About Jindal Steel & Power Ltd

Jindal Steel and Power Ltd (JSPL) is one of India's major steel producers with a significant presence in sectors like Mining, Power Generation and Infrastructure. JSPL is a part of the US $ 18 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 produces economical and efficient steel and power through backward integration from its captive coal and iron-ore mines. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to varied needs in the steel market. The company also has the distinction of producing the world's longest 121 metre rails and introducing large size parallel flange beams in India. The company's segments include iron and steel; power, and others. The company's manufacturing plants are located at Raigarh in Chhattisgarh, Angul in Orissa and Patratu in Jharkhand. Its machinery division is located in Raipur. Jindal Steel and Power Ltd was incorporated in September 28th, 1979. In the year 1995, the company forayed into power sector and started a company namely, Jindal Power Ltd to engage the power sector. In May 1998, the Steel Melting Shop of the company was shut down due to the explosion. In the year 1999, as per the scheme of arrangement, the Raigarh and Raipur Divisions of Jindal Strips Ltd were hived off the company. In October 2009, they reopened the Steel Melting Shop and commenced operations. In May 2000, the company commissioned Round Caster Unit set up in Raigarh and started producing Rounds, which import substitution product. Also, the company entered into an agreement with Maharashtra Seamless Ltd for selling 50,000 MT of Rounds annually. Also, they forayed into the Infotech sector and launched Infovergix Technologies. In the year 2001, the company introduced a new value added product namely, Alloy Steel Rounds, which is used for manufacture of seamless tubes. The company signed an MoU with the Chattisgarh government to invest Rs 6, 400 crore in various projects in the state over the seven years. During the year 2003-04, the company started manufacturing Universal beams and structures, in addition to manufacturing of value added steel products, such as, rounds, billets, blooms and slabs. In January 7, 2005, the company signed an MoU with Government of Chhattisgarh. In July 5, 2005, they signed an MoUn with Jharkand Government. Also, they inked an agreement with S. African, German Company for coal gasification facility at their proposed six-million-tonne steel plant in Orissa. In November 3, 2005, they signed a revised MoU was signed with the state Government of Orissa to increase production capacity of proposed steel plant from 2.00 million TPA to 6.0 million TPA. In the year 2006, the company inked a joint venture deal with Bolivia for El Mutun development. In March 30, 2007, the company signed an MoU with the Government of Chhattisgarh for setting up 2 million TPA Cement plant and 30 MW Power Plant in Raigarh at an estimated cost of Rs720 crore. In April 2007, the company's Plate Mill of 1.0 million TPA capacity was commissioned successfully and commenced commercial production. The company signed an MoU with the Government of Orissa for setting up a 6 Million TPA Integrated Steel Plant near Kerajang Railway Station in Angul District of State of Orissa at an estimated cost of Rs 16, 560 rore. During the year 2010-11, the company commenced production in 0.6 MTPA capacity wire rod mill and 1.0 MTPA capacity bar mill, at Patratu, Jharkhand. The company through their 100% subsidiary Jindal Steel & Power (Mauritius) Limited, Mauritius (JSPLM), has acquired Shadeed Iron & Steel Co. LLC (SISCO), a Company incorporated under the laws of the Sultanate of Oman, in June 2010. The plant has been commissioned in record time and commercial operations started in December 2010, three months ahead of its schedule. In May 2010, the company completed the modification in mini blast Furnace and commissioned the steel melting shop (SMS - III). The company synchronized the two units of 135 MW each under Phase - I in May and September 2010 respectively. In May 2010, the company completed the A 0.5 MTPA capacity slag grinding unit at Raigarh, Chhattisgarh. This plant is utilising the slag produced by blast furnace I and II and clinker, purchased from outside, is mixed with slag to produce cement. In January 2011, the company completed the 0.6 MTPA medium and light section mill at Raigarh, Chhattisgarh and commenced production. In March 2011, the company commissioned the first unit of 135 MW captive power plant in steel plant proposed to be set up at Angul, Orissa. As of March 31, 2011, the company's installed capacity at its Raigarh Unit include: 13,70,000 metric tons of sponge Iron; 30,00,000 metric tons of mild steel; 36, 000 metric tons of ferro alloys; 623 megawatts of power; 16,70,000 metric tons of hot metal/pig iron; 7,50,000 metric tons of rail and universal beam mill; 10,00,000 metric tons of plate mill, 60,000 metric tons of fabricated structures; 5,00,000 metric tons of cement plant and 6,00,000 metric tons of medium & light section mill. In January 2012, the company commissioned the fourth unit of 135MW plant at Dongamahua, Raigarh, Chhattisgarh and second unit of 135 MW power plant at Angul, Orissa, with this total 6 units are commissioned in series of 10 units of 135 MW. On 16 July 2012, Jindal Steel Bolivia (JSB), a subsidiary of Jindal Steel & Power Ltd., terminated the contract signed with the Bolivian Government for investment of USD 2.1 billion for the El Mutun mines. The termination comes in the wake of the issuance of a letter to the Govt. of Bolivia on 8 June 2012 conveying its intention to terminate the contract due to the non-fulfillment of contract conditions on the part of the Bolivian government. As per terms of the Joint Venture Contract, the Govt. of Bolivia had 30 days time to resolve the issues failing which JSPL could terminate the contract within 7 working days thereafter. The company took the decision, after all its efforts to resolve the issues and take the project forward did not meet with success. Due to the non-fulfillment of the contractual obligations and unwillingness to fulfill the contract on the part of the Govt.of Bolivia, JSPL has been forced to terminate the contract. JSPL had signed a Contract with the Government of Bolivia in the year 2007 for investing USD 2.1 Billion in Iron Ore Mining, Pelletization (10 million ton per annum), DRI (6 million ton per annum) and Steel making (1.7 million ton per annum). This was the single largest foreign investment in Bolivia. On 28 August 2012, Jindal Steel & Power Ltd (JSPL) announced the commercial production of India's widest 5.0 Meter Wide Plate mill in Angul, Odisha which is a part of the planned first phase 6.0 million MT per annum integrated steel plant at Angul, Odisha. This Plate Mill has an annual capacity of 2 MTPA. This 5 Meter Wide Plate Mill at Angul is a part of the company's forward integration process of completing the process chain to produce value-added finished discrete plates. On 5 September 2012, Jindal Steel and Power Limited (JSPL) announced that its subsidiary Jindal BVI Limited (JBVI), has acquired Canadian listed coal Company CIC Energy Corp. (CIC) for about US$115 million (over Rs 600 crore) by way of a merger of JBVI and CIC. The Minister of Minerals, Energy and Water Resources of Botswana where CIC has its coal mines, has already approved the change of control from CIC to JBVI and all other approvals for the merger have already been granted and the merger certificate will be issued in the next few days marking the completion of the acquisition. The deal will provide JSPL access to CIC's high quality thermal coal in Greater Mmamabula coalfield in SE Botswana which is estimated to be in excess of 6 billion tonnes (approx) (including Measured and Indicated resource of 2.4 billion tonnes). The deal will provide JSPL the opportunity to tap the highly lucrative and power deficient South African Development Community (SADC) countries and given the huge resource, will also provide an opportunity to set up a Coal to Hydrocarbons project. On 8 August 2013, Jindal Steel & Power Ltd announced the commissioning of the largest Steel Melting Shop (SMS) and its Allied unit of the 6.0 MTPA integrated steel plant at Angul, Odisha, on the Birth Anniversary of its Founder Shri OP Jindal. With commissioning of the Steel Melting Shop in its Angul project, JSPL has completed the 2.5 MTPA capacity out of the 6 MTPA in the first phase of its greenfield project at Angul. On 18 October 2013, Jindal Steel and Power Ltd (JSPL) announced the shareholders of Gujarat NRE Coking Coal - the Australian subsidiary of Kolkata-based Gujarat NRE Coke - in a general body meeting held in New South Wales have cleared the acquisition of a majority stake in Gujarat NRE Coking Coal by JSPL. The acquisition will enable JSPL acquire a majority stake of 53.63 per cent in Gujarat NRE Coke's Australian subsidiary through a deal that involves issue of convertible notes, placement of shares and option to acquire shares at a later stage. Prior to the transaction, JSPL was the second largest shareholder in Gujarat NRE Coking Coal, after its promoters, with 31.49 per cent stake. Gujarat NRE Coking Coal has mines in Australia with over 650 million tons of coking coal resources. On 28 April 2014, Jindal Shadeed Iron & Steel, a wholly owned subsidiary of Jindal Steel & Power Ltd.