Parth Jindal Explained

Parth Jindal
Birth Date:1990 5, df=y[1]
Alma Mater:Brown University
Harvard Business School
Spouse:Anushree Jasani
Father:Sajjan Jindal
Mother:Sangita Jindal

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

Early life and education

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

He joined the JSW Group as an economic analyst in 2012 and also did a secondment with JFE Steel Japan for six months. 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.

JSW Cement

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]

JSW Energy

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

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,[22] which was welcomed by US President Donald Trump.[23] [24] The investments also guaranteed over 1,000 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.

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.[26]

JSW Paints

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. 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] [29] 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. The Vijayanagar plant was inaugurated on 27 January 2020.

The company offers water-based paints for interior and exterior walls, wood and metal.[30]

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.[31]

JSW Sports

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] In 2018, JSW Sport acquired 50% stake of the Delhi Capitals from GMR Group and Jindal was appointed Chairman of the IPL team.[35] [36]

JSW Sports also runs the Sports Excellence Program that provides training to elite Indian Olympic Athletes and also manages their commercial interests.[37]

In 2018, JSW Sports won the FICCI India Sports Awards in the category of Best Company promoting sports[38] and was also awarded the Rashtriya Khel Protsahan Puruskar by the Government of India.[39]

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.[40]

In January 2023, Jindal's Delhi Capital of the IPL acquired the Delhi franchise of the Women's Premier League.[41]

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.[42]

Inspire Institute of Sport

Parth Jindal is the founder of the Inspire Institute of Sport (IIS) in Vijayanagara district that was formally launched on 15 August 2018.[43] 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.[44]

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.

JSW Venture Fund

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

MG Motor India

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

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

Philanthropy

Project Yashoda

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.[48]

