Parth Jindal says JSW Group will bring down imports from China to zero
Parth Jindal said imports from China, at $400 million annually for the JSW Group currently, will be brought down to zero in two years
Image: Debajyoti Chakraborty/NurPhoto via Getty Images
Parth Jindal on July 1 said the JSW Group, which includes the flagship steel business, will bring down its annual net import from China to zero, from the present $400 million, over the next two years, as a response to the violent stand-off between the two countries.
Jindal, Managing Director of JSW Cement, took to social media platform Twitter to show solidarity with the 20 Indian Army men who died in the Chinese attack.
He said:
The unprovoked attack by the Chinese on Indian soil on our brave jawaans has been a huge wake up call and a clarion call for action - we @TheJSWGroup have a net import of $400mn from China annually and we pledge to bring this down to zero in the next 24 months #BoycottChina
— Parth Jindal (@ParthJindal11) July 2, 2020
While Jindal, whose father Sajjan Jindal chairs the Group, didn't provide further details, the conglomerate makes steel, cement, runs power plants, operates ports and also sells paints.
Jindal's comments come days after the Government banned 59 Chinese apps. Shipments from China are also being closely monitored and there are reports that many tenders, including those for infrastructure projects, will be re-visited to minimise Chinese participation.
Original Source: https://www.moneycontrol.com/news/business/companies/parth-jindal-says-jsw-group-will-bring-down-imports-from-china-to-zero-5497151.html