.

Together with Japan's JFE Steel, JSW Steel said in February it would invest 55 billion rupees ($662.85 million) in an Indian joint venture to produce grain-oriented electrical steel, used in manufacturing transformers.

Tata Steel meanwhile, is expected to spend between $1.21-$1.51 billion in 2024/25, Lakshmanan R, head of South & Southeast Asia corporates at CreditSights in Singapore, said.

Anshuman Bharati, an analyst at S&P Global Ratings in Singapore, meanwhile, expected India's steel consumption would grow between 8% to 10% in 2024/25.

During April-January, India's steel consumption rose by 14.5% to a six-year high of 112.5 million metric tons.

($1 = 82.97 rupees)

(Reporting by Neha Arora in NEW DELHI, Manvi Pant in BENGALURU; editing by Mayank Bhardwaj and Barbara Lewis)

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Adds details from the press conference, background

By Neha Arora and Hritam Mukherjee

NEW DELHI/BENGALURU, Feb 29 (Reuters) - India launched the second part of its critical minerals auction worth an estimated 30 trillion rupees (about $362 billion), the country's mines minister, Pralhad Joshi, said on Thursday.

A total of 18 critical mineral blocks, including tungsten, vanadium, cobalt and nickel, will be auctioned in eight states across the country, including Chhattisgarh, Madhya Pradesh, Karnataka, Maharashtra and Rajasthan, a government statement said.

Seventeen mineral blocks have been put up for a composite licence, while one block is for a mining lease, it added. A composite licence includes a licence to examine a block and mine it afterwards.

Joshi added that five states - Maharashtra, Madhya Pradesh, Haryana, Chhattisgarh and Rajasthan - will auction blocks for exploration licence of critical minerals, separately.

Further, he said that in the first round of the first part of auctions launched in November last year, the government received 56 bids from entities, including Vedanta Ltd VDAN.NS, Coal India COAL.NS, Shree Cement SHCM.NS, Ola Electric, Dalmia group and Jindal Power.

The second round of bidding for the first tranche of auctions will be held in mid-March and the bid winner will be announced in mid-April.

Separately, Joshi said there will be no shortage of coal in the country this year.

His comments come after the Coal India, the world's largest miner, lowered its annual production target for the financial year 2025 on adequate stockpiles, last week.

($1 = 82.8859 Indian rupees)

(Reporting by Neha Arora in New Delhi and Hritam Mukherjee in Bengaluru; Editing by Tasim Zahid and Sohini Goswami)

(([email protected]; X: @MukherjeeHritam;))

By Sarita Chaganti Singh

NEW DELHI, Feb 6 (Reuters) - Jindal Power, a unit of India's Jindal Steel & Power Ltd, JNSP.NS has submitted a 140 billion rupees ($1.69 billion)

bid for a coal-based power project in the eastern region, two sources familiar with the development told Reuters.

The company has submitted a financial bid for the distressed KSK Mahanadi project that is being eyed by billionaire Gautam Adani's Adani Power ADAN.NS and Anil Agarwal's London Stock Exchange-listed Vedanta Ltd VDAN.NS among others, a source aware of the matter said.

The 1,800-megawatt power project, built by KSK Energy Ventures KSKE.NS, is one of many distressed coal-fired private power stations mired in insolvency proceedings in recent years as owners did not have fuel supplies or the funds to complete them.

The project was admitted for insolvency proceedings in October 2019 but the court has not called financial bids since then.

"Jindal Power has submitted an unsolicited bid to authorised resolution professional for KSK Mahanadi Power project in Chhattisgarh," a government source said. The two sources did not want to be quoted as they were not authorised to speak to media.

Jindal Power and Sumit Binani- the resolution professional appointed for the KSK Mahanadi power project by the insolvency court - did not respond immediately to a queries sent by Reuters.

The unsolicited bid shows renewed interest of Indian private companies in coal-based power plants.

The share of private investments in India's coal-based power has dwindled after 2018 due to lower demand and an ambitious thrust of the federal government on renewable energy.

Coal-based power plants are back in focus in India as the Asian country expects its demand to cross 260-gigawatts during peak hours in summer this year.

India will operate new coal-fired power plants with a combined capacity of 13.9 gigawatts until December this year, the highest annual increase in at least six years.

($1 = 83.0535 Indian rupees)

(Reporting by Sarita Chaganti Singh, Editing by Louise Heavens)

(([email protected];))

Feb 1 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• BIMLENDRA JHA RESIGNS AS MANAGING DIRECTOR

• SABYASACHI BANDYOPADHYAY WILL BE ASSUMING RESPONSIBILITIES OF MANAGING DIRECTOR FOR TIME-BEING

Source text for Eikon: ID:nBSE3DmQS

Further company coverage: JNSP.NS

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BENGALURU, Jan 31 (Reuters) - Indian steelmaker Jindal Steel and Power JNSP.NS reported an almost four-fold rise in third-quarter profit on Wednesday, as easing costs offset a fall in sales.

The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax increased to 19.28 billion rupees ($232 million) in the three months to Dec. 31, from 5.18 billion rupees a year ago.

The robust performance was supported by lower raw material costs as benefits from captive thermal coal mines materialised, it said in a statement. Its sales and services revenue fell 6.3% to 137.56 billion rupees.

Jindal Steel's commissioned coal mines helped the company meet its thermal coal needs, offsetting the brunt of higher costs of key steelmaking raw material - coking coal in the quarter, analysts had said.

Input costs fell 3% to 48.06 billion rupees in the December quarter.

Earlier this month, larger rival JSW Steel JSTL.NS reported a five-fold rise in December-quarter profit on strong domestic demand.