(JSPL), successfully commissioned its 2 MTPA Integrated Steel Plant (ISP) in Sohar, Oman. The facility, using state-of-art technology from M/s Danielli Italy, is Oman's first & largest Steel Melting Shop (SMS), and also the third largest unit of Middle East & Gulf Region. Jindal Shadeed has invested over US$ 800 million in this integrated facility. JSPL had acquired Shadeed Iron and Steel's 1.5 MTPA Gas-based HBI plant in 2010 at a cost of US$ 500 million. On 23 August 2014, Jindal Steel and Power (JSPL) announced that Jindal Steel Bolivia has been vindicated in connection with its investment in the 'El Mutn' project in Bolivia by an international tribunal ordering payment to Jindal of more than $22.5 million by Bolivian state-owned entity Empresa Siderrgica del Mutun (ESM). With the completion of Jindal Steel and Power's landmark 2400 MW expansion project at Tamnar (Chhattisgarh) in April 2015, JSPL group's installed generation capacity in Raigarh belt reached 4294 MW, thereby achieving UMPP scale. On 28 October 2014, Shadeed Iron & Steel LLC (Jindal Shadeed), a wholly owned subsidiary of Jindal Steel & Power Ltd. (JSPL), and Bank Muscat signed the successful financial closure of USD 725 million (around Rs 4440 crore) syndicated term loan facility. The facility was oversubscribed with commitments in excess of USD 855 million received as against the required commitments of USD 725 million. On 15 June 2015, Jindal Steel and Power Ltd created history with its Steel Melting Shop at Raigarh facility producing a record 10,000 tonnes of crude steel in a single day. This highest production based on DRI (Direct Reduced Iron) and hot metal is a testimony of the company's operational excellence in steel making. On 2 October 2015, Jindal Steel and Power Limited (JSPL) flagged off India's Longest ever Rails measuring 260 metre to the Dedicated Freight Corridor Corporation of India Limited (DFCCIL). The 260 meter long rails will be used for construction of the eastern corridor of the landmark 350 Kilometre dedicated freight railway network in India. On 27 October 2015, Jindal Steel and Power Limited (JSPL) announced that it has partnered with Bhasin Group for construction of Festival City, India's tallest composite steel structure. The world-class commercial complex spread over 9 lakh square feet in NOIDA, the 33 storied Festival City will be built in 99 days, Fastest ever in India. The construction of the office tower Mist' commenced on 21 October 2015 and is scheduled for completion on 29 January 2016. The floors of the India's tallest composite steel structure will be laid through international cutting-edge technology without scaffolding using Made in India' steel manufactured by JSPL. Under the strategic partnership, JSPL will provide infrastructure solutions to Festival City such as E550 grade structural steel columns and beams, suspended concrete flooring system- Speedfloor for slabs and TMT Welded-mesh for slab reinforcements. On 22 March 2016, Jindal Steel and Power Limited (JSPL) announced that it has commissioned a 1.4 MTPA Rebar Mill at Sohar, Oman. The 1.4 MTPA Rebar Mill, the largest in Gulf and African region, along with the existing 2 MTPA SMS makes JSPL's Jindal Shadeed the largest integrated steelmaker in Oman. The Board of Directors of Jindal Steel and Power Limited (JSPL) at its meeting held on 3 May 2016 approved the divestment of 1000 MW power unit of Jindal Power Limited, located at Chhattisgarh, into a special purpose vehicle (SPV), for the purposes of transferring the same to JSW Energy Limited through sale of the entire share capital and other securities of the aforesaid entity in terms of the share purchase agreement for an enterprise value of Rs 6500 crore plus the value of net current assets as on the closing date. The valuation may vary based upon the achievement of PPAs as prescribed in the agreement subject to minimum of Rs 4000 crore plus the value of net current assets as on the closing date. In order to streamline cash flow of the group and create SPV amenable for monetization by way of divestments, the Board of Director of the company and Jindal Power Limited (JPL) (a subsidiary of the company) have in principle approved the restructuring involving JSPL and JPL and formed a committee of directors (Restructuring Committee), to explore and evaluate various restructuring options available including a scheme of arrangement. The restructuring will entail that 1000 MW power plant owed by JPL is hived off into an SPV, being subsidiary of JSPL and creation of other SPVs amenable for monetization by way of divestments as well as achieve better synergy across the group. This would further ensure that the businesses of these entities are operated in the most efficient and cost effective manner, including by pooling of technical, distribution and marketing skills, creating optimal utilization of resources, better administration and cost reduction. On 22 August 2016, Jindal Steel and Power Ltd. (JSPL) announced that it has secured long-term linkage of 1.18 Million Tonne Per Annum for its state-of-the-art captive power generation plants in Dongamahua and Raigarh in Chhattisgarh. The long-term coal linkage for a period of 5 years has been secured during the recent coal linkage auctions. The long-term linkage will ensure steady and assured supply of coal for the captive power plants, thereby enhancing the Fuel Security for the power plants. On 6 September 2016, Jindal Steel and Power Limited (JSPL) announced that it has achieved a landmark by becoming India's first and only manufacturer of Head Hardened Rails' for modern hi-speed trains and metros. The landmark achievement also propels JSPL into the elite club of 7 global steel majors, who have the capability to manufacture head hardened rails in the world. The plant with an investment of Rs 200 crore is capable of delivering 30,000 MT of rails per month and has been set up in technical collaboration with M/S SMS MEER, Germany. Head Hardening technology entails a special heat treatment process which requires very precise temperature control to achieve nearly 50% higher hardness as compared to a normal rail. On 28 May 2017, Jindal Steel and Power Limited (JSPL) announced that it has completed its 6 MTPA Integrated Steel Plant at Angul in Odisha at an investment of Rs 33000 crore. On 19 June 2017, Jindal Steel and Power Limited (JSPL) announced that it has secured coal linkages of over 0.51 tonne per annum in the recently concluded coal linkage auctions under captive power sub-sector. The coal linkages secured for 5-year duration, will provide steady supply of fuel to captive power plants run by the company for its steel making operations. The three captive power plants of the company are located at Raigarh and Dongamahua (Raigarh district) - both in Chhattisgarh; and for powering its 810 MW CPP in the 6 MTPA integrated steel complex at Angul, Odisha. On 9 October 2017, Jindal Steel and Power Limited (JSPL) announced that it has consummated sale of oxygen plant assets at Rs 1121 crore with SREI Equipment Finance Limited. Under the transaction, JSPL has divested its oxygen plant assets at its integrated steel plants at Raigarh (Chhattisgarh) and Angul (Odisha), and received a total consideration (inclusive of taxes) of Rs 1121 crore. JSPL and SREI Equipment Finance have also entered into a Lease Back agreement of the oxygen plant assets for continued operations by JSPL for manufacturing of steel at the respective plants. On 26 December 2017, Jindal Steel and Power Limited (JSPL) announced that it completed a 250 Ton Basic Oxygen Furnace (BOF) marking the completion of its 6 MTPA integrated steel project at Angul, Odisha.

