Parth Jindal | |
---|---|
Born | [1] | 19 May 1990
Alma mater | Brown University Harvard Business School |
Spouse | Anushree Jasani |
Parents |
|
Website | www |
Parth Jindal (born 19 May 1990) is an Indian businessman and scion of JSW Group. [2] [3]
Jindal is the youngest of three children of Sajjan Jindal and Sangita Jindal. [4] An alumnus of Cathedral and John Connon School from Mumbai [5] and Sevenoaks School in England, [6] he earned a BA in economics and political science from Brown University in 2012, and an MBA from Harvard Business School in 2016. [7] [8]
He joined the JSW Group as an economic analyst in 2012 and also did a secondment with JFE Steel Japan for six months. [7] Prior to that, he worked with Falcon Edge Capital, a hedge fund in New York City. [9] [10] At JSW Group, he was given the role of economic analyst and was tasked with taking charge of all strategic projects. As a result, he was instrumental in developing a new retail strategy for JSW Steel and turning around several of the group's loss-making subsidiaries, including JSW Cement and JSW Steel USA. [11]
Jindal led a group that built a 2.3 million-ton auto-grade steel plant in Vijaynagar, Bellary before he went to Harvard University in 2014 to get his MBA. At that time, the plant was dubbed the first Indian steel establishment to manufacture auto steel because, until that time, all major Indian car makers were importing high-quality steel for car panels from South Korea, Japan, or Germany. [9]
Parth Jindal was appointed managing director of JSW Cement in June 2014. [12] [13] Upon taking charge of cement business, he found it was operating at a loss. To enhance its viability, he relocated the team, revamped business strategies, restructured the organisation, and appointed new executives. [14] By December 2021, the company was aiming to expand from 14 MPTA to 20 MPTA. [12]
JSW Cement currently makes two variants of Green Cement products – JSW Cement Portland Slag Cement and Concreel HD. Jindal revealed in August 2023 its plan to invest ₹18,000 crore in expanding its cement business. Additionally, there are plans for an IPO in 2024 by reducing ownership stakes by 10-15%, with half of this reduction representing a sale opportunity for the two private equity investors. [15] The goal is to triple the company's production capacity to 60 MPTA within the next five years. [16]
Under Parth's leadership the company has invested US$150 Million in Fujairah, to set-up a one million tonne per annum clinker unit to achieve its 2020 targets. Through this investment Parth hopes to contribute to the overall economic development of Fujairah as well as create new direct and indirect job opportunities. [17]
On 23 December 2022, JSW Energy got approval from the firm's shareholders to appoint Parth Jindal to a director position on the board of the company. [21]
Jindal is the Director of JSW USA. Under his guidance, JSW Steel has made a US$1 Billion Commitment to be split evenly between US Operations in Texas and in Ohio. [22] An investment that was welcomed by US President Donald Trump. [23] On investments in JSW USA, Parth shared that access to natural gas at extremely economical prices and the abundant availability of scrap steel in Texas made conditions very conducive for manufacturing through the Electric Art Furnace Route. [24] The investments also guaranteed over 1000 jobs in the industry. [25]
JSW Steel's $900 million investment in US operation made in 2007, was resulting in financial losses and cultural integration challenges. Jindal identified a significant cultural gap within the organisation, leading them to hire an American CEO to lead the steel business. [14]
According to Jindal, the organisation has totally severed ties with Chinese suppliers in 2021, with the exception of two products that are sold exclusively by China. He stated that suppliers to Group who get more than twenty per cent of their sourcing from China are also prohibited from doing business with the company unless and until they can demonstrate that investments have been made to lower the amount of goods they buy from China. [26]
While at Harvard, Professor Das Narayandas collaborated with Jindal and three others to brainstorm ideas. They considered various sectors but settled on paints due to its alignment with JSW Group and the industry's significant market share. [14] After years of preparation, the JSW Group formally announced the launch of JSW Paints on 2 May 2019 with Jindal as its managing director. [27] [28] The company is aiming to achieve Rs. 20 billion revenue mark by 2022. [29] The company has built two facilities – a 25,000 kilo litres coil coating facility at Vasind in Maharashtra for industrial demand and another 10,000 kilo litre water-based decorative paints facility in Vijayanagar in Karnataka. [29] The Vijayanagar plant was inaugurated on 27 January 2020.
