How the 29-year-old Venkatesh Jindal forms the future of Jindal Steel

Copyright © HT Digital Streams Limit all rights reserved. Jindal’s bid for Thyssenkrupp steel is not just a strategic acquisition – this is a voucher for Venkatesh Jindal Venkatesh Jindal, who joined the family business about five years ago, oversee Jindal Group’s private enterprise. However, he does not hold any formal position and serves as an advisor. (Facebook) Summary Jindal Steel’s bid for Thyssenkrupp Steel Europe – by Venkatesh Jindal – Faces Union Diplomacy, government investigation and rivalry of the Czech billionaire Kretinsky. Mumbai: Jindal Steel International’s pursuit of Thyssenkrupp Steel Europe is an important moment for the group, and for the next generation leader-in-guard, Venkatesh Jindal. At just 29, the Yale and Harvard-trained son of Chairman Naveen Jindal are part of the core team that is currently negotiating in Germany on the acquisition of the high importance. The team also contains Naveen Jindal, Narendra Misra, Jindal’s director of European operations, and a handful of other drivers. It is currently in Germany. The third generation of steel magnate successor to Jindal cut out his task for him. The negotiation team must convince the German government and trade unions to give their blessings to the agreement. Trade unions have a significant swing about mergers and acquisitions in Europe. Meanwhile, the German government will also need comfort before selling a strategically important asset and a large employer to a non-European owner. The Jindal Steel team has already started unions to support the agreement, says a third person in Germany. All three people spoke on condition of anonymity because they were not authorized to talk to the media. Jindal Steel International has not yet filed a fixed financial offer for Thyssenkrupp Steel Europe, as it is still to evaluate the value of the asset after going through the account books. Trade unions and the government aside, Jindal will also have to face the Czech Republic’s Energy Company EP Corporate Group (EPCG). Thyssenkrupp, who has been trying to decline from its steel industry for several years, sold a 20% stake in his steel industry to EPCG last year, controlled by billionaire Daniel Kretinsky. The two partners discuss a further sale of 30% to form a joint venture of 50:50. Thyssenkrupp AG did not disclose the valuation against which he sold the 20% stake in Thyssenkrupp Steel Europe to EPCG. Thyssenkrupp Steel Europe complements Jindal Steel’s private assets. While the group gets its iron ore in Africa, it turns the ore into directly reduced iron (DRI) and then in steel in Oman. The group is setting up two new dri ovens in Oman, which can serve as feeders for low-emission steel manufacturing at Thyssenkrupp. The group also plans to send iron ore from Africa to Germany to be used at Thyssenkrupp’s upcoming three -oven under construction. The acquisition will also give the group a foothold in the profitable European steel market that accelerates the importation of its domestic steel businesses. The most important takeaways Venkatesh Jindal, son of the Jindal Steel chairman Naveen, leads Jindal Steel’s bid for Thyssenkrupp, which is a major follow -up test. Trade unions and the German government are the main stakeholders in the procurement process. Czech billionaire Daniel Cretinsky’s EPCG is a competitive bidder with an existing interest. Venkatesh Jindal oversees global assets and develops a hydrogen -ready steel plant in Oman. The acquisition can position him for the vacant managing director at Jindal Steel. The handling of the overseas business Jindal’s procurement bid for Thyssenkrupp comes at a time when the cousin of the young Scion, Parth Jindal, 35, a major acquisition of Akzonobel India, as well as the public market list of JSW Cement, led this year. His other cousin, Abhyuday Jindal, 34, successfully wrote the turnaround of Jindal Stainless from near bankruptcy. He also leads the industry body, the Indian Chamber of Commerce, as president. The Jindal Steel Group did not respond to Mint’s request for comment. Venkatesh joined the family business about five years ago. Before joining Jindal Steel, in 2017 he was a summer partner at Boston Consulting Group and an investment bank summer analyst at Religare in 2016. Jindal commute between London and New Delhi, where he has offices, and is taken care of by his father and senior group managers. He takes care of the group’s private enterprise abroad, which includes mines in Mozambique and Cameroon, a 3 million tonnes-annum (MTPA) steel complex in Oman and a downstream steel processing plant in Czech Republic, two people said in the knowledge. Venkatesh also oversees the development of a 5-MTPA direct reduced iron plant at Duqm in Oman. The plant has two three ovens that will be designed to use with hydrogen. DRI is an input material to make steel in an electric arc furnace that works on electricity. The ovens are scheduled to start in two phases from 2028, and will initially work on natural gas until green hydrogen is readily available. The plant is the result of a project during Jindal’s MBA at Harvard. No formal role Jindal Steel International has made some acquisitions over the past few years during Venkatesh’s time with the firm. These acquisitions include the purchase of Vickovice Steel in Czech Republic in December for an unknown amount. Another acquisition was that of a coal mine in Mozambique of the Vale in Brazil in 2021 in an agreement worth $ 270 million. During his tenure, Jindal Steel International also acquired the Jindal Shadeed Iron & Steel-the Oman-based 3 MTPA steel complex of the group’s listed company Jindal Steel Ltd for a $ 1 billion business value. However, none of these buyouts were on the scale of Thyssenkrupp Steel Europe. Jindal, a media-shame executive, has so far kept away from the public glamor, even if the group stitches its mining-to-metal business that spans three continents. He has no public profiles on social media, nor on LinkedIn. He plays Polo. Interestingly, Venkatesh Jindal holds no formal position within the group companies. He serves as an advisor. The listed company Jindal Steel has held its managing director position vacant since the established Bimlendra Jha retired in January 2024. Those who find the company say that Venkatesh is taken care of to take over the post. A successful acquisition of high interests can probably strengthen its resume for the work. Catch all the corporate news and updates on live currency. Download the Mint News app to get daily market updates and live business news. More topics #jindal steel read next story