JSW Cement Managing Director Parth Jindal on Thursday said its family-owned Group will bring down $ 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 $ 14-billion JSW Group, owned by Mr. Parth’s father Sajjan Jindal, has presence in core sectors of steel, energy, cement and infrastructure.
The group will boycott goods worth $ 400 million, which it imports from China annually, Mr. 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 $ 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% 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.