JSW Steel defers power unit IPO on market turmoil

JSW Steel defers power unit IPO on market turmoil
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First Published: Fri, Oct 17 2008. 11 45 AM IST
Updated: Fri, Oct 17 2008. 11 45 AM IST
New Delhi: “JSW Steel Ltd has deferred plans to sell shares in its power unit due to the uncertainty in the equity markets,” its managing director said.
“We have deferred it until market conditions improve,” Sajjan Jindal said, but did not give any time limit.
He said the firm has no plans to cut steel production for the current financial year despite economic slowdown and falling steel prices.
Jindal, however said: “ If financial turmoil continues for longer time profitabilty will get impacted.”
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First Published: Fri, Oct 17 2008. 11 45 AM IST