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Parth Jindal

Summary

Parth Jindal (born 19 May 1990) is an Indian businessman and scion of JSW Group.[2][3]

Parth Jindal
MD of JSW Cement & CEO of Bengaluru FC
Born (1990-05-19) 19 May 1990 (age 33)[1]
NationalityIndian
Alma materBrown University
Harvard Business School
SpouseAnushree Jasani
Parents
Websitewww.jsw.in

Early life and education edit

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]

Career edit

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]

JSW Cement edit

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]

  • In February 2022, Jindal was appointed as a chair at Global Cement & Concrete Association (GCCA) India.[18]
  • In July 2023, Jindal appointed as a Vice-President of Cement Manufacturer's Association.[19][20]

JSW Energy edit

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]

JSW USA edit

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]

JSW Paints edit

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]

JSW Sports edit

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]

Inspire Institute of Sport edit

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]

JSW Venture Fund edit

Jindal also oversees the Management of JSW Venture Fund.[45]

MG Motor India edit

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]

Other ventures edit

Jindal's wife Anushree Jindal oversees a micro-finance venture, Svamaan Financial Services, that is 100% owned by the couple.[47]

Philanthropy edit

Project Yashoda edit

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]

Personal life edit

Parth is married to Anushree Jindal (née Jasani).[49] They have a daughter born in April 2019.[50]

Awards and recognition edit

References edit

  1. ^ John, Satish; Gaur, Vatsala (8 August 2018). "A 28-year-old scion is earning the spurs at $13 billion JSW Group". The Economic Times. Retrieved 9 May 2019.
  2. ^ "Excl: JSW Group scion Parth Jindal on turnaround of US biz". Moneycontrol. 3 October 2016. Retrieved 24 September 2022.
  3. ^ "Top Family Businesses Are Now Led by the New Generation. Can They Build on Their Forefathers' Legacy?". Business Today. 6 September 2022. Retrieved 24 September 2022.
  4. ^ "Jindal family". Forbes. Retrieved 10 May 2019.
  5. ^ Janardhan, Arun (7 August 2013). "Bengaluru FC: Men of steel". Mint. Retrieved 11 May 2019.
  6. ^ "JSW Steel seeks approval from shareholders to hike scion's pay". Mint. PTI. 9 July 2013. Retrieved 13 May 2019.
  7. ^ a b John, Satish; Gaur, Vatsala (8 August 2018). "A 28-year-old scion is earning the spurs at $13 billion JSW Group". The Economic Times. Retrieved 10 May 2019.
  8. ^ Carney, Michael; Dieleman, Marleen (30 January 2023). De Gruyter Handbook of Business Families. Walter de Gruyter GmbH & Co KG. ISBN 978-3-11-072796-8.
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  13. ^ Pandey, Piyush (4 April 2019). "JSW Group's gen-next looks at diversification". The Hindu. ISSN 0971-751X. Retrieved 28 October 2023.
  14. ^ a b c Singh, Rajiv. "Parth Jindal And The Making Of An Institution Of The Future". Forbes India. Retrieved 24 March 2024.
  15. ^ Kurup, Rajesh (11 January 2024). "JSW Group initiates plans to list cement unit". The Financial Express. Retrieved 26 January 2024.
  16. ^ Chatterjee, Dev (31 August 2023). "JSW to invest Rs 18,000 crore to expand cement business: Parth Jindal". Business Standard. Retrieved 28 October 2023.
  17. ^ Majumdar, Rakhi (19 July 2018). "JSW Cement will invest close to US$150 million in Fujairah". The Economic Times. Retrieved 10 May 2019.
  18. ^ "Parth Jindal of JSW Cement to be the next chair of GCCA India". Construction Week India. 16 February 2022. Retrieved 31 December 2022.
  19. ^ "Neeraj Akhoury elected as President of Cement Manufacturers' Association; Parth Jindal appointed as Vice President". The Economic Times. PTI. 17 July 2023. ISSN 0013-0389. Retrieved 19 July 2023.
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  31. ^ Chaki, Kalpana Pathak,Deborshi (26 July 2021). "JSW Steel funding in paints firm an arm's length deal: Parth Jindal". mint. Retrieved 31 December 2022.{{cite web}}: CS1 maint: multiple names: authors list (link)
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  42. ^ "DC Capitals Co-Owner Parth Jindal Opens Up On Acquiring Delhi Team In Women's Premier League". India.com. Retrieved 31 January 2023.
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  48. ^ "Being humane: How business scions are furthering the legacy of giving". Forbes India. Retrieved 10 May 2019.
  49. ^ Gupte, Masoom (11 May 2016). "An extravagant affair: Parth Jindal ties the knot with Anushree Jasani in Vienna". The Economic Times. Retrieved 10 May 2019.
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  52. ^ जश्न-ए-यंगिस्तान: उप राष्ट्रपति वेंकैया नायडू ने उद्योगपति पार्थ जिंदल को किया सम्मानित, 24 November 2018, retrieved 10 May 2019
  53. ^ "Winners 2019 - 40 under Forty: Celebrating Young Leaders". The Economic Times. Retrieved 31 December 2022.
  54. ^ Zielinski, Priyanka Gupta (26 April 2021). The Ultimate Family Business Survival Guide. Pan Macmillan. ISBN 978-93-90742-01-1.

External links edit

  • JSW Group – Official Website

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