Indian multinational conglomerate
JSW Group is an Indian multinational conglomerate, based in Mumbai. It is led by Sajjan Jindal and is part of the O.P. Jindal Group.[3] The group's diverse businesses include steel, energy, infrastructure, cement, automotive and paints, across India, the United States, South America, and Africa.[4]
History
1982-1994
The JSW Group was founded in 1982 when Jindal acquired a re-rolling mill located in Tarapur, Maharashtra, near Mumbai, from Piramal Steel.[5] Following the acquisition, the group renamed it Jindal Iron and Steel Company (JISCO). Subsequently, in the same year, the group established its first steel plant in Vasind, near Mumbai.[6]
1994-2005
In 1994, Jindal Vijayanagar Steel Limited (JVSL) was established in 1994. Situated at Toranagallu in the Bellary–Hospet region of Karnataka, this plant strategically positioned itself in the heart of the high–grade iron ore belt, sprawling across 3,700 acres of land.[7] In 2004, JSW made a strategic move by acquiring Salem Steel Works, adding to its portfolio. The year 2005 witnessed a pivotal moment in group's history when JISCO and JVSL merged to create JSW Steel.[8]
In 1994, JSW Energy Limited was established as power company, focusing on power generation, transmission and trading.[9]
In 1999, JSW Infrastructure was founded to construct and operate airports, shipyards, townships, roads and rail connectivity, inland waterways, water treatment plants, special economic zones and other infrastructural facilities.[10]
2008-2014
In 2008, JSW Group ventured into a rebar joint venture in Georgia.[11] The construction of an integrated steel plant at Dolvi, Maharashtra, in 1994 with the help of ESPIC Consultancy added to their steel production portfolio. And, the acquisition of Welspun Maxsteel in 2014 marked as a diversification in the group's history.[12]
In 2009, JSW Group entered the cement business by establishing JSW Cement and established production facilities in various locations including Vijaynagar, Nandyal (Andhra Pradesh), Dolvi, Jaipur, Shiva (Odhisha), Salboni (West Bengal), and Fujairah (United Arab Emirates).[13]
2018-2020
In 2018, JSW Group purchased Italy's Aferpi.[14] Also, investments were made in a greenfield Texas plant and the takeover of bankrupt Bhushan Power. In 2020, JSW's purchase of Bhushan Power faced legal challenges, but the group pressed on, acquiring stakes and expanding its presence.[15]
On 2 May 2019, JSW Group established JSW Paints with a total investment of ₹600 crore (US$75 million), with ₹250 crore of equity investment and a ₹350 crore debt investment from Axis Bank.[16][17]
2021-2023
In 2021, JSW Steel Italy acquired a stake in GSI Lucchini and set a CO2 reduction target for 2030.[18] In 2022, they planned the merger of JISPL and CSSL subsidiaries and secured approval for a greenfield steel plant in Andhra Pradesh.[19] In 2013, the group entered into a collaboration with Japan's JFE Holdings in the electrical steel sector.[20] In December 2023, JSW Infrastructure announced plans to acquire a majority stake in PNP Port for ₹270 crore.[21]
Financials
The group witnessed growth, expanding from a company worth ₹93 crore (US$12 million) in 1993 to ₹12,700 crore (US$1.6 billion) crore in 2008,[5] and further expanding to become a company valued at ₹180,000 crore (US$23 billion) by 2023.[22][23]
Corporate affairs
Workplace culture
During 2023, the JSW Group increased its recruitment of female engineers through the Graduate Engineering Trainee (GET) program, nearly tripling the number compared to the previous year. The group has brought onboard over 2,300 young GETs, with nearly 600 of them being women, and has established a goal to reach a 30% representation of women in the program over the next two years.[24]
Philanthropy
JSW Foundation is the philanthropic arm of JSW Group, set up in 1987.[54] The foundation works in the field of education, skill building training, healthcare and social development domains. Besides that, the Foundation is actively involved in restoration projects, including the preservation and restoration of significant archaeological ruins like Hampi,[55] Mughal Gardens of Kashmir (Shalimar Bagh and Nishat Bagh),[56] Keneseth Eliyahoo Synagogue,[57][58] Maragondanahalli Lake in Bangalore,[59] David Sassoon Library,[60][61] Shiv Khori[62] etc.
COVID-19
In May 2020, right at the outset of the COVID-19 pandemic in India, JSW Group pledged more than ₹100 crore to aid the relief initiatives led by PM CARES Fund and other State governments in their battle against the COVID-19 crisis.[63][64]
During the second wave of COVID-19 pandemic in Karnataka in 2021, JSW Group established a temporary 1,000-bed COVID-19 hospital in Ballari, located near its township.[65] Also, the company installed a dedicated 5 km-long oxygen supply pipeline from its Vijayanagar steel plant to directly serve patients at the new hospital under construction. In a related effort, the group repurposed its multi-speciality Jindal Sanjeevani Hospital near Dolvi unit in Maharashtra to function as a COVID-19 treatment facility.[66]
JSW Steel Dolvi Works, Maharastra, India
JSW School of Public Policy (JSW-SPP), Indian Institute of Management, Ahmedabad
US$23 billion[1]
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