Parth Jindal joins JSW Energy board as company focuses on clean energy

JSW

At its meeting on October 28, Parth Jindal was inducted to the board of JSW Energy. Parth Jindal is expected to play a more active role in the energy company as it pivots towards renewable energy.

Parth Jindal, 32, the son of Sajjan Jindal, has thus far been actively involved in JSW Group’s cement, paints, sports, and steel operations in the US. He was appointed managing director of JSW Steel in 2016. According to reports, the Harvard alumni, while working as an Economic Analyst at JSW Steel, had seen potential in the cement sector and played an important role in the group's decision to set up a cement unit.

He joins the board of JSW Energy right after the company announced in August that its arm JSW Neo Energy has executed a binding agreement with Mytrah Energy to acquire 1,753 megawatts (MW) of its renewable energy portfolio for an enterprise value of Rs 10,530 crore. The acquisition will fast-track the company’s ambition of having a capacity of 10 gigawatts (GW) by fiscal 2024-25. JSW Energy’s current operational generation will increase from 4,784 MW to 6,537 MW with the acquisition.

When JSW Group made its foray into the business-to-consumer space with its paint business in 2019, Jindal was chosen to spearhead the new business. His passion, by his own admission, towards sports has been the driving force behind the various sports initiatives of the group.

At a time when power utilities have been struggling with mounting debts and looking to divest assets, JSW Energy has been scouting for acquisitions.

In an interview to Moneycontrol in July, JSW Energy’s Chief Executive Officer (CEO) and Joint Managing Director Prashant Jain had said that FY23 may turn out to be a year of acquisitions for the company. Promoters hold close to 75 percent stake in the company.