CAPITAL BUDGETING OF JINDAL

STEEL AND POWER LTD

NAME: Prshant k
PROGRAM: PGDM FINANCE
COMPANY: JINDAL STEEL AND POWER LTD
FACULTY GUIDE: Prof Das
COMPANY GUIDE: Mr. RAM

CERTIFICATE

This is to certify that PRASHANT K has accomplished the

project report title JINDAL STEEL AND POWER LTD under my guidance
and provision.
I further certify that this is an original work. All sources of information and help
have been duly mentioned and acknowledged.

ACKNOWLEDGEMENT

I wish to express my gratitude to JINDAL STEEL AND POWER LTD for giving me an
opportunity to be a part of their esteemed organization and enhance my knowledge by
granting permission to do summer training project under their guidance.
I am deeply indebted to my guide, Mr. RAM, Assistant Manager, for his valuable and
enlightened guidance. He provided me with the opportunity to learn in this sector and
spared his valuable time to help me.
A special thanks to my faculty guide, Prof DAS for being the chief facilitator of this
project and helped me enhance my knowledge in the field of corporate sector.
This project has been possible due to the support of several wonderful individuals. I
would like to thank many unknown individuals, with whom I interacted. All of them with
their due cooperation and motivation made the completion of this project successful. I
would like to thank them all.
Last but not the least I am highly obliged to my friends and colleagues for their help and
support. The learning during the project was immense and valuable.

Regards,
PRASHANT K

Abstract: Capital budgeting is one of the most important areas of financial

management. There are several techniques commonly used to evaluate capital
budgeting projects namely the payback period, accounting rate of return,
present value and internal rate of return and profitability index. Recent studies
highlight that financial managers worldwide favor methods such as the internal
rate of return (IRR) or non-discounted payback period (PP) models over the net
present value (NPV), which is the model academics consider superior.

Title Of the Project - Capital budgeting of Jindal steel and power ltd.

Objective/ Purpose of the Project:

To describe the organizational profile of Jindal Steel and Power Ltd.
To discuss the importance of the management of capital budgeting.
Determination of proposal and investments, inflow and outflow.
To evaluate the investment proposal by using capital budgeting
technique.
To summarize and to suggest for better investment proposal.

Limitation
Through the project is completed successfully a few limitations may be there:
Since the policy and procedure of the company will not allow to
disclosing confidential financial information, the project has to
complete with the available data given to me.
The study is carried basing on the information and documents
provided by the organization and based on the interaction with the
various employees of the respective department.

CHAPTER 1:

Introduction to Jindal Steel and Power Ltd

OVERVIEW OF Jindal Steel and Power Ltd

About the Company:

Steel is alloy of iron usually containing less than 1% carbon is a
versatile material with a multitude of useful properties used most frequently in
the automotive and construction industries. Steel can be cast in to bar strips,
sheets, nails, spikes, wire, rods or pipes as needed by the intended user. The
consumption of steel is regarded by index of industrialization and the economic
maturity any country has attained.
The development of steel industry in India should be viewed in
the conjunction with the type and the system of government that had been
ruling the country. The production of steel in significant quantity started after
1990.the growth of steel industry can be conveniently started by dividing the
period in to pre and post independence era. In the period of pre
independence, steel production was 1.5 million tones per year , which was
raised to 9 million tones of target. This is the result of the bold step taken by the
government to develop this sector.
Jindal Steel and Power Limited (JSPL) is one of India's major steel producers with
a significant presence in sectors like Mining, Power Generation and
Infrastructure.
With an annual turnover of over US$ 3.5 billion, JSPL is a part of the US$ 15 billion
diversified O.P. Jindal Group and is consistently tapping new opportunities by
increasing production capacity,diversifying investments, and leveraging its core
capabilities to venture into new businesses.The company has committed
investments exceeding US$ 30 billion in the future and has several business
initiatives running simultaneously across continents.
The company produces economical and efficient steel and power through
backward and forward integration. Its subsidiary, Jindal Power Ltd. is an

