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Sajjan Jindal, Business Leader of the Year, shares his four-decade journey. He built JSW with passion and bold decisions. Jindal emphasizes stakeholder care and corporate governance for young entrepreneurs. He expanded into cement and paints, seeing potential beyond steel. Takeovers are a key growth strategy. The Economic Times Awards for Corporate Excellence will be presented on April 25. View More

Few have achieved what JSW 's Sajjan Jindal has in the past decade. In an interview with Nikita Periwal and MC Govardhana Rangan, Jindal, the Business Leader of the Year (2025) at The Economic Times Awards for Corporate Excellence , shares his journey of ups and downs. Edited excerpts: What has been the most important driving factor behind your growth in the past four decades? It is difficult to pinpoint one instance, but the whole journey has been driven by passion, the desire to build big, and to make India industrialised. I have never shied away from working hard or taking big risks, bold and quick decisions. The first three-four years were very formative because I was just struggling to turn around the business I was given.Once that happened, I started thinking about the Vijayanagar Steel Plant. The preparation to build the plant and the IPO took me three years because it was to be a mammoth complex, and integrated steel plants were generally done by the government then. I had the vision and the confidence that I would be able to execute the project, and that too at a lower cost than competition. That is what made us sustain difficult times. What was it like stepping into the business at a time when Tata Steel had already been there for several decades? I was asked this question even then. Tata was, of course, the idol for me. We wanted to be more flexible and do things better. And because India is a growing market, we would need much more steel. Live Events What was the inspiration for thinking big in a country that was still coming out of poverty at that time? Mumbai! After I did my engineering in Bangalore and moved to Mumbai, I realised that whatever I want to do, it must be larger than life. And I was a student of Dhirubhai Ambani, JRD Tata and Aditya Birla then. I used to attend their AGMs alone as a young kid, and used to observe what they were doing. Even today I am a student of what is happening in the world. I would travel and bring in new technology, even for my small business, because I always wanted to be ahead-of-the-curve on the technology front. You have built an empire with a lot of sweat. What would you tell young entrepreneurs? The first is to take care of stakeholders, don't short-change them. Corporate governance should not be taken for granted. The second is that India is a massive market, so stay positive, even through difficulties. It is a part and parcel of the growth. India is a market which absorbs and accepts mistakes. Not dishonestly and diversion, of course. You have to be honest with your stakeholders, including banks. Many groups used to say banks will have to restructure your debt, but I would never allow a single bank to write off for me. Also, work really hard for the purpose that you have set for yourself. You were a big steel maker. What made you get into others too, like cement, paints? When we were building Vijayanagar, we realised that building an integrated steel plant is like building a universe-power, oxygen, roads, airports, townships etc. And I realized that while steel is our mainstay, power, cement, paints are also required in the country, and have a lot of potential. By the end of this decade, the steel business which is abut 80% of the top line and bottom line currently, will become 50-55%, as other businesses grow rapidly. Did do you overleverage at Vijayanagar? No. I was learning the business at that time and it was a big bite to chew. When we were in deep problems, Saibal Gupta, the CEO of JSW Vijayanagar then, told me that it is like a mouse is giving birth to an elephant. So that is the pain we were going through because we wanted to build a mammoth company from a small company. The point is, yes, I took a big bite. Delays led to losses which were not factored in. But the market was very forgiving with the cost overruns. So, when the markets turned around, we were out. You have done more takeovers than some who are prominent for takeovers. What is your takeaway from these? Some takeovers are smooth, and some take time. But then eventually they move on and we get it done. But takeovers are a very good way to grow, if you can find the right thing.For example, we took over the paints business of Akzo. Now we paid a very high market price. But we feel that this will very quickly make us the number two paint company in the country after Asian Paints . The Economic Times Awards for Corporate Excellence 2025 will be presented on Saturday, April 25, in Mumbai .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

While ?1,750 crore will be used to pare debt, ?250 crore will be set aside to complete ongoing projects and adding new lines, official says View More

With key iron ore blocks set for auction in 2030, the company is slowing hiring and warning workers of possible transitions. View More

During meetings in New Delhi, Revanth Reddy highlighted the projects as key to addressing steel demand, boosting industrial growth, and supporting the “Telangana Rising – 2047” vision View More

JSW Steel and South Korea’s Posco Group will form 50:50 joint venture to set up a 6 mtpa steel plant in Odisha View More