Jindal Steel & Power Ltd Chairman Speech

Striving for Excellence

Dear Stakeholders,

As I write to you, I reflect upon one of the most challenging chapters faced by humanity in this century, the COVID-19 pandemic. Despite the obstacles created by the pandemic, people all over the world have emerged stronger and more resilient. Such grit and determination are a shining testament to the resolve of the human spirit. Even in the adverse circumstances innovation and empathy have continued to guide our path. Over the last two years, we witnessed remarkable scientific progress, unparalleled co-ordination between governments across the world, and most importantly, experienced rapid changes in how we live and interact with each other. Today, I am confident that the worst is behind us, and the future is bright.

Against this backdrop, at JSP, we have emerged stronger and delivered on all our commitments. This has been possible because we define ourselves by our resolve to innovate, our ability to set new standards for enriching lives, and our relentless adherence to our cherished value system. Our strong performance in FY 2021-22 is a reflection of this belief system nurtured at JSP. As India regains its momentum, we are prepared to scale new heights with the nation, and march ahead in the quest to create a better world.

THE YEAR IN REVIEW

Our unique business model and strategic focus areas helped us achieve satisfactory financial performance this year. We achieved record revenue and EBITDA, powered by an upturn in the steel cycle and operational excellence. Our net profit also improved, supported by a significantly deleveraged balance sheet. Most importantly, we delivered on all our stakeholder commitments. Towards the end of FY 2020-21, we had taken a target of 15, 15, 50, and 8 - achieving an EBITDA of over '15,000 crore, reducing our debt to below '15,000 crore, recording a revenue of more than '50,000 crore and production volumes higher than 8 MTPA. I'm humbled to report that we have achieved all our targets effectively.

At JSP, we firmly believe in putting Nation First, People First. We mobilised our resources, both human and manufacturing capital, to support the communities and the Indian government during the pandemic. During the critical second wave last year, we swiftly responded to support the national efforts to cushion its impact. We were amongst the first to provide more than 5,000 tonnes of liquid medical grade oxygen to 13 states for various hospitals. We set up the Jindal Elderly Care and Wellness Centre to mitigate the impact of elderly abandonment during the pandemic. Through our efforts, we could help improve the well-being of 4,500 lives. JSP foundation's Mission Zero Hunger took a giant stride to address the challenges of food insecurity for vulnerable populations by providing 16 lakh+ meals. We also continued to offer holistic medical and other support to all our employees and their families.

BUILDING A NATION OF OUR DREAMS

As India re-emerges as one of the fastest growing major economies in the world, steel is set to play a significant role in its growth story. Infrastructure will continue to act as an economic multiplier for India and become an important avenue of employment generation. As an affordable, reliable, and infinitely recyclable material, steel will enable India's transition into a cleaner and greener future.

As economies all over the world recover, the steel sector is set to witness continued buoyancy in demand. In India, the growth of steel demand is pegged at 6-6.5% in the long term. This, coupled with the Indian Government's vision and policies to make India Aatmanirbhar (self-reliant), renders the steel industry pivotal for the growth of the Indian economy.

At JSP, we are committed to supporting India's steel needs in key sectors to make India truly Aatmanirbhar. I am of the firm belief that if we keep our focus on working with integrity and re-dedicate ourselves to nation-building, both our nation and our organisation will become unstoppable forces for good.

BUILDING THE LARGEST SINGLE-LOCATION STEELMAKING COMPLEX IN THE WORLD

The continuing deleveraging of our balance sheet provides us the necessary financial strength to execute a new capital expenditure cycle. By 2030, we plan to make the world's largest single- location steel making complex at Angul, Odisha. Currently, we have planned an outlay of around '22,000 crore through FY 2025-26, which will result in doubling our steel capacity to 15.9 MTPA, swiftly becoming a key driver of volume and margin expansion. The expansion will also double our coal gasification capacities. Through the coal gasification route, we plan to produce steel using swadeshi coal, thereby reducing dependency on imported coking coal and integrating our operations backward.

USHERING IN AN ERA OF SUSTAINABILITY

Despite challenging circumstances, today, JSP has emerged as one of the most deleveraged steel companies. Building on the learnings of the past, we have developed key strategic focus areas to guide us in ushering in an era of business sustainability.

Contributing to India's growth story will continue to remain our foremost priority. We are focussing on capacity expansion, balance sheet strengthening, and sustainability. Towards this end, we have already increased our focus on steel production through our expansion plans at Angul. We will fund the expansion while maintaining our net-debt to EBITDA levels at under 1.5x through the cycle. Going forward, a core tenet of our business strategy is to imbibe sustainability into every layer of our operations.

We have also aligned with the global decarbonisation drive, setting up an ambitious target of ensuring carbon emissions remain below 2.0 t/tcs by 2030 and becoming net carbon zero by 2035. Embedding sustainability practices in all areas of our operations help us contribute to a greener and cleaner future and create a better world for generations to come.

FORGING THE PATH AHEAD

Every action we take is guided by the ethos of our Founder Chairman, Shri O.P. Jindal. In line with his vision, we always strive to pursue the path of growth which reaches every section of society. Going forward, we will continue to serve India's current and future interests, by scaling and excelling in our operations, and delivering value for all stakeholders.

I take this opportunity to thank our employees at JSP for their dedication and support that helped us deliver better performance this year. I would also like to express my sincerest gratitude to our lenders, investors, , regulators, customers, communities, media and every other stakeholder, who continue to repose their faith in us. I look forward to your support as we keep pushing boundaries to reach newer heights.

Sincerely,

Naveen Jindal.

Chairman.

