It gives me immense pleasure to chronicle the achievements of Jindal Steel & Power through the last year, which, I believe, will be remembered as an important turning point in the company’s history. It was a period we can be justly proud of for many reasons, none more important than the fact that despite global economic challenges we moved ahead decisively, holding up the ideals and vision of our founding father, Late Shri. O.P. Jindal. His triangle philosophy of growth is stronger than ever and is at the heart of our corporate philosophy.

In terms of numbers too, the year 2008-09 has been nothing less than spectacular. Our net sales stand at Rs 10851.01 crore which translates into a compounded annual growth rate of 96 %, and Profit After Tax (PAT) of Rs. 3007.15 crore is also remarkable, for the year 2008-09.

It is achievements like these that have helped India march ahead with energy even as other nations collapsed under the weight of the worst recession in human history since the 1930s. As a company we have not only consolidated our position at home but have expanded globally. In the future too, I am confident that we will continue to contribute substantially to the country’s emergence as a global power.

As its captain, I wish to salute the committed workforce of JSPL for our outstanding achievements.

Over the years, JSPL has upgraded its existing facilities and commissioned new ones as it enters a decade that should see its steel production capacity multiply to 30 million tons. In the next ten years, JSPL together with its subsidiary Jindal Power Limited (JPL) will have the capacity to generate 15,000 MW of power helping the country deliver on its promise of “affordable power for all by 2012”.

Our expansion beyond India too has been impressive. Starting with the successful bid for development rights on 20 billion tons of iron ore at the El Mutun mines in Bolivia, we have made significant progress in our quest for similar opportunities in mineral-rich countries like Mozambique and Madagascar. Indeed, backed by innovative business practices at home and our ventures overseas, we have succeeded in establishing ourselves as leaders in our business space.

However, heartening as these facts are, nothing gives us more pleasure than our social outreach programmes which bring hope and cheer to countless lives across some of the most backward regions in the states of Chhattisgarh, Orissa and Jharkhand. Not only are these states home to our industrial plants that provide direct and indirect employment to a large number of people, they are also the biggest beneficiaries of our award-winning social endeavours aimed at empowering the people and enabling environmentally friendly business practices.

In future also JSPL shall continue to sticking to our inimitable path of growth where social benefit and business profit work together.