The industrial landscape of Paradip in Odisha’s Jagatsinghpur district is undergoing a significant transformation. Local communities, who had previously resisted large-scale projects, are now extending strong support to new investments. One notable example is the JSW Utkal Steel project, a Rs 65,000-crore initiative that has garnered widespread support from residents of nearby villages, including Dhinkia and its adjoining areas. Thousands of residents, including women, have come forward in favor of the project, marking a striking reversal from the days of opposition to the Posco Steel project.

The JSW Steel complex, with a planned capacity of 13.2 million tonnes per annum, will include a captive power plant, dedicated jetties, and allied infrastructure. The project is expected to drive economic growth, generate jobs, and strengthen human resources in the region. Local residents, who have traditionally relied on betel vine cultivation and subsistence agriculture, are now seeing the benefits of industrial development as a path to sustainable prosperity.

Women, in particular, are playing a crucial role in supporting the project. Many have benefited from JSW’s Sustainable Livelihood Project, which has provided them with training and employment opportunities. Minati Dalai, a young woman from Patana village, is one such example. She works as a security guard at the JSW Steel complex and has seen a significant change in her life. “I was sitting idle at home earlier, but now I’m able to support my family,” she said.

The company’s range of livelihood interventions has also helped families enhance their incomes and become self-reliant. These initiatives include training in paddy cultivation, seed and fertilizer support, livestock and horticulture development, and women’s empowerment through mushroom cultivation, tailoring, incense stick making, and spice processing. Local residents, such as Prabhat Rout of Patana village, are appreciative of these efforts. “These initiatives have helped families enhance their incomes and become self-reliant,” he said.

The shift in sentiment towards industrial development is a significant change from the past. According to Ranjan Bardhan of Gobindpur village, “At long last, people here see hope for lasting change. The establishment of JSW’s steel plant will not only drive economic growth but also generate jobs and strengthen our human resources.” Sisira Mohapatra, a septuagenarian from Dhinkia, also praised JSW’s efforts, noting that the company has been consistently investing in education, health, agriculture, transport, employment generation, women empowerment, environmental protection, and technological advancement. Overall, the support for the JSW Utkal Steel project is a testament to the changing attitudes towards industrial development in the region.

JSW Steel, a leading Indian steel manufacturer, has reported a significant surge in its net profit for the second quarter of FY26, with a four-fold increase to ₹1,646 crore. This substantial growth can be attributed to strong domestic demand and policy support, which have bolstered the company’s outlook for the second half of the fiscal year. The company’s sales have been robust, driving the profit increase.

According to the company’s Q2 results, the profit rise is primarily due to expanded margins, which have been a result of efficient operations and favorable market conditions. However, despite the impressive growth, the company’s profit fell short of estimates, with a 307% increase in Q2, lower than anticipated.

The management of JSW Steel has adopted a cautious stance for 2026, citing potential challenges and uncertainties in the market. Despite this, the company remains optimistic about its performance in the second half of the fiscal year, driven by strong domestic demand and supportive policies.

The Indian government’s initiatives to boost the steel sector, combined with increasing infrastructure development and construction activities, are expected to drive growth for JSW Steel in the coming months. The company’s ability to capitalize on these opportunities, while maintaining efficient operations and managing costs, will be crucial in determining its future performance.

Overall, JSW Steel’s Q2 results indicate a positive trend for the company, with strong sales and expanding margins. While the management’s cautious outlook for 2026 is understandable, given the uncertainties in the market, the company’s fundamentals and market conditions suggest a promising outlook for the second half of the fiscal year. As the Indian steel sector continues to grow, driven by government support and increasing demand, JSW Steel is well-positioned to benefit from these trends and deliver strong performance in the coming months.

The Supreme Court of India has reversed its earlier decision and upheld JSW Steel’s resolution plan for Bhushan Power and Steel (BPSL), restoring the company’s rights and securing its hold on the acquisition. The initial ruling on May 2 had quashed the five-year-old plan, directing liquidation and putting at risk over ₹34,000 crore in bank debt and ₹19,350 crore already paid by JSW Steel. The new ruling has relieved lenders and investors who feared the precedent could unravel other long-settled deals.

The case unfolded when a bench of justices struck down JSW Steel’s resolution plan, citing procedural lapses and violations of the Insolvency and Bankruptcy Code (IBC). However, after a review was sought and a new bench re-heard the case, the court approved JSW’s plan, concluding that interfering with the commercial wisdom of the Committee of Creditors (CoC) would undermine the spirit of the IBC.

A key factor in the reversal was the court’s view on the time-bound framework of the IBC. While the initial ruling faulted JSW for delays in payments, the new bench acknowledged that these delays were triggered by factors beyond the company’s control, such as steel price volatility and Enforcement Directorate attachment orders. The court held that the focus should be on the intent and bona fides of bidders rather than rigid adherence to timelines.

The ruling also reaffirmed the sanctity of the CoC’s commercial judgment, stating that courts must avoid second-guessing creditor decisions unless there is clear mala fide intent. The September bench noted that the CoC had monitored progress, approved extensions after deliberation, and acted in good faith under difficult circumstances.