Shares of Jindal Steel had settled 1.5% higher ahead of results.

($1 = 83.0170 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; +918447554364;))

Jan 19 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• CHIEF FINANCIAL OFFICER RAMKUMAR RAMASWAMY RESIGNS (REMOVES EXTRANEOUS WORD)

• SUNIL AGRAWAL ASSUMING RESPONSIBILITIES OF CFO

Further company coverage: JNSP.NS

(([email protected];))

By Sarita Chaganti Singh

NEW DELHI, Jan 17 (Reuters) - India's Jindal Power has offered 42.03 billion rupees ($505.77 million) for a distressed coal-fired power plant, the company told the insolvency court on Wednesday, topping an offer made by billionaire Gautam Adani's power firm.

Adani Power had last month quoted 41 billion rupees ($493.38 million) for the 1,980-megawatt power plant in central India ensnared in insolvency proceedings.

Jindal Power, a unit of Jindal Steel and Power JNSP.NS, had last week asked India's insolvency court to allow it to participate in an auction for the Amarkantak project.

($1 = 83.0530 Indian rupees)

(Reporting by Sarita Chaganti Singh; Editing by YP Rajesh)

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Corrects throughout to clarify that Jindal Power, not JSW Energy, is proposing to bid for the coal plant.

By Sarita Chaganti Singh

NEW DELHI, Jan 12 (Reuters) - Jindal Power has proposed to top a bid by Adani Power ADAN.NS, led by billionaire Gautam Adani, for a thermal power plant, two sources with direct knowledge of the matter said, as India looks to drum up investment in coal-fired power.

The tussle for the 1,980-megawatt plant in central India, ensnared in insolvency proceedings, comes after the power minister called last November for more private investment to meet a dramatic rise in electricity demand.

In a letter, Jindal Power, a unit of Jindal Steel and Power JNSP.NS, has asked India's insolvency court to allow it to participate in an auction for the Amarkantak project, said the sources, who sought anonymity as they were not authorised to talk to media.

Jindal Power has offered a better value than Adani's bid, added the sources, who are aware of the letter, which has not been previously reported.

"Adani Power, with its revised offer, looked the best suitor so far," one of the officials said.

The official was referring to a bid of 41 billion rupees ($494 million) the company made last month, just as the insolvency court prepared to give final clearance to another bid from the lenders to the project.

Adani Power's bid, an increase from a previous offer of 29.5 billion rupees, exceeds the bid of 30.2 billion rupees made in Dec.2022 by state-run lenders Power Finance Corp (PFC) PWFC.NS and REC Ltd RECM.NS.

Adani Power and Jindal Power did not respond to Reuters' queries.

Private investments in coal-based power in India started dwindling after 2018, hit by lower demand and an ambitious national thrust in renewable energy.

Now the Amarkantak project goes up for a fresh auction ordered by the insolvency court, which has limited participation only to those who had put in financial bids.

Adani Power's revised bid will form the base price for the auction, the two sources said.

Jindal Power, which had not put in a financial bid despite submitting an expression of interest early in the insolvency process, was excluded from the auction and is now seeking court permission to join it.

Reuters could not determine how much Jindal Power intended to bid for the partly operational project, which belongs to insolvent industrial group Lanco and is located in the central state of Chhattisgarh.

It is one of many distressed coal-fired private power stations mired in insolvency proceedings in recent years as owners did not have fuel supplies or the funds to complete them.

($1=83.0050 Indian rupees)

(Reporting by Sarita Chaganti Singh; Editing by Clarence Fernandez)

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By Siddhi Nayak and Sarita Chaganti Singh

MUMBAI, Nov 21 (Reuters) - India's Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation.

The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements.

While the deadline can be extended via an application to the courts, creditors are currently not inclined to do so, two banking sources said.

"The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. "After evaluation, the company has decided not to put in a bid."

The sources declined to be identified as they were not authorised to speak to the media.

Jindal Power and Go First's resolution professional did not reply to emails seeking comment.

Go First filed for voluntary insolvency in May and owes a total of 65.21 billion rupees ($785.6 million) to its creditors.

Bankers had pinned their hopes on Jindal's interest, said a banker at a lender that has exposure to Go First.

"But it looks like that hasn't materialised," the banker added, declining to be named as he was not authorised to speak to the media.

The Central Bank of India CBI.NS, Bank of Baroda BOB.NS, IDBI Bank IDBI.NS and Deutsche Bank DBKGn.DE are among the top creditors to the airline.

The Committee of Creditors will meet on Wednesday to decide the future course of action, said another banker. He also declined to be named as he was not authorised to speak to the media.

Both bankers said the liquidation of the airline was now the most likely option as there were no serious bidders.

Banks are already evaluating a property that is held as collateral with lenders in case of liquidation, one of the bankers said.

Go First is currently locked in a legal tussle with its lessors after they were blocked from repossessing planes due to a moratorium imposed by Indian courts.

A recent amendment to India's insolvency rules allows lessors to take back the planes, but a court has yet to determine whether this change can be applied retrospectively to Go First.

(Reporting by Siddhi Nayak in Mumbai and Sarita Chaganti Singh in Delhi; editing by Miral Fahmy)

(([email protected]; +91 22 6921 7848; Reuters Messaging: Twitter: https://twitter.com/siddhiVnayak))

Oct 31 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL AND POWER Q2 CONSOL PAT 13.90 BILLION RUPEES

• JINDAL STEEL AND POWER Q2 CONSOL GROSS REVENUE 141.28 BILLION RUPEES

• JINDAL STEEL AND POWER Q2 YEAR AGO CONSOL REPORTED PAT 2.19 BILLION RUPEES; GROSS REVENUE 155.34 BILLION RUPEES

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