established Power Generation Company that has the distinction of developing

and operating Indias largest private thermal power project of 1000 MW at
Raigarh in the state of Chhattisgarh, India and is in the process of developing
Phase2 of the same project that entails construction of 2400 MW thermal power
plant in 4x600 MW configuration. JPL in coming years will add an aggregate
generation capacity of more than 10,000 MW to its portfolio, which includes
Hydroelectric Projects also.
As JSPL contributes to India's growth, it has also set in place a global expansion
plan in order to become one of the most prestigious and dynamic business
groups in the World. The company continues to capitalize on opportunities in
high growth markets, expanding its core areas and diversifying into new
businesses.
Through its 100% subsidiary Jindal Steel & Power (Mauritius) Ltd., Mauritius
(JSPLM), JSPL has acquired Shadeed Iron & Steel Co. LLC (Shadeed) in Oman.
JSPL is actively considering to setup Power Projects in Botswana and
Mozambique whichwould involve sale of power locally and to neighboring
countries and intends to engage a consultant to advise on market potential
and various technical, commercial and legal aspects encompassing
international exchange of power.
History:
In 1969, O. P. Jindal (19302005) started Pipe Unit Jindal India Limited at Hiser,
India.[4] After Jindal's death in 2005, much of his assets were transferred to his
wife, Savitri Jindal. Jindal Group's management was then split among his four
sons with Naveen Jindal as the Chairman of Jindal Steel and Power Limited. His
elder brother, Sajjan Jindal is the head ofJSW Group part of O.P. Jindal Group.

Vision:
To be a globally admired organization that enhances the quality of life of all
stakeholders through sustainable industrial and business development.

Mission:
We aspire to achieve business excellence through:

The spirit of entrepreneurship and innovation

Optimum utilization of resources

Sustainable environment friendly procedures and practices

The highest ethics and standards

Hiring, developing and retaining the best people

Maximizing returns to stakeholders

Positive impact on the communities we touch

Our Business/ Service Offered:

JSPL has 4 subsidiaries:

Jindal Power Limited which operates Jindal Tamnar Thermal Power Plant
a 1000 MW (4x250 MW) coal based thermal power plant in Raigarh district in
state of Chhattisgarh This plant is fully functional.[5]

Jindal Steel Bolivia

Jindal Steel and Power Mauritius

Skyhigh Overseas

INITIATIVES
Jindal PantherTM TMT Rebars
JSPL has forayed into construction retail industry with the launch of Jindal
PantherTM TMT Rebars. Panther entry into retail is spurred with an aim to provide
quality reinforced bars to housing segment. These rebars are manufactured in
1.0 MTPA capacity TMT Rebar mill at Patratu, Jharkhand supplied by Siemens of
USA.[11]
Jindal Institute of Power Technology (JIPT)
JIPT was established to develop a pool of technically trained power plant
professionals for power utilities of India and abroad. The course authorizes the
pass outs to operate OR undertake Maintenance of any part or whole of a
generating stations of capacity 100 MW & above together with the associated
sub stations. It is recognized by Central Electricity Authority (CEA), Ministry of
Power as Category-l Institute. It is promoted by Jindal Education & Welfare
Society, which is supported by Jindal Power Limited. The Institute possesses a
Simulator of 250 MW/600 MW generating units. JIPT is located inside the 4X250,
4X600 MW Jindal Tamnar Thermal Power Plant in Tamnar, Raigarh, Chhatisgarh.

LISTING
The equity shares of JSPL are listed on the Bombay Stock Exchange,[6] where it is
a constituent of the BSE SENSEX index,[7] and the National Stock Exchange of
India,[8] where it is a constituent of the S&P CNX Nifty.[9]

