JINDALSTEL

In 1998, the company name was being changed from Orbit Strips Ltd. to Jindal Steel & Power Ltd. on 12th June. It also joined the Depository System, and its securities could be dematerialized. Also, the Raigarh and Raipur Divisions of Jindal Strips Limited were hived off to JINDAL STEEL & POWER LIMITED according to the Scheme of Arrangement being approved by Hon'ble High Court of Punjab and Haryana.

It also issued 14% 60,00,000 Cumulative Redeemable Preference Shares of INR 100/- each aggregating to INR 60 crores on private placement basis.

In 2000, the JSPL or Naveen Jindal-controlled Jindal Steel & Power Ltd declared the launch of another company Infovergix Technologies Ltd. that will provide information technology services and solutions.

Also, the Round Caster Unit was set up in Raigarh and has been commissioned in May and also started producing Rounds that is an import substitution product.

Soon, it entered into an agreement with Maharashtra Seamless Ltd. for selling about 50,000 MT of Rounds annually for the coming 5 years at a competitive price. It also introduced Infovergix Technologies that marks the foray of one more old economy company into the infotech sector.

It also set up a Coal Washery of 2.5 million MT capacity at the coal mine to meet the additional need of coal for the Sponge Iron Plant.