Other key developments:

The merger process of JSHL into JSL is in the advanced stage. Necessary approval for the merger has been granted by the stock exchanges and SEBI to the Company ahead of the time limit. Presently, the first motion application has been filed by the company before the National Company Law Tribunal.

After the government suspended the Countervailing Duty (CVD) on China and revoked the provisional CVD on Indonesia in the latest Union Budget, the domestic industry is expecting a significant rise in imports during the current FY. Unfairly priced imports from Indonesia and China are likely to distort the domestic market especially the MSME manufacturers.

Based on a healthy liquidity position, debt reduction plan, and proposed merger synergies, long-term credit facilities of JSHL were assigned IND A/RWE rating by India Ratings and Research (Ind-Ra). JSHL’s short-term credit facilities were assigned IND A/RWE/INDA1 by the agency. The agency maintained its rating despite pandemic-induced disruptions in past quarters. 

The Company has supported Haryana government by converting the OP Jindal Modern School in Hisar into an emergency COVID hospital. This 500-bed COVID hospital was inaugurated on May 16, 2021, and was completed in a record time of two weeks. All 500 beds are equipped with oxygen, supplied by JSHL‘s oxygen plant. Since the onset of the pandemic in 2020, JSHL has been consistently supplying LMO of ~9.5 MT per day to all medical facilities in and around the plant. As of today, the plant is supplying 50+ medical facilities in Haryana and Delhi-NCR. To support the government’s relentless efforts, JSHL has also dedicated a 125-bed Isolation Ward and two Negative Pressure Isolation Rooms with 200 beds for COVID-19 patients in Jindal Institute of Medical Sciences, the 580-bedded multi super-specialty hospital in Hisar, Haryana.