Personal life

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

Awards and recognition

Further reading

Notes and References

  1. News: A 28-year-old scion is earning the spurs at $13 billion JSW Group. John. Satish. 8 August 2018. The Economic Times. 9 May 2019. Gaur. Vatsala.
  2. News: Excl: JSW Group scion Parth Jindal on turnaround of US biz . Moneycontrol . 3 October 2016 . 24 September 2022.
  3. News: Top Family Businesses Are Now Led by the New Generation. Can They Build on Their Forefathers' Legacy? . Business Today . 6 September 2022 . 24 September 2022.
  4. Web site: Jindal family. Forbes. 10 May 2019.
  5. News: Janardhan . Arun . 7 August 2013 . Bengaluru FC: Men of steel . . 11 May 2019.
  6. News: JSW Steel seeks approval from shareholders to hike scion's pay . Mint . PTI . 9 July 2013 . 13 May 2019.
  7. News: John . Satish . Gaur . Vatsala . 8 August 2018 . A 28-year-old scion is earning the spurs at $13 billion JSW Group . The Economic Times . 10 May 2019.
  8. Book: Carney . Michael . De Gruyter Handbook of Business Families . Dieleman . Marleen . 30 January 2023 . Walter de Gruyter GmbH & Co KG . 978-3-11-072796-8.
  9. Web site: Nandini . Kumar . 9 July 2014 . Making a beeline for the big chair . 31 December 2022 . Bangalore Mirror . en.
  10. Web site: Swaroop . Ananya . 22 March 2024 . A look at the net worth of Delhi Capitals owner Parth Jindal . 24 March 2024 . . en-US.
  11. Web site: Arun . MG . Parth Jindal: Steely resolve . 31 December 2022 . India Today . en.
  12. News: Iyengar. Suresh P.. 14 June 2016. Parth Jindal appointed MD of JSW Cement, will take over in July. Business Line. 10 May 2019.
  13. News: Pandey . Piyush . 4 April 2019 . JSW Group's gen-next looks at diversification . The Hindu . 28 October 2023 . 0971-751X.
  14. Web site: Singh . Rajiv . Parth Jindal And The Making Of An Institution Of The Future . 24 March 2024 . . en.
  15. News: Kurup . Rajesh . 11 January 2024 . JSW Group initiates plans to list cement unit . . 26 January 2024.
  16. News: Chatterjee . Dev . 31 August 2023 . JSW to invest Rs 18,000 crore to expand cement business: Parth Jindal . . 28 October 2023.
  17. News: JSW Cement will invest close to US$150 million in Fujairah. Majumdar. Rakhi. 19 July 2018. The Economic Times. 10 May 2019.
  18. News: 16 February 2022 . Parth Jindal of JSW Cement to be the next chair of GCCA India . 31 December 2022 . Construction Week India.
  19. News: Neeraj Akhoury elected as President of Cement Manufacturers' Association; Parth Jindal appointed as Vice President . 19 July 2023 . The Economic Times . PTI . 17 July 2023 . 0013-0389.
  20. News: CMA elects Akhoury, Jindal to lead industry initiative . 19 July 2023 . Businessline . 17 July 2023.
  21. News: JSW Energy seeks shareholders' nod to appoint Parth Jindal as director . The Economic Times . 31 January 2023.
  22. Web site: Can an Indian conglomerate bring back American steel? . newsinteractive.post-gazette.com. 10 May 2019.
  23. News: Donald Trump welcomes JSW Steel's $1-billion investment plans in US. 24 June 2018. The Economic Times. 10 May 2019.
  24. News: India's JSW Steel to invest $500 million in U.S. operations. 26 March 2018. Reuters. 10 May 2019.
  25. Web site: Steel company JSW USA to add 1,000 new jobs: CEO. Ell. Kellie. 21 June 2018. CNBC. 10 May 2019.
  26. Web site: Iyengar . Suresh P. . 4 May 2021 . Parth Jindal leads turnaround of JSW's US operations . 31 December 2022 . www.thehindubusinessline.com . en.
  27. Web site: JSW enters paints business with ₹600 crore investment. Thomas. Tanya. 2 May 2019. Mint. 10 May 2019.
  28. News: Lee. Kevin. 2 May 2019. JSW Group forays into paints, targets Rs 2,000 crore revenue by 2022. CNBC. 10 May 2019.
  29. News: JSW Paints aims at Rs 2,000 crore revenue over three years. Gaur. Vatsala. 2 May 2019. The Economic Times. 10 May 2019.
  30. News: Jayakumar . P B . JSW Group enters paints business with 'Any Colour, One Price' USP . 28 February 2021 . Business Today . 3 May 2019.
  31. Web site: Chaki . Kalpana Pathak, Deborshi . 26 July 2021 . JSW Steel funding in paints firm an arm's length deal: Parth Jindal . 31 December 2022 . mint . en.
  32. Book: Kapadia, Novy . Barefoot to Boots: The Many Lives of Indian Football . 27 September 2017 . Penguin Random House India Private Limited . 978-93-86815-65-1 . en.
  33. Srivastava . Samar . 29 December 2021 . Parth Jindal: The Game Changer . . 26 January 2024.
  34. Web site: ISL final at Mumbai Football Arena a 'bummer' – BFC CEO. 15 March 2019. ESPN. 10 May 2019.
  35. Web site: Delhi Daredevils Renamed Delhi Capitals, Shreyas Iyer to Lead . . 5 December 2018 . 23 December 2018.
  36. News: Delhi Daredevils is now Delhi Capitals . . PTI . 4 December 2018 . 23 December 2018. Press Trust of India .
  37. News: JSW Sports to also manage athletes. Gaur. Vatsala. 21 December 2018. The Economic Times. 10 May 2019.
  38. Web site: JSW Sports awarded at FICCI India Sports Awards, APN News, Oct 27, 2018. ficci.in. 10 May 2019.
  39. Web site: JSW Sports awarded Rashtriya Khel Protsahan Puruskar . Bera. Kaustav. www.goal.com. 10 May 2019.
  40. Web site: Scroll Staff . Watch: IPL must have a look at the auctions, it's not fair – Delhi Capitals co-owner Parth Jindal . 31 December 2022 . Scroll.in . December 2021 . en-US.
  41. Web site: DC Capitals Co-Owner Parth Jindal Opens Up On Acquiring Delhi Team In Women's Premier League . 31 January 2023 . India.com . en.
  42. Web site: Staff Writer . 21 March 2023 . 'My last name should not give me the right to run JSW cos' . 24 March 2023 . mint . en.
  43. Web site: Vision 2020: Parth Jindal sets sights on Tokyo Olympics. Ramdev. Darshana. 25 August 2018. Deccan Chronicle. 10 May 2019.
  44. Web site: JSW Sports launches Inspire Institute of Sport Vijayanagar. 15 August 2018. InsideSport. 10 May 2019.
  45. News: Sajjan Jindal forms JSW Venture Fund to invest in early-stage internet, technology startups. Chanchani. Madhav. 2 September 2015. The Economic Times. 10 May 2019. Mandavia. Megha.
  46. News: Chatterjee . Dev . 30 November 2023 . JSW group to buy 35% stake in joint venture with SAIC Motor of China . . 1 December 2023.
  47. News: Jindal family's daughter-in-law in microfinance foray. Ray. Atmadip. 22 January 2019. The Economic Times. 10 May 2019.
  48. Web site: Being humane: How business scions are furthering the legacy of giving . 10 May 2019 . Forbes India.
  49. News: An extravagant affair: Parth Jindal ties the knot with Anushree Jasani in Vienna. Gupte. Masoom. 11 May 2016. The Economic Times. 10 May 2019.
  50. Web site: Parth Jindal and his wife Anushree become proud parents of a baby girl. . 14 May 2019. 17 April 2019.
  51. Web site: GQ's 50 Most Influential Young Indians of 2018. 5 December 2018. GQ India. 10 May 2019. 5 December 2018. https://web.archive.org/web/20181205104722/https://www.gqindia.com/content/gq-most-influential-young-indians-2018/. dead.
  52. Web site: Winners 2019 - 40 under Forty: Celebrating Young Leaders . 31 December 2022 . The Economic Times.
  53. Book: Zielinski, Priyanka Gupta . The Ultimate Family Business Survival Guide . 26 April 2021 . Pan Macmillan . 978-93-90742-01-1 . en.

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