Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations )
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Jindal Stainless Limited's board, at its meeting on June 25, 2025, approved two key items. First, Mr. Tarun Kumar Khulbe, the existing CEO and Whole-time Director, will additionally take on the role of Chief Financial Officer (CFO) with effect from the same date. Mr. Khulbe has 35 years of industry experience and has been with the company since 2004, having been appointed CEO in January 2024. Second, the board approved making PT Glory Metal Indonesia (PT GMI) a step-down subsidiary by giving Jindal Stainless the right to appoint a majority of directors on PT GMI's board. PT GMI is a joint venture set up to build and operate a 1.2 million tonnes per annum stainless steel melt shop in Indonesia, in which Jindal Stainless currently holds 49% through a wholly-owned subsidiary. The change is expected to be completed in Q2 FY26, with no change in the existing shareholding pattern of PT GMI.
Combining the CEO and CFO roles in one person may raise governance concerns for investors who prefer these functions to be held independently, even though it can bring sharper strategic focus. Making PT GMI a step-down subsidiary strengthens Jindal Stainless's control over its Indonesia melt shop project, supporting its global manufacturing and supply chain ambitions in stainless steel.