Jindal Steel & Power Ltd Company History

Jindal Steel and Power Ltd (JSPL) is one of India's major steel producers with a significant presence in sectors like Mining, Power Generation and Infrastructure. JSPL is a part of the US $ 18 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 produces economical and efficient steel and power through backward integration from its captive coal and iron-ore mines. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to varied needs in the steel market. The company also has the distinction of producing the world's longest 121 metre rails and introducing large size parallel flange beams in India. The company's segments include iron and steel; power, and others. The company's manufacturing plants are located at Raigarh in Chhattisgarh, Angul in Orissa and Patratu in Jharkhand. Its machinery division is located in Raipur. Jindal Steel and Power Ltd was incorporated in September 28th, 1979. In the year 1995, the company forayed into power sector and started a company namely, Jindal Power Ltd to engage the power sector. In May 1998, the Steel Melting Shop of the company was shut down due to the explosion. In the year 1999, as per the scheme of arrangement, the Raigarh and Raipur Divisions of Jindal Strips Ltd were hived off the company. In October 2009, they reopened the Steel Melting Shop and commenced operations. In May 2000, the company commissioned Round Caster Unit set up in Raigarh and started producing Rounds, which import substitution product. Also, the company entered into an agreement with Maharashtra Seamless Ltd for selling 50,000 MT of Rounds annually. Also, they forayed into the Infotech sector and launched Infovergix Technologies. In the year 2001, the company introduced a new value added product namely, Alloy Steel Rounds, which is used for manufacture of seamless tubes. The company signed an MoU with the Chattisgarh government to invest Rs 6, 400 crore in various projects in the state over the seven years. During the year 2003-04, the company started manufacturing Universal beams and structures, in addition to manufacturing of value added steel products, such as, rounds, billets, blooms and slabs. In January 7, 2005, the company signed an MoU with Government of Chhattisgarh. In July 5, 2005, they signed an MoUn with Jharkand Government. Also, they inked an agreement with S. African, German Company for coal gasification facility at their proposed six-million-tonne steel plant in Orissa. In November 3, 2005, they signed a revised MoU was signed with the state Government of Orissa to increase production capacity of proposed steel plant from 2.00 million TPA to 6.0 million TPA. In the year 2006, the company inked a joint venture deal with Bolivia for El Mutun development. In March 30, 2007, the company signed an MoU with the Government of Chhattisgarh for setting up 2 million TPA Cement plant and 30 MW Power Plant in Raigarh at an estimated cost of Rs720 crore. In April 2007, the company's Plate Mill of 1.0 million TPA capacity was commissioned successfully and commenced commercial production. The company signed an MoU with the Government of Orissa for setting up a 6 Million TPA Integrated Steel Plant near Kerajang Railway Station in Angul District of State of Orissa at an estimated cost of Rs 16, 560 rore. During the year 2010-11, the company commenced production in 0.6 MTPA capacity wire rod mill and 1.0 MTPA capacity bar mill, at Patratu, Jharkhand. The company through their 100% subsidiary Jindal Steel & Power (Mauritius) Limited, Mauritius (JSPLM), has acquired Shadeed Iron & Steel Co. LLC (SISCO), a Company incorporated under the laws of the Sultanate of Oman, in June 2010. The plant has been commissioned in record time and commercial operations started in December 2010, three months ahead of its schedule. In May 2010, the company completed the modification in mini blast Furnace and commissioned the steel melting shop (SMS - III). The company synchronized the two units of 135 MW each under Phase - I in May and September 2010 respectively. In May 2010, the company completed the A 0.5 MTPA capacity slag grinding unit at Raigarh, Chhattisgarh. This plant is utilising the slag produced by blast furnace I and II and clinker, purchased from outside, is mixed with slag to produce cement. In January 2011, the company completed the 0.6 MTPA medium and light section mill at Raigarh, Chhattisgarh and commenced production. In March 2011, the company commissioned the first unit of 135 MW captive power plant in steel plant proposed to be set up at Angul, Orissa. As of March 31, 2011, the company's installed capacity at its Raigarh Unit include: 13,70,000 metric tons of sponge Iron; 30,00,000 metric tons of mild steel; 36, 000 metric tons of ferro alloys; 623 megawatts of power; 16,70,000 metric tons of hot metal/pig iron; 7,50,000 metric tons of rail and universal beam mill; 10,00,000 metric tons of plate mill, 60,000 metric tons of fabricated structures; 5,00,000 metric tons of cement plant and 6,00,000 metric tons of medium & light section mill. In January 2012, the company commissioned the fourth unit of 135MW plant at Dongamahua, Raigarh, Chhattisgarh and second unit of 135 MW power plant at Angul, Orissa, with this total 6 units are commissioned in series of 10 units of 135 MW. On 16 July 2012, Jindal Steel Bolivia (JSB), a subsidiary of Jindal Steel & Power Ltd., terminated the contract signed with the Bolivian Government for investment of USD 2.1 billion for the El Mutun mines. The termination comes in the wake of the issuance of a letter to the Govt. of Bolivia on 8 June 2012 conveying its intention to terminate the contract due to the non-fulfillment of contract conditions on the part of the Bolivian government. As per terms of the Joint Venture Contract, the Govt. of Bolivia had 30 days time to resolve the issues failing which JSPL could terminate the contract within 7 working days thereafter. The company took the decision, after all its efforts to resolve the issues and take the project forward did not meet with success. Due to the non-fulfillment of the contractual obligations and unwillingness to fulfill the contract on the part of the Govt.of Bolivia, JSPL has been forced to terminate the contract. JSPL had signed a Contract with the Government of Bolivia in the year 2007 for investing USD 2.1 Billion in Iron Ore Mining, Pelletization (10 million ton per annum), DRI (6 million ton per annum) and Steel making (1.7 million ton per annum). This was the single largest foreign investment in Bolivia. On 28 August 2012, Jindal Steel & Power Ltd (JSPL) announced the commercial production of India's widest 5.0 Meter Wide Plate mill in Angul, Odisha which is a part of the planned first phase 6.0 million MT per annum integrated steel plant at Angul, Odisha. This Plate Mill has an annual capacity of 2 MTPA. This 5 Meter Wide Plate Mill at Angul is a part of the company's forward integration process of completing the process chain to produce value-added finished discrete plates. On 5 September 2012, Jindal Steel and Power Limited (JSPL) announced that its subsidiary Jindal BVI Limited (JBVI), has acquired Canadian listed coal Company CIC Energy Corp. (CIC) for about US$115 million (over Rs 600 crore) by way of a merger of JBVI and CIC. The Minister of Minerals, Energy and Water Resources of Botswana where CIC has its coal mines, has already approved the change of control from CIC to JBVI and all other approvals for the merger have already been granted and the merger certificate will be issued in the next few days marking the completion of the acquisition. The deal will provide JSPL access to CIC's high quality thermal coal in Greater Mmamabula coalfield in SE Botswana which is estimated to be in excess of 6 billion tonnes (approx) (including Measured and Indicated resource of 2.4 billion tonnes). The deal will provide JSPL the opportunity to tap the highly lucrative and power deficient South African Development Community (SADC) countries and given the huge resource, will also provide an opportunity to set up a Coal to Hydrocarbons project. On 8 August 2013, Jindal Steel & Power Ltd announced the commissioning of the largest Steel Melting Shop (SMS) and its Allied unit of the 6.0 MTPA integrated steel plant at Angul, Odisha, on the Birth Anniversary of its Founder Shri OP Jindal. With commissioning of the Steel Melting Shop in its Angul project, JSPL has completed the 2.5 MTPA capacity out of the 6 MTPA in the first phase of its greenfield project at Angul. On 18 October 2013, Jindal Steel and Power Ltd (JSPL) announced the shareholders of Gujarat NRE Coking Coal - the Australian subsidiary of Kolkata-based Gujarat NRE Coke - in a general body meeting held in New South Wales have cleared the acquisition of a majority stake in Gujarat NRE Coking Coal by JSPL. The acquisition will enable JSPL acquire a majority stake of 53.63 per cent in Gujarat NRE Coke's Australian subsidiary through a deal that involves issue of convertible notes, placement of shares and option to acquire shares at a later stage. Prior to the transaction, JSPL was the second largest shareholder in Gujarat NRE Coking Coal, after its promoters, with 31.49 per cent stake. Gujarat NRE Coking Coal has mines in Australia with over 650 million tons of coking coal resources. On 28 April 2014, Jindal Shadeed Iron & Steel, a wholly owned subsidiary of Jindal Steel & Power Ltd.