JSW Group to boycott USD 400 million worth imports from China: MD Parth Jindal

PTI, Jul 4, 2020, 3:41 PM IST

New Delhi: JSW Cement Managing Director Parth Jindal on Thursday said its family-owned Group will bring down USD 400 million worth of imports from China to zero in the next 24 months.

Referring to the recent clash between Indian and Chinese troops in the Galwan Valley, he said the “action” is a result of what the latter did on Indian soil.

The USD 14-billion JSW Group, owned by Parth’s father Sajjan Jindal, has a presence in core sectors of steel, energy, cement and infrastructure.

The group will boycott goods worth USD 400 million, which it imports from China annually, Parth said in a tweet.

“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 USD 400 mn from China annually and we pledge to bring this down to zero in the next 24 months #BoycottChina,” he said.

A company official estimated 70-80 per cent of imports take place for the company’s steel and energy business which includes machinery and maintenance equipment.

The Indian and Chinese armies are locked in a bitter stand-off at multiple locations in the eastern Ladakh for the past seven weeks, and the tension escalated manifold after 20 Indian soldiers were killed in a violent clash in Galwan Valley on June 15. The Chinese side also suffered casualties but it is yet to give out the details.