At a time when the country is facing severe coal shortages, Jindal Steel and Power (JSPL) is reportedly sitting on coal reserves of more than 2,300 million tonnes. All these coal blocks were allocated to Jindal’s company after the Congress-led UPA came to power.
Recently, Central Bureau of Investigation (CBI) registered a case against Jindal the company over coal block allocation. The CBI is investigating alleged irregularities in awarding of coal mining rights potentially worth billions of dollars to private companies.
The Company has reported 24.54% drop in FY13 net profit at Rs 1592.55 crore as compared to Rs 2110.65 crore for the year ended March 31, 2012. The company’s total income has increased by 11.80% at Rs 15113.98 crore for the year as compared to Rs 13518.43 crore for the previous year.