(JSPL), successfully commissioned its 2 MTPA Integrated Steel Plant (ISP) in Sohar, Oman. The facility, using state-of-art technology from M/s Danielli Italy, is Oman's first & largest Steel Melting Shop (SMS), and also the third largest unit of Middle East & Gulf Region. Jindal Shadeed has invested over US$ 800 million in this integrated facility. JSPL had acquired Shadeed Iron and Steel's 1.5 MTPA Gas-based HBI plant in 2010 at a cost of US$ 500 million. On 23 August 2014, Jindal Steel and Power (JSPL) announced that Jindal Steel Bolivia has been vindicated in connection with its investment in the 'El Mutn' project in Bolivia by an international tribunal ordering payment to Jindal of more than $22.5 million by Bolivian state-owned entity Empresa Siderrgica del Mutun (ESM). With the completion of Jindal Steel and Power's landmark 2400 MW expansion project at Tamnar (Chhattisgarh) in April 2015, JSPL group's installed generation capacity in Raigarh belt reached 4294 MW, thereby achieving UMPP scale. On 28 October 2014, Shadeed Iron & Steel LLC (Jindal Shadeed), a wholly owned subsidiary of Jindal Steel & Power Ltd. (JSPL), and Bank Muscat signed the successful financial closure of USD 725 million (around Rs 4440 crore) syndicated term loan facility. The facility was oversubscribed with commitments in excess of USD 855 million received as against the required commitments of USD 725 million. On 15 June 2015, Jindal Steel and Power Ltd created history with its Steel Melting Shop at Raigarh facility producing a record 10,000 tonnes of crude steel in a single day. This highest production based on DRI (Direct Reduced Iron) and hot metal is a testimony of the company's operational excellence in steel making. On 2 October 2015, Jindal Steel and Power Limited (JSPL) flagged off India's Longest ever Rails measuring 260 metre to the Dedicated Freight Corridor Corporation of India Limited (DFCCIL). The 260 meter long rails will be used for construction of the eastern corridor of the landmark 350 Kilometre dedicated freight railway network in India. On 27 October 2015, Jindal Steel and Power Limited (JSPL) announced that it has partnered with Bhasin Group for construction of Festival City, India's tallest composite steel structure. The world-class commercial complex spread over 9 lakh square feet in NOIDA, the 33 storied Festival City will be built in 99 days, Fastest ever in India. The construction of the office tower Mist' commenced on 21 October 2015 and is scheduled for completion on 29 January 2016. The floors of the India's tallest composite steel structure will be laid through international cutting-edge technology without scaffolding using Made in India' steel manufactured by JSPL. Under the strategic partnership, JSPL will provide infrastructure solutions to Festival City such as E550 grade structural steel columns and beams, suspended concrete flooring system- Speedfloor for slabs and TMT Welded-mesh for slab reinforcements. On 22 March 2016, Jindal Steel and Power Limited (JSPL) announced that it has commissioned a 1.4 MTPA Rebar Mill at Sohar, Oman. The 1.4 MTPA Rebar Mill, the largest in Gulf and African region, along with the existing 2 MTPA SMS makes JSPL's Jindal Shadeed the largest integrated steelmaker in Oman. The Board of Directors of Jindal Steel and Power Limited (JSPL) at its meeting held on 3 May 2016 approved the divestment of 1000 MW power unit of Jindal Power Limited, located at Chhattisgarh, into a special purpose vehicle (SPV), for the purposes of transferring the same to JSW Energy Limited through sale of the entire share capital and other securities of the aforesaid entity in terms of the share purchase agreement for an enterprise value of Rs 6500 crore plus the value of net current assets as on the closing date. The valuation may vary based upon the achievement of PPAs as prescribed in the agreement subject to minimum of Rs 4000 crore plus the value of net current assets as on the closing date. In order to streamline cash flow of the group and create SPV amenable for monetization by way of divestments, the Board of Director of the company and Jindal Power Limited (JPL) (a subsidiary of the company) have in principle approved the restructuring involving JSPL and JPL and formed a committee of directors (Restructuring Committee), to explore and evaluate various restructuring options available including a scheme of arrangement. The restructuring will entail that 1000 MW power plant owed by JPL is hived off into an SPV, being subsidiary of JSPL and creation of other SPVs amenable for monetization by way of divestments as well as achieve better synergy across the group. This would further ensure that the businesses of these entities are operated in the most efficient and cost effective manner, including by pooling of technical, distribution and marketing skills, creating optimal utilization of resources, better administration and cost reduction. On 22 August 2016, Jindal Steel and Power Ltd. (JSPL) announced that it has secured long-term linkage of 1.18 Million Tonne Per Annum for its state-of-the-art captive power generation plants in Dongamahua and Raigarh in Chhattisgarh. The long-term coal linkage for a period of 5 years has been secured during the recent coal linkage auctions. The long-term linkage will ensure steady and assured supply of coal for the captive power plants, thereby enhancing the Fuel Security for the power plants. On 6 September 2016, Jindal Steel and Power Limited (JSPL) announced that it has achieved a landmark by becoming India's first and only manufacturer of Head Hardened Rails' for modern hi-speed trains and metros. The landmark achievement also propels JSPL into the elite club of 7 global steel majors, who have the capability to manufacture head hardened rails in the world. The plant with an investment of Rs 200 crore is capable of delivering 30,000 MT of rails per month and has been set up in technical collaboration with M/S SMS MEER, Germany. Head Hardening technology entails a special heat treatment process which requires very precise temperature control to achieve nearly 50% higher hardness as compared to a normal rail. On 28 May 2017, Jindal Steel and Power Limited (JSPL) announced that it has completed its 6 MTPA Integrated Steel Plant at Angul in Odisha at an investment of Rs 33000 crore. On 19 June 2017, Jindal Steel and Power Limited (JSPL) announced that it has secured coal linkages of over 0.51 tonne per annum in the recently concluded coal linkage auctions under captive power sub-sector. The coal linkages secured for 5-year duration, will provide steady supply of fuel to captive power plants run by the company for its steel making operations. The three captive power plants of the company are located at Raigarh and Dongamahua (Raigarh district) - both in Chhattisgarh; and for powering its 810 MW CPP in the 6 MTPA integrated steel complex at Angul, Odisha. On 9 October 2017, Jindal Steel and Power Limited (JSPL) announced that it has consummated sale of oxygen plant assets at Rs 1121 crore with SREI Equipment Finance Limited. Under the transaction, JSPL has divested its oxygen plant assets at its integrated steel plants at Raigarh (Chhattisgarh) and Angul (Odisha), and received a total consideration (inclusive of taxes) of Rs 1121 crore. JSPL and SREI Equipment Finance have also entered into a Lease Back agreement of the oxygen plant assets for continued operations by JSPL for manufacturing of steel at the respective plants. On 26 December 2017, Jindal Steel and Power Limited (JSPL) announced that it completed a 250 Ton Basic Oxygen Furnace (BOF) marking the completion of its 6 MTPA integrated steel project at Angul, Odisha.

