OREANDA-NEWS. Jindal Steel and Power Ltd. in a board meeting today unanimously approved the buy-back of equity shares from its existing shareholders (other than the company’s promoters, promoter group, persons in control and persons acting in concert), at a price not exceeding Rs 261/- per equity share, up to an aggregate amount not exceeding Rs 1000 crore from the open market through the stock exchange(s), provided, inter alia, that such buy-back shall be equal to or less than 10% of the company’s total paid- up equity capital and free reserves.

Additionally, the board of directors in its meeting today appointed Shri. K. Rajagopal, Group CFO and Director as an Additional Director and Wholetime Director of the company, effective today.

Jindal Steel and Power Limited (JSPL) is one of India’s major steel producers with a significant presence in sectors like Steel, Mining, Power Generation and Infrastructure. With an annual turnover of over USD 3.5 billion, JSPL is a part of the over USD 18 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa and Australia.

The company produces economical and efficient steel and power. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to major infrastructure & housing projects in the country. It also has the distinction of producing the world’s longest 121 metre long rails and large size parallel flange beams, high strength angle irons for transmission towers and high strength earthquake-resistant construction rebars.

The company is equally concerned about the environment and is committed towards restoring nature’s balance by maintaining a clean and green environment. JSPL’s Corporate Social Responsibility policy aims at bringing about a radical transformation in the quality of people’s lives in and around the operation areas of the company through positive intervention in social upliftment and revenue generation programs.