Welcome to another episode of my show. My guest today is a true architect of Indian business: Sajjan Jindal. He's built an empire in steel, energy, cement, infrastructure, mining, paints and also shaped Indian sports. Let's find out what it takes.
Sajjan, welcome to my show.
You've not just taken a legacy forward but supercharged it. Talk about your growing‑up days. Seeing your father build a small bucket‑making unit into an industrial giant – what were the lessons?
I grew up in a small town in Hisar. My dad was a first‑generation entrepreneur, very hardworking and optimistic. I would run from school to his factory, fascinated. By age seven or eight, I knew I wanted to be an engineer. My father only came home late, so I saw him working in the factory. It was a very different upbringing from most business people in Bombay or Delhi.
So your thoughts of becoming an engineer got sold at that time. You're the first engineer in your family.
I am the only engineer in my family – not just my immediate family but my entire cousins. Only one.
Not just your father – your mother Savitri Jindal also created a legacy. She got into business at 55?
When my father passed away, we brothers decided my mother should be chairman of the whole group. She never wanted business, but she insisted we all get educated. She had a huge impact. My father later built schools for girls because he saw that educating a girl child educates two families.
Tell us about when you started your career. You came to Mumbai and took charge of a struggling steel plant in the early 1980s. What gave you the resilience?
After engineering, I worked with my father for a year and a half. I told him I wanted something I could call my own. He sent me to Bombay in 1984. The plant there was losing money. I had no fear – I was an athlete. I believed in the game more than winning or losing. I switched from stainless steel to carbon steel. My father never gave advice; he let me learn. I attended AGMs of big companies like Reliance and Tatas, observing how leaders reacted. That gave me ideas. In 1986, while still making losses, I wanted to go public. My father agreed after I convinced my brothers.
Your big leap came with the JSW Vijaynagar steel plant in the early '90s – a huge investment. What gave you conviction?
I was fearless. I didn't care about failure. In 1991, after liberalization, I decided to build a two‑million‑ton steel plant. My father said I had to do it from my own business, without help from brothers. I raised money through NCDs. When I met ICICI chairman Mr. Vagul, he asked how big – I said two million tons, same as Tata Steel. He said Tata took 90 years; I said if two million can be sold, JSW will sell it. He called my father, who said he couldn't give a guarantee but to judge me. Mr. Vagul supported me.
In the late 1990s the whole steel industry faced a crisis from cheap imports. You were willing to commit everything. What was on your mind?
The Asian crisis in 1997–98 hit us during commissioning. China and Russia dumped steel in India. I went to ICICI and offered all my shares and assets to protect the company. I believed once the tide turned, it would be super successful. The banking system supported me. I even raised the issue with the finance minister at a meeting, which led to the formation of the corporate debt restructuring (CDR) mechanism. That saved the company.
Since then JSW Steel has grown enormously, and you've announced doubling capacity to 50 million tons. But cheap imports remain a challenge. How do we balance WTO obligations and protection?
We need to build our industrial base – manufacturing is only 15% of GDP; we must get to 25%. To make money and reinvest, we can't compete with China dumping at marginal cost. We should not export minerals and import finished goods – as our PM says, don't export wheat and import chapatis. We need quick policy decisions against unfair competition. More needs to be done.
Your diversification into energy, cement, paints, mining is extraordinary. How do you think about diversification?
When building the steel plant, everything was connected – power, oxygen, port, railways. We set up joint ventures initially. Later we grew those businesses independently. India has no shortage of demand; everything you do right will prosper. The key is never to divert funds from one business to another. Each business must grow from its own earnings. I never bother about stock prices – focus on the business.
Which business excites you most going forward?
Cars. It's always been my passion – as a kid I built a small car with a pump engine. In 2016, with Tesla's rise, I saw an opportunity in electric vehicles. I'm working on electric cars, trucks, buses, batteries, and solar cells.
On renewable energy, India has a target of 500 GW non‑fossil capacity. Is it achievable? What are JSW's plans?
Target is achievable, even if we fall a little short. This government sets ambitious targets, which drive us. JSW Energy is expanding organically and inorganically. We'll hit our public goals in advance.
How did you get into paints? That's very different from your core businesses.
