Jindal Steel & Power Limited is one of the leading manufacturers of steel in India, and for the financial year 2023-24, it released a Business Responsibility Sustainability Report. Sustainably, this report critically presents operations, workforce practices, policies regarding governance, environmental and social initiatives, risks, and opportunities with their responses.
Company Background/Operations
JSPL came into corporate existence during the year 1979 and set up a corporate office situated in Hisar, Haryana. The company has emerged as one of the top business houses in India, with numerous successful steel plants, listed equities, and headquarters. JSPL comprises a total of 12 manufacturing plants and 46 offices in India, along with one on foreign grounds, making it a strong domestic and global player. Its goods flow from the plants to both Indian markets and the exports of 32 countries.
Manufacturing of metal and metal
products accounts for 94% of the company’s total turnover. It manufactures vast varieties of products ranging from long products to specialty plates to be applied in core sectors of the economy—defense, shipbuilding, railways, and energy, among others. It is this relentless effort that JSPL has put in to diversify its product basket and invest in quality controls that has sustained its position in the steel space for long.
Employee and workplace practices
As of March 31, 2024, JSPL had 8,499 people working for it. The gender-wise breakup was 96% male and 4% female. Besides, it engaged 2,808 workers with almost the same gender ratio. The report also underlines JSPL’s vision to provide a safe and inclusive workplace. It has implemented the “Zero Harm” concept with the long-term goal of eliminating accidents and injuries in its workplaces. JSPL ensures this by conforming to ISO 45001:2018 standards, which form a criteria for occupational health and safety management systems. There are various safety training programs conducted for employees, and the company has a very detailed HIRA (hazard identification and risk assessment) register in place to proactively address potential risks.
JSPL’s workforce policies encourage diversity and inclusion. The company expresses its official acceptance of the Rights of Persons with Disabilities Act, 2016, by making its premises accessible to all employees, regardless of their physical abilities. JSPL is a firm believer in nondiscrimination and equal opportunity, so it offers a great work environment to all its employees.
Governance and Policies
Its corporate governance framework is fairly strong, with a board committee focusing on health & safety, corporate social opportunity, sustainability, and environment. Business conduct based on ethical values is accorded high priority by the company, which ensures that policies are in place concerning anti-corruption, whistleblowing, and equal opportunity. These policies are so framed as to uphold the highest standards of integrity and transparency in all of JSPL’s operations.
JSPL’s procurement strategy integrates sustainable sourcing. The firm insists on its suppliers following ESG norms so that their supply chain aids in the deliverance of its sustainability goals. In this preference, apart from facilitating operational efficiency for current working, the company also contributes towards long-term sustainability objectives.
Environmental and Social Initiatives
Rather cheekily, it has set itself a laudable environmental goal: net zero carbon emissions by 2047. The company shall do so by using several possible mitigation measures, which contemplate the use of green power and the development of a slurry pipeline. These are part of JSPL’s bigger plan to minimize its impacts on the environment and contribute toward global efforts for climate change mitigation.
Besides such environmental initiatives, JSPL is engaged in social development programs. All initiatives carried out by JSPL under the category of social development are concerned with health, education, and livelihood improvements in their contribution to communities. These initiatives by JSPL are taken in view of bringing in enhanced living standards for the community people and sustainable development of the operation regions of JSPL.
Key Risks and Opportunities
BRSR also identifies various risks that may emerge with the potential to affect JSPL operations pertaining to occupational health and safety, business ethics, and climate change. In line with published evidence of these risks, the company has applied precautionary policies with respect to safety issues, transparency in business operations, and environmental sustainability.
On the contrary, the report points out varied opportunities that the JSPL can tap for betterment in their sustainability performance: energy management, workforce diversity, and water management. It focuses on these specific areas in an endeavor to further enhance its competitive advantage and to ensure long-term success amidst the wider business landscape in a state of constant evolution.
Conclusion
BRSR FY 2023-24 further reiterates JSPL’s continued commitment to responsible businesses, sustainability, and the well-being of its employees and their communities. This unfolds an array of insights into the operations of the company, workforce practices, governance policies, and the environmental and social initiatives of the company in order to paint a full picture of the company’s effort in balancing profitability with social and environmental responsibility. As JSPL grows and diversifies, its commitment to continuing to deliver its sustainability goals and create value for all its stakeholders grows.
Source: BRSR
Credit: Jindal Steel & Power Limited