Billionaire tycoon Naveen Jindal, the chairman of Jindal Steel and Power Ltd, is looking to expand his steel and alloy empire on a global scale, while also focusing on bolstering his power ventures in India. The latest development in his growing business portfolio is a bidding war with Azerbaijan government-backed Baku Steel for the control of Italy’s leading alloy manufacturer, Acciaierie d’Italia. If successful, this acquisition would further solidify his presence in India, West Asia, Africa, and Europe.
Jindal has been making significant strides in recent times, with the acquisition of Vitkovice, a 750,000-tonne-per-annum downstream steel processing mill based in the Czech Republic. He is also in the process of acquiring the Bhadreshwar Vidyut power plant in Gujarat for ₹500 crore. Additionally, he has ventured into nuclear power projects in India through his subsidiary, Jindal Nuclear Power Pvt Ltd, with plans to build 18 GWe of nuclear capacity over the next two decades, representing an estimated investment of $21 billion.
Apart from these developments, Jindal has been aggressively expanding his operations in steel, coal, iron ore, and power sectors both nationally and internationally.
In the ongoing negotiations for the acquisition of Acciaierie d’Italia, Jindal is making a strong case through his private entity, Jindal Steel (International). The company has reportedly made a revised offer of at least €2-3 billion, outbidding Baku Steel. The discussions with the Italian government are expected to commence shortly, and further revisions to the offer may be made based on the outcome of these talks.
Acciaierie d’Italia, which used to produce 12 mtpa of steel at its peak, is currently operating at a reduced capacity of 2.5-3 mtpa due to financial challenges. Both Jindal and Baku Steel have proposed job cuts as part of their respective acquisition plans for the company.
In Europe, Jindal’s acquisition of Vitkovice Steel in the Czech Republic at €150 million is strategically significant, as it provides access to premium offerings that are in demand in the region. This expansion comes in anticipation of the Carbon Border Adjustment Mechanism (CBAM) rules, which will come into effect in 2026 and will impact imports of steel, aluminium, and fertilizers into the European Union.
Internationally, Jindal has made substantial investments through his private entities, with Vulcan Minerals operating a profitable coal mine in Mozambique and Vulcan Steel in Oman. Plans are also underway to operationalize an iron ore mine in Cameroon to support the steel-making unit in Oman.
In the power sector, Jindal is diversifying his portfolio by setting up a 300 MW thermal power project in Botswana, in addition to expanding his renewable energy projects through Jindal Renewables. The company aims to develop close to 12 GW of renewable energy assets and green hydrogen production facilities by 2030.
Overall, Naveen Jindal’s ambitious expansion plans across steel, alloy, and power sectors reflect his vision for a robust and diversified business empire on the global stage.