SWOT ANALYSIS:
Strengths
1. Produces economical and efficient steel and power through backward and
forward integration
2. Sports a product portfolio that caters to varied needs in the steel market
3. Operates the largest coal - based sponge iron plant in the world
4. Has force of innovation, adaptation of new technologies and the collective
skills of its 15,000 strong, committed workforce
5. Has an enterprising spirit and the ability to discern future trends
6. Has operations in Steel, iron, electricity generation and distribution
Weaknesses
1. Shortage of coking coal and is largely dependent upon its import
2. Weak performance on the back of the higher raw material cost and the
power & fuel cost
Opportunities
Venture into new businesses by leveraging its core capabilities
2. Increase production capacity to meet the global steel demand
3. Diversify investments to distribute risk in business
Threats
1. Hike in the export duty on iron ore fines and lumps
2. Project implementation and raw material security
3. Issues related to land acquisition, raw material linkages and environmental
clearances

Competitors
1. TATA Steel
2. SAIL
3. Essar group

CHAPTER- 02

Introduction to Capital budgeting

Introduction:
An efficient allocation of capital is the most important finance function in the
modern times. It involves decisions to commit the firms funds to the long term
assets. Capital budgeting for investment decisions is of considerable importance
to the firm since they tend to determine its value by influencing its growth,
evaluation of capital budgeting decisions.
Nature of investment decisions:
The investment decisions of a firm are generally known as the capital budgeting
or capital expenditure decisions. A capital budgeting decision may be defined
as the firms decision to invest its current funds most effectively in the long term
assets in anticipation of an expended flow of benefits over a series of years. The
long term assets are those that affect the firms operational beyond the one year
period.
Investment decisions generally include expansion , acquisition , modernization
and replacement of the long term assets . sale of a division or business
(divestment) is also an investment decision . decision like the change in the
methods of sales distribution or an advertisement campaign or a research and
development program have long term implications for the firms expenditures
and benefits and therefore , they should also be evaluated as investment
decisions.
The following are the features of investment decisions.
The exchange of current funds for future benefits
The funds are invested in long term assets.
The feature benefits will occur to the firm over a series of years.

Objectives :
Understand the nature and importance of investment decisions
Explain the methods of calculating net present value (NPV) and internal
rate of return(IRR)
Show the implicated of net present value(NPV) and internal rate of return
(IRR)
Describe the non DCF evaluation criteria, payback period and
accounting rate of return(ARR)
Institute the competition of the discounted payback
Compare and contract NPV and IRR and emphasize the superiority of
NPV rule

Process:
Capital budgeting is a complex process which may be divided into the
following phases:
Capital budgeting process:
Identification of investment proposal
Screening the proposal
Evaluation of various proposal
Fixing priorities
Final approval and preparation of capital expenditure budget
Implementing proposal
Performance review

Identification of investment proposal:

The capital budgeting process begins with the identification of investment
proposal. The proposal or idea about potential investment opportunities may
originate from the top of management or may come from the rank and file
workers of any department or from any officers of the organization. the
departmental head analysis the various proposals in the light of the corporate
strategies and submits the suitable proposals to the capital expenditures
planning committee in case of large organization or to the officers a concerned
with the corporate strategies and submits the suitable proposals to the capital
expenditures. Capital expenditures planning committee in the case of the large
organization or the officers concerned with the process of long term investment
decisions.
Screening the proposal:
The expenditures planning committee screens the various received from
different departments. The committee views these proposal from various angles
to ensure that these are in accordance with the corporate strategies or
selection criterion of the firm and also do not lead to the department
imbalances.
Evaluation of various proposals:
The next step in the capital budgeting process is to evaluate the profitability of
various proposals. There are many methods which may be used for this purpose
such as payback period method, rate of return method, net present value
method, internal rate of return, etc. all these method of evaluating profitability
of capital investment proposals have been discussed in detail separately in the
page of this chapter. It should be classified as below.
Independent proposals

 Contingent or dependent proposal and

Mutually exclusive proposals.

Fixing priorities:
After evaluating various proposals, the unprofitable proposals may be rejected
straight away. But it may not be possible for the firm to invest immediately in the
all the acceptable proposals due to limitation of funds. Hence it is very essentials
to rank the various proposals and to establish priorities after considering urgency,
risk and profitability involved there in.
Final approval and preparation of capital expenditure budget:
Proposals meeting the evaluation and other criteria are finally approved to be
included in the capital expenditure budget. However, a proposal involving
smaller investment may be decides at the lower levels for expenditure action.
The capital expenditures a budget lays down the amount of the estimation
expenditures to be incurred on fixed assets during the budget period.

