JSPL (Jindal Steel & Power Ltd)
One of the key companies in the family promoted Jindal Group, JSPL has grown from a moderately performing company in the steel sector to the largest sponge iron manufacturer in the world. Steered by Naveen Jindal, a Member of Parliament (2009), and one of four heirs to the business founded by his father, O.P. Jindal, JSPL realised a 2008 turnover in excess of $2 billion (Indian Rupee 100 billion. US $1 = Rs. 50) from its core business of steel, and its diversifications into oil and gas, electricity generation and trading, cement, infrastructure and mining.
In Chattisgarh, Central India, where the company's flagship factories are located, the company reportedly wields immense power over the Government, leaving little room for recourse to victims of the company's environmental and other violations.
The company has recently forayed into international mining and oil and gas exploration markets, with investments in iron ore mines and steel in Bolivia, oil and gas in Georgia, Madagascar and Mozambique, diamond mining in the Democratic Republic of Congo, and coal mining in South Africa.
In a major coup, the company managed to corner one of the world's largest iron ore deposits by winning a 2006 bid to develop Bolivia's El Mutun iron ore reserve. Sanctified by the country's left wing President Evo Morales, the agreement requires Jindal Steel Bolivia to invest more than $2 billion over eight years to mine and add value to the iron ore extracted from the remote amazonian El Mutun mountains.