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Parth Jindal
MD of JSW Cement & CEO of Bengaluru FC
Born (1990-05-19) 19 May 1990 (age 34)[1]
Alma materBrown University
Harvard Business School
SpouseAnushree Jasani
Parents
Websitewww.jsw.in

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

Early life and education

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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

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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]

JSW Cement

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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]

  • In February 2022, Jindal was appointed as a chair at Global Cement & Concrete Association (GCCA) India.[18] In 2024, he was re-elected as chair.[19]
  • In July 2023, Jindal appointed as a Vice-President of Cement Manufacturer's Association.[20][21]

JSW Energy

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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]

JSW USA

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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]

JSW Paints

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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]

JSW Sports

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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]

Inspire Institute of Sport

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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]

JSW Venture Fund

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Jindal also oversees the Management of JSW Venture Fund.[46]

MG Motor India

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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]

Other ventures

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Jindal's wife Anushree Jindal oversees a micro-finance venture, Svamaan Financial Services, that is 100% owned by the couple.[48]

Philanthropy

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Project Yashoda

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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]

Personal life

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Parth is married to Anushree Jindal (née Jasani).[50] They have a daughter born in April 2019.[51]

Awards and recognition

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References

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  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.
  9. ^ a b Kumar, Nandini (9 July 2014). "Making a beeline for the big chair". Bangalore Mirror. Retrieved 31 December 2022.
  10. ^ Swaroop, Ananya (22 March 2024). "A look at the net worth of Delhi Capitals owner Parth Jindal". Lifestyle Asia India. Retrieved 24 March 2024.
  11. ^ Arun, MG. "Parth Jindal: Steely resolve". India Today. Retrieved 31 December 2022.
  12. ^ a b Iyengar, Suresh P. (14 June 2016). "Parth Jindal appointed MD of JSW Cement, will take over in July". Business Line. Retrieved 10 May 2019.
  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. ^ "GCCA India re-elects Parth Jindal as chair & Deepak Khetrapal as co-chair for 2024-2026". The Economic Times. 26 May 2024. Retrieved 24 August 2024.
  20. ^ "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.
  21. ^ "CMA elects Akhoury, Jindal to lead industry initiative". Businessline. 17 July 2023. Retrieved 19 July 2023.
  22. ^ "JSW Energy seeks shareholders' nod to appoint Parth Jindal as director". The Economic Times. Retrieved 31 January 2023.
  23. ^ "Can an Indian conglomerate bring back American steel?". newsinteractive.post-gazette.com. Retrieved 10 May 2019.
  24. ^ "Donald Trump welcomes JSW Steel's $1-billion investment plans in US". The Economic Times. 24 June 2018. Retrieved 10 May 2019.
  25. ^ "India's JSW Steel to invest $500 million in U.S. operations". Reuters. 26 March 2018. Retrieved 10 May 2019.