Implementing proposals:
Translating an investment proposal into a concrete project is a complex, time
consuming and risk fraught task.
1. Adequate formulation of projects
The major reason for delay is insinuate formulation of project put
differently, if necessary homework in terms of preliminary comprehensive
and detailed formulation of the project.
2. Use of the principle of responsibility accounting

Assigning specific responsibility to project managers for completing the

project within the defined time frame and cost limits is helpful for
expedition execution and cost control.
3. Use of network techniques
For the project planning and control several network techniques like PERT
( program evaluation review techniques) and CPM (critical path method)
are available.
Performance Review:
Performance review, or post completion audit, is feedback device .it is
a means for comparing actual performance with projected
performance. It may be conducted, most appropriately. When the
operation of the project have stabilized.
It is useful several ways.
I.

It throws light on how realistic were the assumption underlying the project.

II.

It provides a documented log of experience that is highly valuable for

decision making.

Importance of investment decisions:

Investment decisions require special attention because of the following reasons
They influence the firms growth in the long term.
They affect risk of the firm.
They involve commitment of large amount of funds.
They are irreversible or reversible at substantial loss.
They are among the most difficult decisions to make.

Types of investment decisions:

There are many ways to classify investment one classification is as follows:
Expansion of existing business
Expansion of new business
Replacement and most modernization.

Expansion and diversifications:

A company may add capacity to its existing product lines to expand existing
operations. For example the jindal steel and power limited (JSPL) may increase
its plant capacity to manufactures more liquid steel. It is an example of related
diversification.
A firm mat expand is activities in a new business expansion of a new business
requires investment in new products and new kind of production activating
within the firm. If packing manufacturing company invests in a new plant and
machinery to produce ball bearings, which the firm has not manufactured
before, this represents expansion of new business or unrelated diversification.
Sometimes a company acquires existing firms to expand its business.
Replacement and modernization:
The main objective of modernization and replacement is to improve operating
efficiency reduce costs. Cost savings will reflect in the increased profits, but the
firms revenue may remain unchanged. Asset becomes outdated and absolute
with technological changes. The firm must decide to replace those assets with
new assets that operate more economically. Replacement decisions help to
introduce more efficient and economical assets and therefore, are also called
cost reduction investments.

However replacement decisions that involve substantial modernization and

technological improvements expand revenues as well as reduce costs.
Yet another useful way to classify investments is as follows:
Mutually exclusive investments
Independent investments
Contingent investments

Mutually exclusive investments:

Mutually exclusive investments serve the same purpose and compete with each
other. If one investment understands others will have to be excluded
accompany. May, for example use a more labour intensive ,semiautomatic
machine , or employ a more capital intensive, highly automatic machine for
production.

Independent investments:
Independent investments serve different purposes and do not compete with
each other. For example, a heavy engineering company may have been
considering expansion of its plant capacity to manufacture additional
excavators and addition of new production facilities to manufacture a new
product.
Contingent investments:
Contingent investments are dependent projects; the choice of one
investments necessitates understanding one or more other investments for
example, if a company decides to build a factory in a remote ,backward area,

it may have to invest in house , roads, hospitals, school,etc, and the total
expenditure will be treated as one single investment.

Investment evaluation criteria:

Three steps are involved in the evaluations of investment:
Estimation of cash flows
Estimation of the required rate of return
(The opportunity cost of capital)
Application of a decision rule for making the choice

Evaluation criteria:
A number of investment criteria (or capital budgeting techniques) are in use in
practice. They may be grouped in the following two categories.

Capital budgeting techniques:

Capital
Budgeting

Non DCF
Creteria

DCF Creteria

NPV

I.R.R

P.I

Payback

Accounting
Rate of
Return

Non DCF Criteria:

Payback period (PB):
The payback period is one of the most popular and widely recognized
traditional methods of evaluating investment proposals. Payback is the number
of years required to recover the original cash outlay invested in a project.
If the project generates constant annual cash inflows, the payback period can
be computed by dividing cash outlay by the annual cash inflow.