Securities and Exchange Board of India approved IPOs of Avaada Electro Grand Housing Sonaselection India and Vishal Nirmiti with Avaada leading as a major renewable energy listing aimed at expansion and growth View More

Capital markets regulator Sebi has approved four companies to launch their IPOs. The cleared issues include Avaada Electro, Grand Housing, Sonaselection India and Vishal Nirmiti, spanning sectors such as renewable energy, real estate, manufacturing and infrastructure. Among the approved companies, Avaada Electro is expected to be the largest offering, with the solar manufacturing firm planning to raise around Rs 9,000-10,000 crore, according to PTI. The Brookfield-backed company is likely to launch a mix of fresh issue and offer-for-sale. The proceeds will primarily be used to expand manufacturing capacity, including a 5.1 GW integrated solar facility in Uttar Pradesh and additional capacity at its Maharashtra plant. Avaada Electro operates as part of the broader Avaada Group, which has a diversified clean energy presence across solar manufacturing, renewable power, green hydrogen and storage solutions. The IPO could value the company in the range of Rs 1.1 lakh crore to Rs 1.3 lakh crore, positioning it as one of the largest renewable energy listings in India. Chennai-based real estate developer Grand Housing is looking to launch a public issue entirely through an offer-for-sale of up to 3.55 crore shares, with no fresh capital being raised. Live Events The company focuses on plotted developments and has a strong presence in Tamil Nadu, particularly around Chennai. Its portfolio includes residential plots as well as industrial land parcels, catering to both individual buyers and institutional demand. As of March 2025, Grand Housing has completed 39 projects, with 13 ongoing and 7 upcoming developments, reflecting a steady pipeline in a region witnessing strong real estate and industrial activity. Textile-focused Sonaselection India will come out with a pure fresh issue of 1.43 crore equity shares, with proceeds earmarked for debt reduction, capacity expansion and general corporate purposes. The company plans to utilise around Rs 80 crore for debt repayment and Rs 47.55 crore towards plant and machinery, indicating a focus on strengthening its balance sheet and operational capabilities. Infrastructure player Vishal Nirmiti will raise funds through a combination of a Rs 125 crore fresh issue and a small offer-for-sale component. The company operates in civil engineering and construction, with a focus on pre-stressed concrete products, railway infrastructure and irrigation projects. It also manufactures specialised components such as PSC sleepers and steel pipes for large infrastructure applications. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Global steel demand is expected to rise by 0.3% to 1,724 million tons in 2026, with a stronger growth of 2.2% in 2027 View More

Israel's central bank governor hopes a swift resolution to the wars in Lebanon and Iran can ease a growth shock. View More

The Israeli economy is facing a significant hit to growth projections as a result of the Middle East conflict — but its central bank chief is hopeful that a rapid resolution to the wars in Lebanon and Iran can help ease the shock.Speaking with CNBC's Karen Tso at the IMF-World Bank spring meeting in Washington, D.C. on Thursday, Amir Yaron, governor of the Bank of Israel, acknowledged there is still "huge uncertainty" around the duration of the conflict, despite recent signals that a resolution could be in sight.Israel and Lebanon agreed an immediate 10-day ceasefire Thursday following talks in Washington between officials from both countries. watch nowVIDEO5:4605:46Bank of Israel: Markets believe geopolitical situation has improvedSquawk Box Europe Israel has slashed its growth expectations for 2026 from 5.2% to 3.8% as a result of the hostilities in the Middle East. But Yaron — who was speaking shortly before U.S. President Donald Trump announced the temporary truce on Thursday — believes growth can rebound to 5.5% in 2027, should those conflicts be resolved."It's a working assumption," Yaron said.   'Boots on the ground' A de-escalation in hostilities would ease geopolitical risk in Israel, along with the Gulf states, and help to boost growth. But Yaron also acknowledged the possibility of a much more prolonged conflict, which he said would weigh on growth and inflation expectations."Markets, both aboard and in particular in Israel, are taking the view that the geopolitical situation has improved a lot already," he explained, pointing to the strength in Israel's stock market, the shekel's rally, and five-year credit default swaps returning to pre-campaign levels.By contrast, any escalation of the conflict "would obviously detract more growth from the current forecast." Yaron added. watch nowVIDEO11:1811:18Lebanon faces economic hit of up to 20 percent of GDP: Former Economy MinisterAccess Middle East Oil prices fell on Friday morning following the Israel-Lebanon ceasefire agreement, as Trump repeated his assertion that an end to the war in Iran is in sight. Inflation is expected to be around the low 2% area in 2026 and into 2027, but Yaron said central bank forecasts remain particularly challenging amid ongoing uncertainty. 'Resiliency' However, he said Israel's economy, which has remained essentially on a war footing since the Oct. 7 2023 attacks, has shown "resiliency", "dynamism" and "agility", in "normalizing what otherwise would be an un-normal situation."He highlighted the country's defense and technology sector, where the main defense stocks are already seeing "huge" back orders for their products, highlighting the Iron Dome and other high-tech products."It's pretty clear defense expenditures around the globe are going to increase over time," he said. "That sector if anything is doing very well in Israel right now."Israel's central bank kept interest rates steady at its last meeting. Yaron said it signaled the possibility of one or two cuts by the first quarter of next year, under the assumption that the war has ended, oil prices ease, and military reservists return to the economy to help ease the labor supply.  "That would be enough to keep inflation in the low 2s towards the end of 2026 and 2027, that would allow us to do those one or two cuts," he added. "Of course, there is huge uncertainty. This is not a promise." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The vote to allow mining near the protected wilderness area came over the objection of Democrats and two Republicans. View More

