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The Income-Tax Department on Wednesday carried out a search in the offices of JSW Steel and JSW Energy across Mumbai, Bangalore, Ratnagiri and Jaipur.
The exercise involved 15-20 offices, I-T sources said. Repeated attempts to reach JSW Steel officials for comments did not yield any result.
Besides large-scale investment plans, JSW Steel's strategy to tap the export markets could have led to the I-T search, market sources said. This is because duty-free exports translate into a revenue loss for the Centre. In the December quarter, the company recorded export revenue of Rs 758 crore.
Open offer for Ispat
JSW Steel recently bought out loss-making Ispat Industries for Rs 2,157 crore. The open offer to pick up an additional 20 per cent stake from Ispat's shareholders will be made at Rs 20.54 a share and kick off on Thursday. It is scheduled to close on April 5.
As on December 31, JSW Steel had consolidated net debt of Rs 14,300 crore with its cash reserves at Rs 2,190 crore.
JSW Energy, in its turn, is into generation, transmission, distribution and trading of power. Shares of JSW Steel were down 0.43 per cent at Rs 905 while JSW Energy's was up 0.69 per cent at Rs 73 on Wednesday.
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