One of the biggest companies in India, Jindal Steel and Power Ltd. (JSPL) will go through a big change as the current Chairman of Jindal Steel will step down as chairman and take his place as non-executive chairman. Naveen Jindal will step down from the chairman role on 30 September 2023 and he will be re-designated as non-executive chairman on 1st October 2023. 

Jindal Steel is an Indian steel company based in Delhi, it has a market value of $8.46 billion with a revenue of more than $6.5 billion. In his role as Non-executive Chairman, he will not be entitled to remuneration from the company. Although he will receive a sitting fee for attending board meetings and discussions. 

Naveen Jindal is the son of Indian industrialist and the founder of Jindal Steel, Om Prakash Jindal. He has been the chairman of JSPL for a long time now and under his leadership JSPL has grown exponentially. He has also set up the world’s first coal gasification-based steel plant at Angul, Odisha. 

“We wish to inform you that the term of appointment of Mr Naveen Jindal as Executive Director, designated as Chairman, is due to end on September 30, 2023. Mr Naveen Jindal has chosen to continue on the Board in the capacity of Non-Executive Chairman, with effect from October 1, 2023,” the company said in a regulatory filing.

At the beginning of the year, JSPL also changed their CEO and now with this change in chairman, it is safe to say that the leadership has changed hands. Although the company said that as the Non-executive Chairman, “Naveen Jindal will continue to guide the company to shape its vision of being an ever-flourishing company focused on nation building, value creation and sustainable development,”. 

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