Payback =

C0: Initial investment

C

: Annual cash in flow

In case of UN equal cash inflow, the payback period can be found out by
adding up the cash inflow until the total is equal to the initial cash outlay.

Accounting Rate of return:

The accounting rate of return (ARR) also known as the return on investment
(ROI) uses accounting information, as revealed by financial statement, to
measure the profitability of an investment. The accounting rate of return is the
ratio of the average after tax profit divided by the average investment. The
average investment would be equal to half of the original investment if it were
depreciated constantly.

ARR =

x 100

DCF Criteria:
Net present valued Method (NPV):
The NPV method is the classic economic method of evaluating the investment
proposals. If is a DCF technique that explicitly recognizes the time value at

different time periods differ in value and are comparable only when their
equipment present values are found out.

NPV = C 1 + C2 + C3 +-------+ Cn C0

NPV= =0

(1+)

C0

Where
NPV= Net present value
Cn= Cash flows occurring at time
K = the discount rate
n= life of the project in years
C0= Cash outlay

Internal rate of return (IRR):

The internal rate of return (IRR) method is another discounted cash flow
technique which takes account of the magnitude and thing of cash flows, other
terms used to describe the IRR method are yield on an investment, marginal
efficiency of capital, rate of return over cost, time adjusted rate of internal return
and soon.

NPV = =0 1

(1+)

(1+)

Where
Cn= Cash flows occurring at different point of time
K = the discount rate
n= Life of the project in years
C0= Cash outlay
SV+WC= Salvage value and working capital at the end of the n years

IRR= L+ () X (H-L)

Where
L= Lower discount rate at which NPV is positive
H = Higher discount rate at which NPV is negative
A = NPV at lower discount rate L
B= NPV at higher discount rate H

Profitability index (PI):

Yet another time adjusted method of evaluating the investment proposals is the
benefit cost (B/C) ratio or profitability index (PI) profitability index is the ratio of
the present valued of cash inflows, at the required rate of return, to the initial
cash out flow of the investment.

PI =

Where
PV: present value

Chapter 03

EVALUATION OF CAPITAL BUDGETING

Pay Back Period:

Income
(Profit after
tax)

SI.No Years
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19

Cash
Depreciation Inflows

516
573
703
1,251
3,007
3,635
3,804
4,002
2,912
1,894
1,962
2,032
2,105
2,181
2,259

152
219
337
479
964
997
1,151
1,386
1,539
1,829
2,174
2,583
3,068
3,645
4,330

Cumulative cash
inflows

668
792
1040
1730
3971
4632
4955
5388
4451
3723
4136
4615
5173
5826
6589

668
1460
2500
4230
8201
12833
17788
23176
27627
31350
35486
40101
45274
51100
57689

(Assumption: The change in percentage of PAT and Depreciation from 2012-13

to 2013-14 are taken as same for the estimated years.)
A. Cash Outlay= 14093

B. Pay Back Period =

4000

5+ 4632

5.10 Years

Pay Back Period:

It is assumed that the profit earning of the project will start from 2009-10.
Taken consideration of (incremental adjusted cash flow) i.e expansion base
year, for calculation PAY BACK PERIOD.
Estimated profits are taken from the data provided
For CIF we have deducted depreciation from profit and cumulative
profit.
So the projected payback period is calculated as 5.10 years
We should increase this period with same exception as there:
May be any additional factor and other cause so rounding of 5.10 to 6
years will be right, so that it will give more assistance to the calculation

Average Rate of Return:

SI.No

Years
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19

Income
668
792
1040
1730
3971
4632
4955
5388
4451
3723
4136
4615
5173
5826
6589

cash inflow
(before
Depreciation depreciation)
152
219
337
479
964
997
1,151
1,386
1,539
1,829
2,174
2,583
3,068
3,645
4,330

516
573
703
1,251
3,007
3,635
3,804
4,002
2,912
1,894
1,962
2,032
2,105
2,181
2,259

ARR =

Average profit =

x 100

= 32836/15
= 2189.066
Average investment =
=

+ Ad WC

14093
2

+455.62

=7502.12
ARR =

2189.066
7502.12

X 100%

= 29.179%
ROI=
=

2189.066
14093

x 100

x 100

= 15.15%
It has more calculation taking total profit and taking average of it.
It show the return on an average income of the firm on long run basis with
certain assumption 29.10% for any firm at long run is normal but there must be
increase in future is not certain.

