Sajjan Jindal(jindal group-14.4bn$)
Vice Chairman and M.D. of jsw steel ltd.Ex presidend of ASSOCHAM.
Son of Indian businessman and parliamentarian OM prakash Jindal
Sajjan and his brothers, Prithvi Raj, Ratan and Naveen, each run their own businesses that were primarily inherited from their father.
From a small cold-rolling mill in 1982, Sajjan Jindal has built a $5 billion group with interests in power, cement and ports. Turning around Ispat will be his biggest challenge.
He promoted Jindal Iron and Steel Company Ltd. (JISCO), for manufacturing of Cold Rolled and Galvanized Sheet Products in 1989. He promoted Jindal Vijaynagar Steel Ltd. (JVSL), JSW Energy Ltd. (JSWEL), Jindal Praxiar Oxygen Ltd. (JPOCL) and Vijaynagar Minerals Private Ltd. (VMPL) to ensure complete integration of the manufacturing progress in 1995. Recently, his steel companies, JISCO, and JVSL, were merged to form JSW (Jindal South West) Steel, and a holdings group of the same name.
Buying JVSL a 1.2 Mt plant in 1999-00 At the time, JVSL’s debt to banks and financial institutions amounted to about Rs5,000 crore, with its stock trading at about Rs14. Such was the credibility that Jindal established with the banks that two years later, when lenders were looking for a buyer for ailing automobile grade steel maker Southern Iron and Steel Company Ltd, or Siscol, they turned to Jindal. He bought the company at Rs1 and took over its debt. Siscol is a now a profit-making company, providing high-margin, value-added products to JSW Steel. He sold a 14.9% stake in JSW Steel to Japanese steel maker JFE Holdings Inc. in July and repaid nearly Rs2,500 crore to lenders to make his balance sheet healthy. He now wants to build a steel plant in West Bengal and buy iron ore and coal mines overseas to feed his steel and power plants across India.
In November, lenders invited him to save rival Ispat, owned by brothers Pramod and Vinod MittalUnder the terms of the deal, JSW will soon repay around...