The Supreme Court also ruled on the contentious issue of ₹6,155 crore in Ebitda generated by BPSL during its insolvency process, stating that it rightfully belongs to JSW Steel. The court stressed that once a resolution plan reaches finality, its terms cannot be reopened or renegotiated.

The verdict is a major reprieve for JSW Steel, which had acquired BPSL in 2021. The company can now move ahead with integrating BPSL’s assets, scaling expansion projects, and unlocking synergies across eastern India. The ruling is also seen as a strong endorsement of JSW’s IBC-led acquisition strategy, which is likely to boost investor confidence.

The implications of the ruling are significant for India’s insolvency framework. The verdict reaffirms the sanctity and finality of approved resolution plans, underscoring that insolvency is meant to resolve stress, not perpetuate litigation. The ruling draws sharper boundaries between insolvency law and other regulatory interventions, ensuring that once a plan is approved by the CoC and NCLT, its implementation cannot be derailed except in the rarest of cases.

The Supreme Court of India is set to deliver a verdict on Friday regarding the resolution plan of JSW Steel Ltd for bankrupt Bhushan Power and Steel Ltd (BPSL). The plan, worth ₹19,700 crore, has been a subject of one of India’s longest-running insolvency battles. The court’s decision will determine whether JSW Steel retains control of BPSL or if the company is pushed into liquidation, which could have significant implications for the Insolvency and Bankruptcy Code (IBC) framework.

The case has been ongoing since 2017, when BPSL was identified as one of the 12 large defaulters by the Reserve Bank of India, with debts of over ₹47,000 crore. JSW Steel emerged as the highest bidder in 2018, but the implementation of the plan was delayed due to litigation. The plan was cleared by lenders, approved by the National Company Law Tribunal (NCLT) in 2019, and upheld by the National Company Law Appellate Tribunal (NCLAT) in 2020. However, the Supreme Court’s ruling on May 2 quashed the plan, ordering the liquidation of BPSL and putting nearly ₹34,000 crore of bank debt at risk.

The Supreme Court later recalled its ruling on July 31, citing misapplication of IBC principles and factual inaccuracies. This paved the way for a fresh hearing, which was concluded on August 11. The court’s verdict on Friday will be the final word on the matter, and it will decide whether JSW Steel retains BPSL, if the company is sent into liquidation, or if a fresh round of bidding is ordered.

The outcome of the case is significant for the IBC framework, as it will set a precedent for the treatment of bankrupt companies and the rights of bidders. If JSW Steel retains control of BPSL, it will be a major victory for the company, which claims to have nearly doubled the production capacity of BPSL since taking charge in March 2021. On the other hand, if the company is pushed into liquidation, it could lead to significant losses for banks and other creditors.

The case has been closely watched by the industry, and the verdict is expected to have far-reaching implications for the Indian economy. The Supreme Court’s decision will provide clarity on the interpretation of the IBC and the treatment of bankrupt companies, which will help to boost investor confidence and promote economic growth. With the verdict scheduled to be delivered on Friday, all eyes are on the Supreme Court, as the fate of BPSL and the future of the IBC framework hang in the balance.

In a significant development for the mining sector in Odisha, over 15,000 tons of iron ore cargo (CLO) have received bids in an auction conducted by JSW, a leading steel manufacturer. The auction, which was highly anticipated, saw a substantial response from industry players, reflecting the strong demand for iron ore in the region.

According to reports, the auction witnessed participation from several major steel producers, including Tata Steel, ArcelorMittal, and JSW Steel, among others. The bids were received for a total quantity of 15,115 tons of iron ore CLO, with the highest bid price reaching Rs 6,500 per ton. The average bid price was reported to be around Rs 6,200 per ton, indicating a strong interest in the cargo.

The auction was conducted by JSW as part of its efforts to utilize its excess iron ore production from its mines in Odisha. The company had put up a total of 20,000 tons of iron ore CLO for auction, and the response was overwhelming, with over 75% of the quantity receiving bids. The successful bidders will be required to lift the cargo from JSW’s mine in Odisha within a specified timeframe.

Industry experts believe that the strong response to the auction reflects the growing demand for iron ore in the region, driven by the increasing production of steel by major manufacturers. The demand for iron ore is expected to remain strong in the coming months, driven by the government’s focus on infrastructure development and the resulting increase in steel consumption.

The auction has also highlighted the importance of Odisha as a major iron ore-producing state in India. The state is home to several major iron ore mines, including those operated by JSW, Tata Steel, and other leading players. The iron ore industry in Odisha is a significant contributor to the state’s economy, providing employment opportunities to thousands of people and generating substantial revenue for the government.

Overall, the successful auction of iron ore CLO by JSW is a positive development for the mining sector in Odisha, reflecting the strong demand for iron ore and the growing importance of the state as a major iron ore-producing hub. As the demand for steel continues to rise, driven by government initiatives and infrastructure development, the iron ore industry in Odisha is expected to play a critical role in meeting this demand.