In this articleANTO-GBFollow your favorite stocksCREATE FREE ACCOUNT Outdoor enthusiasts travel by canoe through several of the hundreds of fresh water lakes that make up the Boundary Waters in the northern woods of Minnesota. Andrew Lichtenstein | Corbis News | Getty Images The Senate on Thursday overturned a mining moratorium in Minnesota's Superior National Forest, a boon for a Chilean mining company subsidiary and a stinging loss for environmentalists trying to protect the Boundary Waters Canoe Area Wilderness. The chamber voted 50-49 to overturn a protection imposed by President Joe Biden in 2023 that he set for 20 years. It clears the way for a long-stalled mine project proposed by Twin Metals Minnesota to restart plans to access the immense stores of copper and other minerals in the Superior National Forest near the Boundary Waters. It's the latest step in a long battle over mining in the area, which has seesawed for years between Democratic and Republican administrations as environmental groups warn the project could pollute the country's most visited wilderness area. The mine sought by Twin Metals, a subsidiary of Chilean mining conglomerate Antofagasta, seeks to access copper, nickel, cobalt and platinum buried deep under the Superior National Forest. While the site itself is outside of the Boundary Waters and the company dismisses pollution concerns, opponents say it would inevitably spill toxic chemicals into the Boundary Waters. "Twin Metals Minnesota is one of several companies focused on responsibly developing the minerals in the Duluth Complex, which is the world's largest known undeveloped copper, nickel, cobalt and platinum group metals deposit," Twin Metals spokesperson Kathy Graul said in a statement to CNBC. "A significant portion of these resources were locked up as a result of the mineral withdrawal enacted in 2023, negatively impacting communities across the Iron Range.""The Twin Metals team looks forward to a robust discussion and engagement with our communities through any future regulatory processes," Graul added. Republicans who pushed the resolution lauded the result. The change went forward under the Congressional Review Act procedure that allows Congress to undo new executive rulemakings by a simple majority vote. It cleared the House in January."A major victory for America and Minnesota's 8th Congressional District was secured today," Rep. Pete Stauber, R-Minn., said in a post to X. "The Senate just passed my bill to reverse Biden's illegal mining ban in the Superior National Forest – it's now headed to the President's desk!"The vote came over the objection of Democrats and two Republicans, Sens. Thom Tillis of North Carolina and Susan Collins of Maine, who warned of irreparable harm to the Boundary Waters and irregular use of the Congressional Review Act that could come back to bite the now-majority Republicans if Democrats control the Senate.The Boundary Waters was established as a federal wilderness area by a 1978 law. Motorized boats and other vehicles are mostly prohibited on the nearly 2,000 lakes spanning 1.1 million acres in northeastern Minnesota bordering Canada. A lake within the Boundary Waters Canoe Area Wilderness in Ely, MN. (Photo by Salwan Georges/The Washington Post via Getty Images) Salwan Georges | The Washington Post | Getty Images Sen. Martin Heinrich, D-N.M., the ranking member of the Senate Energy and Natural Resources Committee, said the vote was a "dark day" and a "stain" on the Senate. "I can tell you, as somebody who has been a natural resources trustee, who has had to negotiate with copper companies in my own state, that this type of copper mining has never been done without polluting the water. Never, not once," he said in a floor speech prior to the vote. "So we're guaranteeing that we're going to pollute the Boundary Waters." The resolution was also passed over the objections of the Minnesota Senate delegation, Sens. Amy Klobuchar and Tina Smith, who are both Democrats. "You can support mining, but that does not mean that you support every mine in every place," Smith said. "Whatever the outcome of this vote this afternoon, we will not stop fighting, and we will not stop our work to protect the Boundary Waters." Actor Nick Offerman holds a discussion in the U.S. Capitol on Wednesday, April 15, 2026.Bill Clark | CQ-Roll Call, Inc. | Getty Images Overturning the mining moratorium also drew considerable outside pressure, including from figures like actor Nick Offerman. "Enjoying the Minnesotan/Canadian wilderness by canoe or other lesser watercraft is one of our nations greatest available pastimes, and one I have personally enjoyed my entire life," Offerman said in a post to X on Wednesday. "We must protect these public lands from the rapacious capitalists threatening to turn them into a poisoned wasteland."Ingrid Lyons, executive director of the advocacy group Save the Boundary Waters, said the vote goes against the will of Minnesotans. "Today is a dark day for America's most beloved Wilderness area, the Boundary Waters Canoe Area Wilderness, and a stark warning call for public lands nationwide," she said in a statement. "Minnesotans and the American public writ large have been loud and clear — this iconic place needs to be protected. Today, by the very people who claim to represent them, they were ignored, and even worse, silenced."Public lands have been a flashpoint during this Congress. Some Republicans pushed to sell off a large portion of federally owned property as part of their tax and spending bill last year, which was quashed after the resistance of outdoor and hunting groups and the staunch opposition of members of the Montana delegation. The bill now heads to President Donald Trump's desk. He is expected to sign it. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

