Appointment of Mr. Tarun Kumar Khulbe, CEO & Whole-time Director as also the Chief Financial Officer of the Company
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Jindal Stainless' Board has combined the CFO role with its existing CEO position, appointing Mr. Tarun Kumar Khulbe — currently CEO and Whole-time Director since January 2024 — to also serve as Chief Financial Officer effective June 25, 2025. Mr. Khulbe is a 35-year industry veteran who has been with Jindal Stainless since 2004, previously serving as COO and Director. In a separate decision, the Board approved converting PT Glory Metal Indonesia (PT GMI) into a step-down subsidiary. PT GMI is a joint venture set up to build a 1.2 million tonnes per annum stainless steel melt shop in Indonesia, in which Jindal Stainless already holds a 49% stake through a wholly owned subsidiary. The change involves gaining the right to appoint majority directors on PT GMI's board, without any change in shareholding pattern. The move is expected to be completed by Q2 FY26, and PT GMI has not yet started production.
Combining CEO and CFO duties in one person is unusual for a large listed company and may raise governance questions for investors, though it signals strong internal confidence in Mr. Khulbe. Separately, gaining controlling board rights over the Indonesia melt shop JV strengthens Jindal Stainless' grip on its global expansion plans without additional capital outlay, supporting long-term capacity growth.