“India is waiting for Tesla to come in; I’m waiting for Tesla to come into India,” he stated, highlighting the potential benefits for Indian consumers through greater choice and improved technology.
Manufacturing and Economic Growth
Discussing India’s economic trajectory, Jindal pointed out that while the economy is expanding rapidly, manufacturing still accounts for a relatively small share of the country’s GDP.
He stressed the need for industrialisation through manufacturing to generate employment for India’s growing workforce. With global interest in India rising, he underscored the importance of protecting the domestic market to ensure fair competition for local industries.
Drawing a comparison with US trade policies, Jindal noted that the United States protects its economy and manufacturers through tariffs. However, he clarified that India is not seeking protectionist measures but rather a “level playing field.”
He warned that if the Indian steel industry is adversely affected by unrestricted imports and lower profitability, investments in the sector could decline, making the country reliant on foreign suppliers.
To maintain growth and double India’s steel capacity from 150 million tons to 300 million tons, he estimated that investments worth $150 billion would be required.
Impact of US Tariffs on Steel
Jindal viewed the US decision to impose a 25% tariff on steel imports as beneficial for JSW Steel USA. He explained that many exemptions previously granted to countries such as Brazil and South Korea would now be revoked, creating a more competitive environment.
Since JSW Steel USA does not import steel from India and sources raw materials locally, the new tariff structure is expected to strengthen its position in the US market. “This is positive for JSW USA, and we are excited about its future,” he remarked.
JSW’s Investments in Karnataka
JSW Group has an established presence in Karnataka, operating across multiple industries, including steel, energy, cement, and paints. Jindal explained that the company’s recently announced investments are a natural extension of its existing projects in the region.
He described these investments as a testament to JSW’s commitment to Karnataka, particularly its Vijayanagar complex, which plays a key role in the company’s operations.
JSW Group’s Business Expansion and IPO Plans
On the business expansion front, Jindal confirmed that JSW is actively pursuing the acquisition of Akzo Nobel, a move that aligns strategically with the growth of JSW Paints.
While expressing hope for a successful bid, he maintained that the company would proceed only at a financially viable price. He also revealed that multiple parties have shown interest in partnering with JSW for the acquisition, though no final decision has been made.
Regarding IPO plans, Jindal stated that JSW Cement aims to launch its initial public offering (IPO) within the first half of the year. However, the timing will depend on market stability. He also noted that if JSW successfully acquires Akzo Nobel, the company would not need to take JSW Paints public.