Parth Jindal
Indian businessman From Wikipedia, the free encyclopedia
Indian businessman From Wikipedia, the free encyclopedia
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 | 19 May 1990[1] |
| Alma mater | Brown University Harvard Business School |
| Spouse | Anushree Jasani |
| Parents |
|
| Website | www |
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 worked as an economic analyst, overseeing 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 then, 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 changed 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 to 15%.[15][16]
Under his leadership the company invested US$150 million in Fujairah, to set-up a one million tonne per annum clinker unit to achieve its 2020 targets.[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.[22]
Jindal is the Director of JSW USA. In 2019, JSW Steel made a US$1 billion investment commitment to be split evenly between its US operations in Texas and in Ohio,[23] which was welcomed by US President Donald Trump.[24][25] The investments also guaranteed over 1,000 jobs in the industry.[26]
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 severed ties with Chinese suppliers in 2021, with the exception of two products that were sold exclusively by China. He stated that suppliers to the group who get more than 20% of their sourcing from China were also prohibited from doing business with the company unless they can demonstrate that investments have been made to lower the amount of goods they buy from China.[27]
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.[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.[28][29][30] The company 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.[30] The Vijayanagar plant was inaugurated on 27 January 2020.
The company offers water-based paints for interior and exterior walls, wood and metal.[31]
Jindal defended a proposed investment of ₹750 crore in JSW Paints by group firm JSW Steel, arguing that this was a transaction between two independent parties which was decided upon after considerable consideration.[32]
Parth is the Director of JSW Sports, which currently runs the ISL Football Club Bengaluru FC,[33] Delhi based IPL Team Delhi Capitals, a Pro Kabaddi team Haryana Steelers[34] and the Inspire Institute of Sport.[35][36] In 2018, JSW Sport acquired 50% stake of the Delhi Capitals from GMR Group and Jindal was appointed Chairman of the IPL team.[37][38]
JSW Sports also runs the Sports Excellence Program that provides training to elite Indian Olympic Athletes and also manages their commercial interests.[39]
In 2018, JSW Sports won the FICCI India Sports Awards in the category of Best Company promoting sports[40] and was also awarded the Rashtriya Khel Protsahan Puruskar by the Government of India.[41]
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.[42]
In January 2023, Jindal's Delhi Capital of the IPL acquired the Delhi franchise of the Women's Premier League.[43]
In 2023, Jindal remarked on how 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.[44]
Parth Jindal is the founder of the Inspire Institute of Sport (IIS) in Vijayanagara district that was formally launched on 15 August 2018.[45] Spread across 42 acres, the Institute comprises a training centre that provides Indian athletes access to coaching and sports science. It is an initiative led by the JSW Group.[36]
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.[36]
Jindal also oversees the Management of JSW Venture Fund.[46]
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.[47]
Jindal's wife Anushree Jindal oversees a micro-finance venture, Svamaan Financial Services, that is 100% owned by the couple.[48]
Jindal supervised the creation of an Android-based mobile application that tracks the developmental indicators of children under six. Consequently, the prevalence of malnutrition in the three talukas of Palghar, in which the JSW Foundation is active, has reportedly decreased. In 2014, then-Chief Minister Devendra Fadnavis of Maharashtra gave the order for the technology to be implemented throughout the state.[49]
Parth is married to Anushree Jindal (née Jasani).[50] They have a daughter born in April 2019.[51]
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