NPV:
SI.No

Years
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Income

2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19

668
792
1040
1730
3971
4632
4955
5388
4451
3723
4136
4615
5173
5826
6589

DCF(11%)

Present value of inflows

0.9
0.812
0.731
0.659
0.593
0.534
0.482
0.434
0.391
0.352
0.317
0.286
0.257
0.232
0.209

601.2
643.104
760.24
1140.07
2354.803
2473.488
2388.31
2338.392
1740.341
1310.496
1311.112
1319.89
1329.461
1351.632
1377.101

Total present value of inflow = 22439.64

N P V = Total present value of cash flow total outlay

= 22439.64 14093
= 8346.64
It is factor of Rs. 1 calculation at the end of year. it will be value of Rs.1 at the
end of year which is based interest rate, cost of capital and market state which
is called as discount rate to get an discount rate to get an approximate
decision.
It should be taken in every calculation of project so that an approximate,
decision can be taken .as it is more reliable the simple cash flow (profit)

Internal Rate of Return:

Discount rate taken as 10%

SI.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Years
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19

Income
668
792
1040
1730
3971
4632
4955
5388
4451
3723
4136
4615
5173
5826
6589

DCF(10%)

Present value of
inflows

0.909
0.826
0.751
0.683
0.621
0.564
0.513
0.466
0.424
0.385
0.35
0.319
0.29
0.263
0.239

Total present value of inflows = 24202.719

607.212
654.192
781.04
1181.59
2465.991
2612.448
2541.915
2510.808
1887.224
1433.335
1447.6
1472.185
1500.17
1532.238
1574.771

Discount rate taken as 20%

SI.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Years

Income

2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19

DCF(20%) Present value of inflows

668
792
1040
1730
3971
4632
4955
5388
4451
3723
4136
4615
5173
5826
6589

0.833
0.694
0.579
0.482
0.402
0.334
0.279
0.232
0.193
0.161
0.134
0.112
0.0934
0.077
0.0649

556.44
549.648
602.16
833.86
1596.342
1547.088
1382.445
1250.016
859.043
599.403
554.224
516.88
483.158
448.602
427.6261

Total present value of inflows = 12206.935

IRR = L +

= 10 +

X(H-L)

(24202.71914093)
(24202.71912206.935)

X (20-10)

= 18.427
In this calculation, is done on the basis of trail and errors. By taking various
percentage of DCF, so that an appropriate percentage of internal rate of return
can be judge out.
Calculated figure is 18.427% ,so we can take it as 20% cause at market
uncertainty.

Profitability Index Method:

SI.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Years

Income

2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19

Present value of
DCF(11%) inflows

668
792
1040
1730
3971
4632
4955
5388
4451
3723
4136
4615
5173
5826
6589

0.9
0.812
0.731
0.659
0.593
0.534
0.482
0.434
0.391
0.352
0.317
0.286
0.257
0.232
0.209

601.2
643.104
760.24
1140.07
2354.803
2473.488
2388.31
2338.392
1740.341
1310.496
1311.112
1319.89
1329.461
1351.632
1377.101

PROFITABILITY INDEX
P I = Cash inflow / cash outflow
= 22439.64 / 14093
= 1.59
In calculation of P.I simple income is taken in to consideration thats why
P.I = 1.59
But it is not correct as per practical study. So discounted rate will help to
get a good path to get an approximate P.I and it will be more reliable than old
traditional approach.

Bibliography:

Financial management I .M. Pandey

Financial management Prasanna Chandra
Financial management- M.Y.Khan and Jain
URL: www.jindalsteelpower.com
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