It was my son's idea. He came back from Harvard and wanted to do something of his own. I gave him the same freedom my father gave me. He chose paints. He's a marketing and finance person, unlike me. He's working on an acquisition.
You also went global early with a US steel plant and recent Australian mining stake. Lessons?
International business is not easy given India's huge opportunity. The US plant had challenges but is now doing better. The Australian coal investment is for securing metallurgical coal for our steel plants.
Your approach to sustainability – especially green cement – is innovative. Tell us about it.
Our cement uses 65% slag from steel plants and 5% gypsum – both produce no incremental CO2. Only 30% clinker, so it's very low-carbon, probably the lowest in the world. We produce 20 million tons and will grow with steel capacity. We also use fly ash.
What disruptive technologies do you see? Are you partnering with startups?
Steel generates 7% of global CO2. We're developing technology to reduce CO2 by 75–80%. We're building a green steel plant near Bombay for the European market. It must be cheaper than conventional steel. For me, anything sustainable also has to be economically sustainable – electric cars, trucks, buses must be cheaper for consumers.
You've talked about your passion for electric vehicles. What are your thoughts now?
As a boy I built a small car with a pump engine. I always wanted to make cars, but lacked experience, so I went into steel. In 2016, with Tesla, I saw the opportunity. I'm now working seriously on EVs – cars, trucks, buses, and battery cells – with the aim of making them cheaper than conventional vehicles while being environmentally friendly.
Technology, new idea. There's no engine needed. So I started working on it.
Since then you were working?
Yeah, since then. After working for two years, I went around the world visiting various plants, including Tesla and Toyota. I trained at Toyota. We tried to take over a General Motors plant in Pune, but it didn't work out. That disheartened me. Then COVID happened, and later my technical assistant suggested we look at auto again. That's when the MG opportunity came and we grabbed it. My dream is to reduce India's fuel bill through electric mobility.
So nice to hear that. You've tied up with the Chinese company SAIC. What do you plan to derive from that partnership in the electric vehicle business?
China has taken a leap in electric mobility. Everyone is taking technology from China. We don't have an option but to take technology from China. We grabbed MG because we were getting the technology and would learn the business. We are also launching JSW Mobility separately for electric buses, trucks, and cars, which will be 100% indigenous. We are localizing MG from 40-50% to 80-90%.
You have big dreams on electric mobility. How has the EV industry grown in India? Has it moved as expected?
No, it hasn't, because there aren't enough products in India and the quality is substandard. Consumers worry about infrastructure, charging, battery life, and resale value. In MG, we launched the Windsur car with battery as a service, so customers pay monthly instead of buying the battery. We are also introducing plug-in hybrids, which run on battery for daily use and switch to the engine for longer trips. This is a big success in Europe and China. Battery technology is improving rapidly, and in five years we will see big penetration.
But what about the cost? A mid-range electric car costs as much as a high-end petrol car.
We priced the Windsur very competitively. As battery prices come down, electric cars will be at par with ICE cars.
You're talking about lithium battery prices coming down. Will they come down through more lithium mining?
Yes. India has discovered lithium, but it's not of the quality we need. We need to acquire lithium mines. The government's critical mineral policy is a good step.
But isn't there a dichotomy? EVs are environment-friendly, but lithium mining is not.
Overall, it's much more beneficial because lithium requirement is minuscule compared to fuel oil. Lithium can be recycled. It's still much better for the environment.
You seem to believe in competition rather than killing it.
I believe more competition grows the market. In India, making products available creates demand. I met the president of Indonesia and learned that the elite in the West work together. We must collaborate to grow the country.
Talking about your other passion, sports. JSW Sports has played a pivotal role in shaping India's sporting future. What is your vision?
I grew up in a sporting family. We were disappointed by India's Olympic performance. I set up a training center in Vijaynagar with my son Parth. We scout kids aged 8-12, train them, and provide education. We supported Neeraj Chopra from age 15, and he became a gold medalist. A strong nation needs strong sports persons. We have seven centers across India for high-performance training.
With so much talent, why is India not a sports powerhouse? What more does it need?
Corporates need to come forward. In the US, colleges have great sports programs. We don't have that in India. If you're good in sports, you get into colleges like Harvard. Sports teaches acceptance of defeat, discipline, hard work, and enjoyment.