An initial investigation into the Vedanta power plant blast in Chhattisgarh's Sakti district revealed excessive fuel accumulation in the boiler furnace caused a pressure build-up, leading to the explosion. This incident, which claimed 20 lives, has resulted in an FIR against Vedanta and its contractor for negligence in maintenance and operational standards. View More

Sakti (Chhattisgarh), A preliminary technical investigation into the blast at the Vedanta power plant in Chhattisgarh's Sakti district has found that excessive fuel accumulation inside the boiler furnace led to a pressure build-up, triggering the explosion, police officials said on Thursday. The explosion occurred on April 14 at the plant in Singhitarai village when a steel tube carrying high-pressure steam from the boiler to the turbine burst, leaving several workers with severe burn injuries. The incident claimed 20 lives and left 16 persons injured. "According to an initial report submitted by the Chief Boiler Inspector, the excessive fuel inside the furnace generated high pressure, causing a blast in the boiler. The pressure forced a lower pipe of the boiler out of its designated position, resulting in the severe accident," a police statement informed. A report by the Forensic Science Laboratory (FSL) in Sakti also confirmed that the accumulation of fuel and the resulting excessive pressure were the primary causes of the explosion, the statement added. During the investigation, it emerged that Vedanta company and its contractor NGSL ( NTPC GE Power Services Limited) failed to properly adhere to maintenance and operational standards for machinery and equipment, the statement said. Live Events "Lapses in upkeep and negligent operation led to sudden fluctuations in boiler pressure, ultimately causing the accident. Based on the available evidence and technical findings, negligence has been established prima facie, following which an FIR was lodged," it said. The FIR has been lodged at Dabhra police station under sections 106 (causing death by negligence), 289 (negligent conduct with respect to machinery) and 3(5) (common intention) of Bharatiya Nyaya Sanhita, Sakti Superintendent of Police Prafull Thakur said. "Eight to ten individuals, including Vedanta Group chairman Anil Agarwal and management official Devendra Patel, have been named in the FIR. If more persons are found responsible during the investigation, their names will be added," Thakur told PTI. A special team led by Additional SP Pankaj Patel has been constituted, comprising Sub Divisional Officer of Police Sumit Gupta, forensic officer Srishti Singh, and Dabhra police station in-charge Rajesh Patel, he said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)