Jindal Steel & Power Ltd Directors Reports

Dear Members,

The Board of Directors are pleased to present the Company's 43^rd Annual Report and the Company's audited financial statements (standalone and consolidated) for the Financial Year ended March 31, 2022.

FINANCIAL RESULTS

The Company's financial results for the year ended March 31, 2022, are summarized below:

*Please refer note no. 53 (A) to the consolidated financial statement for the year ended March 31, 2022.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION AND CHANGE IN BUSINESS

There have been no material change(s) and commitment(s), except elsewhere stated in this report, affecting the financial position of the Company between the end of the financial year of the Company i.e. March 31, 2022 and the date of this Report.

There has been no change in the nature of business of the Company during the financial year ended on March 31, 2022.

OPERATIONAL HIGHLIGHTS

Notwithstanding massive disruption caused by the pandemic in early FY' 22, unfavourable weather and several logistical challenges, the Company's wide product profile and geographical diversification stood the Company in good stead. For the full year, standalone production (incl. pig iron) increased by 7% Y-o-Y to hit a record for the fifth consecutive year (8.01 MT vs. 7.51 MT in FY' 21). Standalone Steel (incl. pig iron) sales also reached the highest ever level of 7.64 MT (up 5% YoY). Buoyant export markets continued to support Company sales efforts with volumes maintained at 2.5 MT. Exports share declined marginally to 33% in FY' 22 compared to 35% in FY'21.

Improved steel realisations and higher sales resulted in Gross revenues rising by 49% Y-o-Y to H55,264 Crores. Standalone EBITDA increased by 15% Y-o-Y to a record H15,037 crores. EBITDA growth is noteworthy as the year saw a steep increase in coking coal prices and limited benefit accruing due to low cost iron ore inventory as compared to FY' 21. Record operating profit and declining interest expense contributed in the Company net profit reaching the highest ever level of H8,283 Crores in FY' 22.

The Pellet production of 7.76 MT in FY' 22 was broadly in line with prior year. However, higher crude steel production resulted in two-third fall in external sales (0.75 MT vs. 2.25 MT in FY'21).

DIVIDEND AND RESERVES

The Board of Directors of your Company is pleased to recommend a Final Dividend of H2 per Equity Share of face value HI/- each for the financial year ended March 31, 2022.

Apart from the above, the Board of Directors in its meeting held on March 10, 2022 had also approved the payment of Interim Dividend of H1/- per Equity Share of face value H1/- each for the financial year ended March 31, 2022.

The Company has framed Dividend Distribution Policy in accordance with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 ("Listing Regulations"). The Policy may be accessed on the website of the Company at: https://www.jindalsteelpower.com/policies.html.

The objective of this policy is to establish the parameters to be considered by the Board of Directors of your Company before declaring or recommending dividend.

There was no transfer to reserves during the year.

CREDIT RATING

Your Company's domestic credit ratings, as on March 31, 2022, are as follows:

During the FY'22, Credit Ratings of the Company were revised from A(-), Stable/A2(+) to AA(-), Stable /A1(+) by CARE Rating, BBB(+), Stable /A2 to AA(-), Stable /A1(+) by ICRA and Crisil Rating Limited has withdrawn its credit rating during the year.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of the Companies Act, 2013 ("the Act"), the Listing Regulations and Ind AS, the audited consolidated financial statements are provided in the Annual Report.

SHARE CAPITAL

During the FY'22, there was no change in the Authorised Share Capital of the Company. As at March 31, 2022, the Authorised Share Capital of the Company was Rs.300,00,00,000/- (Rupees Three Hundred Crore only) divided into 200,00,00,000 (Two Hundred Crore) equity shares of Rs.1/- (Rupee One only) each and 1,00,00,000 (One Crore) Preference Shares of Rs.100/- (Rupees One Hundred only) each. The Paid-up Share Capital of the Company was increased from Rs.1,02,00,15,971/- (Rupees One Hundred Two Crore Fifteen Thousand Nine Hundred and Seventy one only) comprising of 1,02,00,15,971 (One Hundred Two Crore Fifteen Thousand Nine Hundred and Seventy one) equity shares of Rs.1/- (Rupee One only) to Rs. 1,02,00,88,097/- (Rupees One Hundred Two Crore Eighty Eight Thousand and Ninety Seven only) comprising of 1,02,00,88,097 (One Hundred Two Crore Eighty Eight Thousand and Ninety Seven) equity shares of Rs.1/- (Rupee One only).

EMPLOYEE STOCK OPTION SCHEME/ EMPLOYEE SHARE PURCHASE SCHEME

In order to motivate, incentivise and reward employees, your Company instituted Employee Share Purchase Schemes namely JSPL ESPS-2013, JSPL ESPS-2018 and Employee Stock Option Schemes namely JSPL ESOP Scheme-2017 and Jindal Steel & Power Employee Benefit Scheme-2022.

The Nomination and Remuneration Committee ("NRC") monitors the implementation of JSPL ESPS-2013, JSPL ESPS-2018, JSPL ESOP Scheme-2017 and Jindal Steel & Power Employee Benefit Scheme-2022. JSPL ESPS-2013, JSPL ESPS-2018, JSPL ESOP Scheme-2017 and Jindal Steel & Power Employee Benefit Scheme-2022 are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI SBEB Regulations").

Relevant disclosures pursuant to SEBI SBEB Regulations, as on March 31, 2022, are available on the website of the Company at www.jindalsteelpower.com

Certificate from M/s RSMV & Co., Company Secretaries, New Delhi (CP No. 11571), Secretarial Auditors, with respect to the implementation of JSP ESPS-2013, JSP ESPS-2018, JSP ESOP Scheme-2017 and Jindal Steel & Power Employee Benefit Scheme-2022 will be available on the website of the Company at www.jindalsteelpower.com.

