ED searches premises linked to Jindal Steel and Power Ltd in foreign exchange case

Navin Jindal, an industrialist and a Congress leader from Haryana, was booked by the CBI in a coal blocks allocation case in 2013. He was chargesheeted in two separate coal blocks cases in 2016 and 2017. The ED, which opened a money-laundering inquiry against him, has also filed a chargesheet in the case. A Delhi court framed charges against Jindal in one of the cases.

JSPL was one of the two private companies that got a coal field in February 2009. It got the Talcher coal field in Odisha’s Angul district with reserves of 150 crore (1,500 million) metric tonnes allegedly after the cut-off date set by the central government while the government-run navratna company Coal India Ltd was refused a coal field.

With turnover of approximately ₹40,000 crore, JSPL is a part of OP Jindal Group, a Rs1,30,000-crore diversified conglomerate. JSPL is a leading player in steel, power, mining, oil and gas, and infrastructure in India. The company produces steel and power through backward integration from its own captive coal and iron-ore mines.

In terms of tonnage, JSPL is the third largest steel producer in the country. It was incorporated in 1979. In 1995 it forayed into the power sector with Jindal Power.