Industrialist Sajjan Jindal-led JSW Energy received board approval to appoint Parth Jindal as a non-independent director and also raise Rs 2,500 crore through non-convertible debentures.
Parth’s appointment, which is subject to shareholders’ approval, is with effect from October 28, 2022. At present, 32-year-old Parth is the managing director of JSW Cement, managing director of JSW Paints, founder of JSW Sports and chairman and co-owner of IPL team Delhi Capitals, the company said in a late evening stock exchange notice on Friday.
Parth Jindal is the son of JSW Energy chairman and managing director Sajjan Jindal. He had joined JSW Group in 2012, prior to which Parth had spent two years working abroad, starting with a hedge fund in New York before and with JFE Steel in Japan.
JSW Energy also got board approval to raise long term funds of up to Rs 2,500 crore through issuance of non-convertible debentures by way of private placement.
The firm is also looking to expand its installed capacity to 10 GW by FY25 and 20 GW by FY30. With a locked-in capacity of 9.9 GW, the company expects to achieve its FY25 target well ahead of the timeline.
Earlier in August JSW Energy, through a wholly-owned subsidiary JSW Neo Energy, acquired a portfolio of 1,753 MW of renewable energy generation capacity from Mytrah Energy (India) at an enterprise value of about Rs 10,530 crore.