NON-CONVERTIBLE DEBENTURES

During the FY'22, your Company has redeemed Non-Convertible Debentures ("NCDs") amounting to Rs.12.40 Crore. There were no outstanding NCDs as on March 31, 2022.

DEPOSITS

The Company has not accepted/received any deposits during the year under report, falling within the ambit of Section 73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.

RELATED PARTY TRANSACTIONS

In terms of Section 188 of the Act read with rules framed thereunder and Regulation 23 of the Listing Regulations, your Company has in place Related Party Transactions Policy for dealing with related party transactions. The policy may be accessed at: https://www.jindalsteelpower.com/policies.html

All the related party transactions that were entered and executed during the year under review were on arm's length basis and in the ordinary course of business and within permissible framework of Section 188 of the Act and Rules made thereunder, read with Regulation 23 of Listing Regulations.

The details of the transactions with the related parties are provided in the accompanying financial statements.

The details of the related party transactions that are required to be disclosed in Form AOC - 2 is annexed herewith as Annexure-A to this report.

PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS

Details of Loans, Guarantees, Securities and Investments covered under the provisions of Section 186 of the Act are given in the notes to Financial Statements.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

A separate statement containing performance and highlights of Financial Statements of subsidiary, associate and joint venture companies is provided in the prescribed form AOC-1 attached to the Consolidated Financial Statements and forms part of this report.

The name of companies which have become or ceased to be subsidiary or joint venture or associate companies, if any, during FY'22 have been mentioned in the notes to the accounts.

The financial statements of subsidiary companies are kept open for inspection by the shareholders at the registered office of the Company during business hours on all days except on Saturdays, Sundays and on public holidays upto the date of the Annual General Meeting ("AGM") as required under Section 136 of the Act. Any member desirous of obtaining a copy of the said financial statements may write to the Company at its Registered Office or Corporate Office.

The audited financial statements including the consolidated financial statements and all other documents required to be attached thereto and financial statements of each of the subsidiaries have been uploaded on the website of your Company at www.jindalsteelpower.com.

Your Company has framed a policy for determining "Material Subsidiary" in terms of Regulation 16(1 )(c) of Listing Regulations. The policy may be accessed on the website of the Company at: https://www.iindalsteelpower.com/policies.html.

Directors:

Mr. Ram Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan Kumar Garg and Mr. Hardip Singh Wirk, ceased to be Independent Directors w.e.f. July 29, 2021, consequent to the completion of their second term as Independent Directors on the Board. Your Board regrets to inform you of the sad demise of Mr. Anjan Barua, Nominee Director -State Bank of India on May 22, 2021.

On the recommendation of NRC, the Board of Directors appointed Dr. Bhaskar Chatterjee, Mr. Anil Wadhwa, Mrs. Shivani Wazir Pasrich and Ms. Kanika Agnihotri, as Additional Directors in the category of Independent Directors with effect from July 29, 2021 and Mr. Sunjay Kapur, as an Additional Director in the category of Independent Director with effect from August 10, 2021, respectively to hold the office up to the AGM of the Company. Subsequently, the shareholders of the Company approved the appointments of Dr. Bhaskar Chatterjee for a term of consecutive 2 years, Mr. Anil Wadhwa for a term of 1 year, Mrs. Shivani Wazir Pasrich for a term of consecutive 2 years and Ms. Kanika Agnihotri for a term of consecutive 2 years, as Independent Directors with effect from July 29, 2021 and Mr. Sunjay Kapur, for a term of consecutive 5 years as independent director with effect from August 10, 2021.

Dr. Aruna Sharma and Mr. Anil Wadhwa, Independent Directors completed their respective terms on the Board and ceased to be Independent Directors w.e.f. September 2, 2021 and July 29, 2022, respectively.

On the recommendations of NRC, the Board approved the appointments of Mr. Ramkumar Ramaswamy, Mr. Sunil Kumar Agrawal as Additional Directors w.e.f. July 15, 2022 to hold the office upto AGM of the Company. Subject to the approval of shareholders of the Company, Mr. Ramkumar Ramaswamy and Mr. Sunil Kumar Agrawal were also appointed as Whole-time Directors of the Company for a period of 3 years w.e.f. July 15, 2022.

Mrs. Shallu Jindal, Non-Executive Director decided to step-down from the Board w.e.f. July 16, 2022.

Mr. V.R. Sharma completed his three-year term as Managing Director on August 13, 2022. On the recommendations of NRC, the Board approved the appointment of Mr. Bimlendra Jha as an Additional Director w.e.f. August 14, 2022 to hold the office upto AGM of the Company. Subject to the approval of shareholders of the Company, Mr. Bimlendra Jha was appointed as Managing Director for a period of 5 years w.e.f. August 14, 2022.

The Board places on record its deep appreciation of the contributions made by Mrs. Shallu Jindal, Mr. V.R. Sharma, Mr. Ram Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan Kumar Garg, Mr. Hardip Singh Wirk, Mr. Anjan Barua, Dr. Aruna Sharma and Mr. Anil Wadhwa during their respective tenures on the Board.

In accordance with the provisions of Section 152 of the Act and in terms of the Articles of Association of the Company, Mr. Dinesh Kumar Saraogi, Wholetime Director of the Company is retiring by rotation at the ensuing AGM and being eligible, offers himself for re-appointment.

In terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, all Independent Directors of the Company have enrolled themselves on the Independent Directors' Databank as on the date of this Report and will undergo the online proficiency self assessment test within the specified timeline unless exempted under the aforesaid Rules.

The particulars in respect of Directors to be appointed/ re-appointed as required under Regulation 36(3) of Listing Regulations and Secretarial Standard -2 are mentioned elsewhere in the Notice of AGM.

Key Managerial Personnel

Mr. Ramkumar Ramaswamy was appointed as Chief Financial Officer of the Company w.e.f. May 21, 2022 to fill the vacancy caused due to resignation of Mr. Hemant Kumar.

BOARD EVALUATION

The Board carried out an annual performance evaluation of its own performance, the performance of the Directors individually as well as the evaluation of the various Committees of the Board. Details of the same are given in the Corporate Governance Report which forms part of this report.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from each of the Independent Directors that they, respectively, meet the criteria of independence prescribed under Section 149 read with Schedule IV of the Act and rules made thereunder, as well as Regulations 16 and 25(8) of the Listing Regulations. Based on the declarations received, the Board considered the independence of each of the Independent Directors in terms of above provisions and is of the view that they fulfil the criteria of independence and are independent from the management.

MEETINGS OF THE BOARD AND COMMITTEES

The Board of Directors met 14 times during the period under review. The details of number of meetings of the Board and various Committees of the Board of your Company are set out in the Corporate Governance Report which forms part of this report.

SECRETARIAL STANDARDS

The Directors state that applicable secretarial standards i.e. SS-1 and SS-2, relating to meetings of the Board of the Directors and General Meetings have been duly followed by the Company.