  26. ^ Ell, Kellie (21 June 2018). "Steel company JSW USA to add 1,000 new jobs: CEO". CNBC. Retrieved 10 May 2019.
  27. ^ Iyengar, Suresh P. (4 May 2021). "Parth Jindal leads turnaround of JSW's US operations". www.thehindubusinessline.com. Retrieved 31 December 2022.
  28. ^ Thomas, Tanya (2 May 2019). "JSW enters paints business with ₹600 crore investment". Mint. Retrieved 10 May 2019.
  29. ^ Lee, Kevin (2 May 2019). "JSW Group forays into paints, targets Rs 2,000 crore revenue by 2022". CNBC. Retrieved 10 May 2019.
  30. ^ a b Gaur, Vatsala (2 May 2019). "JSW Paints aims at Rs 2,000 crore revenue over three years". The Economic Times. Retrieved 10 May 2019.
  31. ^ Jayakumar, P B (3 May 2019). "JSW Group enters paints business with 'Any Colour, One Price' USP". Business Today. Retrieved 28 February 2021.
  32. ^ 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)
  33. ^ Kapadia, Novy (27 September 2017). Barefoot to Boots: The Many Lives of Indian Football. Penguin Random House India Private Limited. ISBN 978-93-86815-65-1.
  34. ^ Srivastava, Samar (29 December 2021). "Parth Jindal: The Game Changer". Forbes India. Retrieved 26 January 2024.
  35. ^ "ISL final at Mumbai Football Arena a 'bummer' – BFC CEO". ESPN. 15 March 2019. Retrieved 10 May 2019.
  36. ^ a b c "JSW Sports launches Inspire Institute of Sport Vijayanagar". InsideSport. 15 August 2018. Retrieved 10 May 2019.
  37. ^ "Delhi Daredevils Renamed Delhi Capitals, Shreyas Iyer to Lead". The Quint. 5 December 2018. Retrieved 23 December 2018.
  38. ^ PTI (4 December 2018). "Delhi Daredevils is now Delhi Capitals". The Hindu. Retrieved 23 December 2018.
  39. ^ Gaur, Vatsala (21 December 2018). "JSW Sports to also manage athletes". The Economic Times. Retrieved 10 May 2019.
  40. ^ "JSW Sports awarded at FICCI India Sports Awards, APN News, Oct 27, 2018". ficci.in. Retrieved 10 May 2019.
  41. ^ Bera, Kaustav. "JSW Sports awarded Rashtriya Khel Protsahan Puruskar". www.goal.com. Retrieved 10 May 2019.
  42. ^ Scroll Staff (December 2021). "Watch: IPL must have a look at the auctions, it's not fair – Delhi Capitals co-owner Parth Jindal". Scroll.in. Retrieved 31 December 2022.
  43. ^ "DC Capitals Co-Owner Parth Jindal Opens Up On Acquiring Delhi Team In Women's Premier League". India.com. Retrieved 31 January 2023.
  44. ^ Staff Writer (21 March 2023). "'My last name should not give me the right to run JSW cos'". mint. Retrieved 24 March 2023.
  45. ^ Ramdev, Darshana (25 August 2018). "Vision 2020: Parth Jindal sets sights on Tokyo Olympics". Deccan Chronicle. Retrieved 10 May 2019.
  46. ^ Chanchani, Madhav; Mandavia, Megha (2 September 2015). "Sajjan Jindal forms JSW Venture Fund to invest in early-stage internet, technology startups". The Economic Times. Retrieved 10 May 2019.
  47. ^ Chatterjee, Dev (30 November 2023). "JSW group to buy 35% stake in joint venture with SAIC Motor of China". Business Standard. Retrieved 1 December 2023.
  48. ^ Ray, Atmadip (22 January 2019). "Jindal family's daughter-in-law in microfinance foray". The Economic Times. Retrieved 10 May 2019.
  49. ^ "Being humane: How business scions are furthering the legacy of giving". Forbes India. Retrieved 10 May 2019.
  50. ^ 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.
  51. ^ "Parth Jindal and his wife Anushree become proud parents of a baby girl". Mumbai Mirror. 17 April 2019. Retrieved 14 May 2019.
  52. ^ "GQ's 50 Most Influential Young Indians of 2018". GQ India. 5 December 2018. Archived from the original on 5 December 2018. Retrieved 10 May 2019.
  53. ^ जश्न-ए-यंगिस्तान: उप राष्ट्रपति वेंकैया नायडू ने उद्योगपति पार्थ जिंदल को किया सम्मानित, 24 November 2018, retrieved 10 May 2019
  54. ^ "Winners 2019 - 40 under Forty: Celebrating Young Leaders". The Economic Times. Retrieved 31 December 2022.
  55. ^ Zielinski, Priyanka Gupta (26 April 2021). The Ultimate Family Business Survival Guide. Pan Macmillan. ISBN 978-93-90742-01-1.

Further reading

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