Jindal Steel & Power

Jindal Steel and Power Limited (JSPL) is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

--

"Jindal Steel and Power Limited (JSPL) dispatched the first lot of rail to Iran on Sunday from its Raigarh facility. The steel major had bagged a contract to supply 150,000 tonnes of rail to Iran for developing rail infrastructure. Of the order, 130,000 tonnes would be normal rail and 20,000 tonnes specialised head hardened rail that is produced only by the JSPL in the country. “The rail supply to Iran is a major contribution of JSPL in Make-in-India concept,” company’s Executive Director (projects and operations) Pankaj Gautam said while flagging off the first rake of consignment. In the first lot, 1700 tonnes of 18-meter normal rail has been dispatched to the Gangavaram port in Andhra Pradesh for shipping." (Business Standard, "JSPL dispatches first lot of rail to Iran," 8/7/2016).

--

"State-run Steel Authority of India Ltd and private firm Jindal Steel and Power Ltd have signed a deal with Iran to supply 250,000 tonnes of steel rails worth 17 billion Indian rupees ($255 million) in 2015." (Reuters, “India raises Iran credit line to $450 million,” 4/6/2016)

--

"Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects. The push back from the Iranians came as a surprise to India, which has enjoyed special dispensation from Tehran as one of only a handful of countries willing to do business with it while it faced Western economic sanctions. Under a tentative framework agreement reached between six major powers and Tehran in April, Iran agreed to limit its nuclear activity in return for sanctions relief. A final deal could be reached by June 30. That prospect appears to have emboldened Iran, said sources familiar with trade negotiations with India, including in its handling of a sizeable deal to import railway tracks. The $233 million contract, signed last October, was for India's State Trading Corp (STC) to facilitate exports of rail tracks from SAIL Ltd and Jindal Steel and Power Ltd to Iran's railways. But Iran told Indian negotiators that it had offers from other countries, including Turkey, to supply the equipment at a cheaper cost, the sources said." (Reuters, "With nuclear deal in sight, Iran drives harder bargain in Indian trade talks," 5/19/15)