Abhyuday Jindal
Abhyuday Jindal | |
|---|---|
| Nationality | Indian |
| Education | BA, Economics and Business Management |
| Alma mater | Boston University |
| Occupation | Businessman |
| Known for | Managing Director of Jindal Stainless Limited |
Abhyuday Jindal is an Indian businessman and business executive who is serving as the Managing Director of Jindal Stainless Limited (JSL).[1] He has been serving as the 97th President of the Indian Chamber of Commerce[2] since his appointment in October 2024.[3] He served as the Co-Chair of the Steel Committee of the Federation of Indian Chambers of Commerce & Industry and is the Vice President of the Infrastructure Industry and Logistics Federation of India.[4][1]
Early life and education
[edit]Abhyuday Jindal graduated with a degree in Economics and Business Management from Boston University.[4] He is the grandson of Om Prakash Jindal, a noted businessman and former Minister of Power of Haryana, and the son of Ratan Jindal, Chairman of Jindal Stainless Limited.[5] He also played basketball during his school and college years.[6]
Career
[edit]In 2010, Jindal began his career as an associate manager at JSW Group, where he worked alongside engineers and gained experience in company operations. He was involved in the acquisition of a stake in Ispat Industries and its integration with JSW. After a brief period as a consultant at Boston Consulting Group (BCG), Jindal joined Jindal Stainless Limited as Vice Chairman in November 2015.[1] Later, Jindal was appointed Managing Director of Jindal Stainless Limited in 2018. He addressed supply chain inefficiencies by implementing a dual inventory management approach, shifting from a 'Made to Order' model to an 'Anticipation of Stock' approach. He also worked on diversifying JSL's market dependence to minimize exposure to market fluctuations, led a $157 million investment in a nickel smelter facility in Indonesia, and introduced automated logistics systems at the company.[1]
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Under Jindal's leadership, JSL underwent Corporate debt restructuring (CDR) in 2013 following economic challenges that impacted loan repayments, with debts amounting to nearly ₹8,000 crore. As part of this process, JSL's debt was redistributed among three entities, Jindal Stainless (Hisar) Limited, Jindal United Steel Limited, and Jindal Coke Limited.[7] The company successfully exited the Corporate Debt Restructuring framework on March 31, 2019.[8][9]
He conceptualized Jindal Saathi, a co-branding initiative by Jindal Stainless that offers co-branded stainless steel pipes and tubes to distinguish genuine products from counterfeit ones in the market.[1][10]
In January 2024, Jindal advocated for the removal of import duties on raw materials in the Union budget of India to support domestic manufacturers and proposed the imposition of Basic Customs Duty on imports to address the influx of low-cost stainless steel products from countries such as China and Vietnam.[11]
He raised concerns on multiple occasions about Chinese stainless steel being sold at subsidized rates, noting its negative impact on small and medium-sized enterprises, with some businesses exiting or shifting to trading.[12][13][14]
Leadership and affiliations
[edit]In October 2024, Abhyuday Jindal was elected as the President of the Indian Chamber of Commerce (ICC).[3] Previously, he served as the Senior Vice President of ICC from October 2023 to October 2024.[15] He served as the Co-Chair of the Steel Committee at FICCI.[4]
In addition, he is the Vice President of the Infrastructure Industry and Logistics Federation of India[16] and serves as the Co-Chair of the Advisory Council of the Corrosion Management Division at the Confederation of Indian Industry.[4]
Awards and recognition
[edit]In 2024, Jindal was listed in Economic Times's 40 Under 40.[17] He was also recognized as the Next-Gen Philanthropy Leader of the Year by Hurun Report India. In the 2023-2024 BT-PwC India’s Best CEOs ranking[18], he was awarded Best CEO in the Mid-sized Companies category by Business Today.[19] In June 2022, Fortune India named him as one of the Game Changers in Manufacturing.[20] Abhyuday Jindal was named one of Businessworld′s Most Valuable CEOs of 2024.[21]
References
[edit]- ^ a b c d e Singal, Nidhi (March 17, 2024). "How Abhyuday Jindal, MD of Jindal Stainless, pushed the company to overcome its supply chain worries". Business Today.
- ^ Mondal, Anish (October 21, 2024). "Meet Abhyuday Jindal, the Jindal Stainless MD, who becomes 97th President of Indian Chamber of Commerce". ET Now.
- ^ a b "Abhyuday Jindal takes over as president of Indian Chamber of Commerce". Asian News International. October 19, 2024.
- ^ a b c d "Abhyuday Jindal reappointed as Managing Director of Jindal Stainless for five years". Moneycontrol. 2024-03-15.
- ^ "Ready for a Serious B2C Shot". Business India. November 27, 2021.
- ^ Sabharwal, Punita (February 12, 2020). "Jindal Stainless MD Loves Playing Tennis; Aims To Bolster His Game". Entrepreneur India.
- ^ Thomas, Prince (July 3, 2018). "Demand for stainless steel can only grow from here, says Jindal Stainless MD". Moneycontrol.
- ^ Divekar, Aditi (March 5, 2020). "Jindal Stainless exits CDR framework, will now focus on cost optimisation". Business Standard. Archived from the original on March 6, 2020.
- ^ Thomas, Prince Mathews (June 29, 2018). "Jindal Stainless applies to exit corporate debt restructuring , says Abhyuday Jindal". Moneycontrol.
- ^ Dilipkumar, Bhavya (October 15, 2020). "Jindal Stainless launches campaign to curb counterfeit products, market share to go up to 60% in FY22". The Economic Times.
- ^ "Request government for protectionist measures in Budget; remove duty on raw materials: Abhyuday Jindal". The Economic Times. January 21, 2024.
- ^ Law, Abhishek (July 12, 2024). "Jindal Stainless MD voices concerns over Chinese dumping". The Hindu Business Line.
- ^ Law, Abhishek (July 26, 2023). "PMO looking into Chinese dumping of stainless steel: Abhyuday Jindal of JSL". The Hindu Business Line.
- ^ Dutt, Ishita Ayan (March 30, 2023). "Jindal Stainless sees domestic demand; China imports a challenge: Firm's MD". Business Standard.
- ^ "Indian Chamber of Commerce gets new office bearers". The South Asian Times. November 5, 2023.
- ^ "Key functionaries". ilfi.in. 2024.
- ^ "ET 40 under Forty: AImagined avatars of the Young and Restless trailblazers". The Economic Times. July 21, 2024.
- ^ "Business Today MindRush & Best CEOs Awards". Business Today. 2024.
- ^ "Business Today Mindrush & Best CEOs Awards honour India's business titans: See full list of winners". Business Today. March 9, 2024.
- ^ "Game Changers in Manufacturing" (PDF). Fortune India. June 2022.
- ^ "Jindal Stainless: Reinforcing Excellence". Businessworld. November 12, 2024.