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JAI BALAJI
UNRATED (RS185, MCAP: RS185BN / US$258.2BN)
• Jai Balaji (JBIL ) has achieved considerable progress at a 5m tpa steel project that it plans to set up in Purulia, West Bengal. It
has achieved ginancial closure for phase I through Rs12.3bn debt from a SBI-led consortium and the balance Rs6.4bn
via internal accruals/ fresh equity. Phase I comprises a 2.4m tpa beneficiation plant, 1.2m tpa pallet plat, 0.75m tpa
DRI plant, 0.45m tpa EAF facility, 0.66m mtpa sponge iron plant and 75MW power plant which will generate power
through waster heat recovery. The company has received statutory permissions for the project, including railway
traffic, water and environment clearances, besides having acquired the necessary land for the project.
• The ductile iron plant started commercial operation on 3 November 2010 after BIS approvals. The unit has achieved
capacity utilization of more than 30% in its first quarter of operations.
• JBIL had been allocated thermal coal from Jagannathpur A and Jagannathpur B (combined reserves of ~800m tonnes)
for the project by WBMTDC. Exploration work at Jagannathpur A and B has been completed and the geological
reserve report has been prepared. The mines are mainly underground, so they pose fewer land and environmental
approval issues than open cast mines.
• Development of the Ragunathpur coal block is on track and the mining plan would be submitted in the next 1-3
months. Production is expected to be synchronized with Purulia.
• Forest clearance for the Dumri coal block is expected in next 2-3 months. JBIL has been allotted the coal block jointly
with Bajrang Ispat, which holds a 27.2% stake. All permits, except the stage II forest clearance, have been received. The
company expects 0.5m tpa of attributable production and sees it increasing to 1m tpa over the next 1-2 years.
• The management also remains confident of starting production at the Rohne coking coal block given the criticality of
coking coal as a mineral resource for India and investments already made into end-user plants.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
JAI BALAJI
UNRATED (RS185, MCAP: RS185BN / US$258.2BN)
• Jai Balaji (JBIL ) has achieved considerable progress at a 5m tpa steel project that it plans to set up in Purulia, West Bengal. It
has achieved ginancial closure for phase I through Rs12.3bn debt from a SBI-led consortium and the balance Rs6.4bn
via internal accruals/ fresh equity. Phase I comprises a 2.4m tpa beneficiation plant, 1.2m tpa pallet plat, 0.75m tpa
DRI plant, 0.45m tpa EAF facility, 0.66m mtpa sponge iron plant and 75MW power plant which will generate power
through waster heat recovery. The company has received statutory permissions for the project, including railway
traffic, water and environment clearances, besides having acquired the necessary land for the project.
• The ductile iron plant started commercial operation on 3 November 2010 after BIS approvals. The unit has achieved
capacity utilization of more than 30% in its first quarter of operations.
• JBIL had been allocated thermal coal from Jagannathpur A and Jagannathpur B (combined reserves of ~800m tonnes)
for the project by WBMTDC. Exploration work at Jagannathpur A and B has been completed and the geological
reserve report has been prepared. The mines are mainly underground, so they pose fewer land and environmental
approval issues than open cast mines.
• Development of the Ragunathpur coal block is on track and the mining plan would be submitted in the next 1-3
months. Production is expected to be synchronized with Purulia.
• Forest clearance for the Dumri coal block is expected in next 2-3 months. JBIL has been allotted the coal block jointly
with Bajrang Ispat, which holds a 27.2% stake. All permits, except the stage II forest clearance, have been received. The
company expects 0.5m tpa of attributable production and sees it increasing to 1m tpa over the next 1-2 years.
• The management also remains confident of starting production at the Rohne coking coal block given the criticality of
coking coal as a mineral resource for India and investments already made into end-user plants.
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