Consolidated financial statement of JSW S.A. Capital Group for 2012

3.2. Capital risk management

The key objective of capital risk management is to safeguard the Group’s ability to continue as a going concern and carry out the planned investment projects, while increasing returns to shareholders.

In 2012, the level of short-term external financing was lower than the value of the Group’s liquid financial resources (cash and cash equivalents). Accordingly, equity is considered to be the capital employed to finance the Group’s operations.