REMUNERATION POLICY

In accordance with the provisions of Section 178 of the Act and Part D of Schedule II of the Listing Regulations, the policy on Nomination and Remuneration of Directors, KMPs and Senior Management of your Company is uploaded on the website of the Company and may be accessed at: https://www.jindalsteelpower.com/policies.html

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules and the disclosures relating to remuneration and other details required under the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure-B to this report.

STATUTORY AUDITORS

M/s Lodha & Co., Chartered Accountants (ICAI Firm Registration No. 301051E), New Delhi, were appointed as the Statutory Auditors for a period of 5 years from the conclusion of 42^nd AGM till the conclusion of 47^th AGM of the Company.

The Statutory Auditors have confirmed that they are not disqualified from continuing as the auditors of the Company.

The Statutory Auditors have issued an unmodified opinion on the Company's Financial Statements for the financial year ended March 31, 2022.

There are no instances of any fraud reported by the Statutory Auditors to the Audit Committee or the Board pursuant to section 143(12) of the Act.

SECRETARIAL AUDITORS

M/s RSMV & Co., Company Secretaries, New Delhi (CP No. 11571) were appointed to conduct the Secretarial Audit of the Company for the financial year 2021-22.

In terms of Regulation 24A of the Listing Regulations, M/s RSMV & Co., Company Secretaries were also appointed as Secretarial Auditors of Jindal Power Limited, a material unlisted subsidiary of the Company.

Secretarial Audit Reports issued by M/s. RSMV & Co., Company Secretaries, New Delhi are annexed herewith as Annexure-C to the Report.

COST AUDITORS

In terms of sub-section (1) of Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Company is required to maintain the cost records. Accordingly, such accounts and records have been maintained by the Company.

M/s Ramanath Iyer & Co., (FRN 000019), Cost Accountants, were appointed as the Cost Auditors of the Company for auditing the cost records of the Company for the financial year 2022-23, subject to ratification of remuneration by the Shareholders of the Company in the 43^rd AGM of the Company. Accordingly, an appropriate resolution seeking ratification of the remuneration for the financial year 2022-23 of M/s Ramanath Iyer & Co., Cost Auditors, is included in the Notice convening the 43^rd AGM of the Company.

RISK MANAGEMENT

The Company has in place a robust risk management framework which identifies and evaluates business risks and opportunities. The Company recognises that these risks need to be managed and mitigated to protect the interest of the shareholders and stakeholders, to achieve business objectives and enable sustainable growth. The risk management framework is aimed at effectively mitigating the Company's various business and operational risks, through strategic actions. Risk management is embedded in our critical business activities, functions and processes. The risks are reviewed for the change in the nature and extent of the major risks identified since the last assessment. It also provides control measures for risk and future action plans.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to financial statements and such internal financial controls are operating effectively. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures.

CORPORATE SOCIAL RESPONSIBILITY

The Company strongly believes that sustainable community development is essential for harmony between the community and the industry. The Company endeavours to make a positive contribution especially to the underprivileged communities by supporting a wide range of socio-economic, educational and health initiatives.

The Health, Safety, CSR, Sustainability and Environment Committee ("HSCSE Committee") of the Board of Directors of the Company oversees the implementation of CSR Policy of the Company.

In line with the provisions of the Act and on the recommendations of the HSCSE Committee, the Board of Directors has approved the CSR Policy of the Company. Detailed CSR Policy of the Company has been uploaded on the website of the Company at www.jindalsteelpower.com.

The Annual Report on the CSR activities for the financial year 2021-22 is annexed herewith as Annexure-D to this report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant material order(s) were passed by the regulators/ courts which would impact the going concern status of the Company and its future operations during the year under review.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3) (c) of the Act, your Directors state that:

(a) in the preparation of the annual accounts for the year ended March 31, 2022, the applicable accounting standards and Schedule III to the Act, have been followed and there are no material departures from the same;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31, 2022 and of the profit of the Company for the year ended on that date;

(c) t he Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) The Directors have prepared the annual accounts on a going concern basis;

(e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

OTHER INFORMATION

Business Responsibility Report

As stipulated under Listing Regulations, a separate section titled "Business Responsibility Report" forms part of this Annual Report which describes the initiatives taken by your Company from environmental, social and governance perspective.

Management Discussion and Analysis Report

As stipulated under Listing Regulations, a separate section titled "Management Discussion and Analysis Report", forms part of this Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars related to conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed under Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure-E to this Report.

ANNUAL RETURN

In accordance with the provisions of Sections 92 and 134(3)(a) of the Act read with the Companies (Management and Administration) Rules, 2014, the Annual Return in e-form MGT-7 for the financial year ended March 31, 2022 has been uploaded on the website of the Company i.e. www.jindalsteelpower.com

CORPORATE GOVERNANCE

Your Company is committed to achieve the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India. Your Company has also implemented several best Corporate Governance practices as prevalent globally.

The report on Corporate Governance as stipulated under the listing regulations for the Financial Year 2021-22 and a certificate issued by M/s Navneet K. Arora & Co. LLP, Company Secretaries in Practice confirming compliance with the conditions of Corporate Governance is annexed herewith as Annexure- F to this report.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

Your Company has formulated a robust vigil mechanism to deal with instances of unethical behavior, actual or suspected fraud or violation of Company's code of conduct or ethics policy. The details of policy are explained in the Corporate Governance Report and also uploaded on website of the Company at: https://www.jindalsteelpower.com/ policies.html

IMPACT OF COVID-19

Details of the impact of Covid-19, have been provided in the notes to financial statements forming part of this report.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder, your Company has constituted an Internal Complaints Committee having designated independent member(s) to redress complaints regarding sexual harassment. During the year, no complaint regarding Sexual Harassment has been reported.

DISCLOSURE UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

There was no application made by the Company initiating insolvency proceedings against any other entity nor are any proceedings pending against the Company under the Insolvency and Bankruptcy Code, 2016 (3) of 2016) during the year under review.

DIFFERENCE IN VALUATION IN THE CASE OF ONE TIME SETTLEMENT OF LOAN FROM BANK OR FINANCIAL INSTITUTION

There was no one time settlement of loan from banks or financial institutions by the Company during the year under review. Accordingly, there are no details regarding difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions.

CAUTIONARY STATEMENT

Statements in the Board's Report and the Management Discussion & Analysis describing the Company's objectives, expectations or forecasts may be forward looking within the meaning of applicable Securities Laws and Regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company's operations include global and domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in Government Regulations, Tax Laws, Economic Developments within the country and other factors such as litigation and industrial relations.

ACKNOWLEDGEMENTS

The Directors wish to place on record their appreciation for the sincere services rendered by Company's staff and workers at all levels. Your Directors also wish to place on record their appreciation for the valuable co-operation and support received from the Government of India, various State Governments, the Banks/ Financial Institutions and other stakeholders such as shareholders, customers and suppliers, among others. The Directors also commend the continuing commitment and dedication of the employees at all levels, which has been critical for the Company's success. The Directors look forward to their continued support in future.

Jindal Steel & Power Ltd Company Background

Jindal Steel & Power Ltd Company Management

Jindal Steel & Power Ltd Listing Information

Jindal Steel & Power Ltd Finished Product