The company offers a complete range of environment friendly water-based paints for interior and exterior walls, wood and metal. [30]
Jindal defended a proposed investment of ₹750 crore by group firm JSW Steel, arguing that the proposed investment was a transaction between two independent parties and that it was concluded after considerable consideration. [31]
Parth is the Director of JSW Sports, which currently runs the ISL Football Club Bengaluru FC, [32] Delhi based IPL Team Delhi Capitals, a Pro Kabaddi team Haryana Steelers [33] and the Inspire Institute of Sport. [34] [35] In 2018, JSW Sport acquired 50% stake of the Delhi Capitals from GMR Group and Jindal was appointed Chairman of the IPL team. [36] [37]
JSW Sports also runs the Sports Excellence Program that provides training to elite Indian Olympic Athletes and also manages their commercial interests. [38]
In 2018, JSW Sports won the FICCI India Sports Awards in the category of Best Company promoting sports [39] and was also awarded the Rashtriya Khel Protsahan Puruskar by the Government of India. [40]
In December 2021, Jindal raised his concern that the Indian Premier League authorities reconsider the franchise's auction process, which he believes does not adequately compensate the franchise for its efforts in developing young players, assembling a squad, and losing them after three years. [41]
In January 2023, Jindal's Delhi Capital of the IPL acquired the Delhi franchise of the Women's Premier League. [42]
Recently, Jindal remarked on how the JSW, as opposed to other consumer product companies, could not purchase commercials on television; instead, the group decided to create its brand by investing in sports. [43]
Parth Jindal is the founder of the Inspire Institute of Sport (IIS) in Vijayanagara district that was formally launched on 15 August 2018. [44] Spread across 42 acres, the Institute aims to provide a world class training centre which can provide Indian athletes access to the most advanced infrastructure, coaching and sports science within the country. It is an initiative led by the JSW Group. [35]
IIS has been recognised by the Sports Authority of India as a Khelo India accredited development centre for Boxing and Wrestling. The initiative is also supported by CSR funding from a number of Indian and International corporates. [35]
Jindal also oversees the Management of JSW Venture Fund. [45]
In November 2023, Jindal signed a share purchase and share subscription agreement with the president of SAIC Motor, Wang Xiaoqiu at MG Motor’s UK headquarters in London. [46]
Jindal's wife Anushree Jindal oversees a micro-finance venture, Svamaan Financial Services, that is 100% owned by the couple. [47]
Jindal was in charge of supervising the creation of an Android-based mobile application that can track the developmental indicators of children under six. The local women, given the moniker "Yashodas" after a figure from Hindu mythology, were instructed to take photographs of the mother and child using their mobile phones, scan the mother and child's irises, and enter the necessary information into the application. This app enables real-time, GPS-enabled tracking of children's nutrition and growth markers, making it possible for medical professionals and government officials to take appropriate follow-up action when required. Consequently, the prevalence of malnutrition in the three talukas of Palghar in which the JSW Foundation is active has significantly decreased. In 2014, then-Chief Minister Devendra Fadnavis of Maharashtra gave the order for the technology to be implemented throughout the state. [48]
Parth is married to Anushree Jindal (née Jasani). [49] They have a daughter born in April 2019. [50]
Steel Authority of India Limited (SAIL) is a central public sector undertaking (PSU) based in New Delhi, India. It is under the ownership of the Ministry of Steel, Government of India with an annual turnover of ₹105,398 crore (US$13 billion) for the fiscal year 2022-23. Incorporated on 24 January 1973, SAIL has 57,139 employees. With an annual production of 18.29 million metric tons, It is the largest government owned steel producer. The hot metal production capacity of the company will further increase and is expected to reach a level of 50 million tonnes per annum by 2025.
The Aditya Birla Group (ABG) is an Indian multinational conglomerate, headquartered in Mumbai. The group has a presence in 36 nations and a combined annual revenue of $75 billion, over 50% of which is derived from its overseas operations. The group's business interests include metals, cement, fashion and retail, financial services, renewables, fibre, textiles, chemicals, real estate, trading, mining, and entertainment.
Jindal Steel and Power Limited (JSPL) is an Indian steel company based in New Delhi. JSPL is a part of OP Jindal Group.
Naveen Jindal is an Indian billionaire industrialist, philanthropist, and a former Member of Parliament, Lok Sabha from Kurukshetra, Haryana in the 14th and 15th Lok Sabha. He currently serves as the Chairman of Jindal Steel and Power Limited and Chancellor of O. P. Jindal Global University.
Kumar Mangalam Birla is an Indian billionaire industrialist, philanthropist, and the chairman of the Aditya Birla Group, one of the largest conglomerates in India. He is the chancellor of the Birla Institute of Technology & Science, Pilani and ex-chairman of Indian Institute of Management Ahmedabad. According to Forbes, he has an estimated net worth of US$19.6 billion, as of March 2024 making him the 7th richest person in India.
