"They are studying it, they are looking at it favorably, that's all I hope. The process is on consultation with user industry. We haven't heard back (from the ministries) yet," Jindal said. View More

The Indian government is studying the request for imposing a temporary tax on China steel imports, the JSW Group chairman said on Wednesday, adding that it could get regulatory approval for the initial public offering of its cement business by January end. "We have been very patient with the steel ministry," said Sajjan Jindal, referring to the industry's requests to the government for protection against the dumping of Chinese steel in the country. "We are trying to convince the government to stop the circumvention of Chinese steel coming via the Free Trade Agreement countries into India," Jindal said on the sidelines of an industry event in Bengaluru. "The process for studying requests on temporary tax is on consultation with the user industry. We haven't heard back (from the ministries) yet," he added. Indian steel mills have been grappling with a higher influx of Chinese steel imports, hitting domestic prices and denting companies' earnings. 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Higher Chinese steel in the country would mean that steel margins would remain thin, while not much surplus would be left for investments and capacity additions, Jindal added. Earlier this month, peer Tata Steel 's CEO, TV Narendran said that prolonged steel imports could hurt the industry's investment plans. Jindal also expects that the Securities and Exchange Board of India (SEBI) will approve its proposed JSW Cement's initial public offering by the end of January 2025. This is the group's first comment on the $477 million IPO, after SEBI put it on hold in September. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)