Salboni is a village in the Salboni CD block, in the Medinipur Sadar subdivision of the Paschim Medinipur district in the Indian state of West Bengal.
Delhi Capitals, formerly Delhi Daredevils, are a professional franchise cricket team based in Delhi that plays in the Indian Premier League (IPL). The franchise is jointly owned by the GMR Group and the JSW Sports. The team's home ground is Arun Jaitley Stadium, located in New Delhi. The team is captained by Rishabh Pant and coached by Ricky Ponting. The Capitals appeared in their first IPL final in 2020 against Mumbai Indians.
Jindal Vijayanagar Airport, also known as Vidyanagar Airport, is a public airport serving Bellary, Hampi and Hospet in Karnataka, India. It is located between Vidyanagar Township and a steel mill owned by JSW Steel in Toranagallu. The airport was built by Jindal Vijayanagar Steel, which later changed its name to JSW Steel. It opened in 1997 and began handling commercial flights in December 2006.
Essar Group is an Indian multinational conglomerate company, founded by Shashi Ruia and Ravi Ruia in 1969. The company, known as Essar Global Fund Limited (EGFL), owns a variety of assets in the core sectors of energy, infrastructure & logistics, metals & mining, technology, and retail. EGFL holds a nearly 100% stake in all its investments.
Sajjan Jindal is an Indian billionaire industrialist. He is the chairman and managing director of JSW Group of companies; diversified in steel, mining, energy, sports, infrastructure and, software business.
GMR Group is an Indian multinational conglomerate headquartered in New Delhi. The group was founded in 1978 by Grandhi Mallikarjuna Rao and comprises several companies including GMR Infrastructure, GMR Energy, GMR Airports, GMR Enterprises. Employing the public-private partnership model, the Group has implemented several infrastructure projects in India. The Group also has a global presence with infrastructure operating assets and projects in several countries including Philippines and Greece.
JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of Bhushan Power & Steel, Ispat Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India's second largest private sector steel company.
JSW Group is an Indian multinational conglomerate, based in Mumbai. It is led by Sajjan Jindal and is part of the O.P. Jindal Group. The group's diverse businesses include steel, energy, infrastructure, cement, automotive and paints, across India, the United States, South America, and Africa.
O.P. Jindal Global is a private Institution of Eminence Deemed to be University located at Sonipat in Haryana, India. It was established in 2009 as a philanthropic initiative of its founding chancellor, Naveen Jindal, in memory of his father, O.P. Jindal. In 2020, UGC named JGU as an Institute of Eminence, making it one of the four private universities and one of the twelve of all universities in India to have ever received the distinction. The university offers 45 programmes in law, liberal arts, life sciences and business.
Sangita Jindal is an Indian businesswoman and the chairperson of the JSW Foundation, which drives social development projects within the JSW Group. She also leads Jindal Arts Centre and she is the President of Art India magazine, a leading art magazine focusing on contemporary art practices and critical theory which promotes interdisciplinary arts activity, in India. JSW Foundation has also won the Golden Peacock Award for CSR in 2009 and 2019.
Mustafa Ghouse is the Chief Executive Officer of JSW Sports, the sports vertical of The JSW Group. The JSW Group owns and operates Indian Super League club Bengaluru FC and Pro-Kabaddi League team Haryana Steelers. Ghouse is also the Director at JSW Sports' Indian Premier League franchise Delhi Capitals.
Inspire Institute of Sport (IIS) is India's first privately-funded high performance training centre for athletes. Founded by the JSW Group, the facility is spread over 42 acres in Vijayanagar, Bellary district, Karnataka. The institute provides full scholarships to athletes scouted from across the country in athletics, boxing, judo, swimming and wrestling.
JSW MG Motor India Pvt Ltd, previously MG Motor India Private Limited until 2024, is an automobile manufacturer in India, which was established in 2019. Since 2023, it is a joint venture between the Mumbai-based Indian multinational conglomerate JSW Group and Shanghai-based Chinese automotive manufacturer SAIC Motor, which markets vehicles under the British MG marque.
Max Ventures and Industries Limited is an Indian public company of Max Group, headquartered in New Delhi, India. It is the holding company for the group's real estate business, Max Estates; packaging business, Max Speciality Films; and the educational arm, Max Learning. The company sold a 49% stake of the speciality film business to Toppan Printing, a global printing company headquartered in Tokyo, Japan.
Zee Media Corporation Limited is a news broadcasting company based in Mumbai, India. The company is engaged mainly in the business of broadcasting news and current affairs, and regional entertainment up-linked from India via satellite television channels.
{{cite web}}
: CS1 maint: multiple names: authors list (link)