With a current net worth of over $27 billion (as per Forbes), 73-year-old Savitri Jindal is India's richest woman. She currently heads the O.P?Jindal Group, a business empire that spreads across steel, power, cement and infrastructure sectors. The empire was founded by her late husband Om Prakash Jindal.
With her nine children, India's wealthiest woman Savitri Jindal?heads and controls O.P. Jindal Group, a $23 billion conglomerate set up by her late husband?Om Prakash Jindal,?as per?Bloomberg. The company has stakes in steel producer JSW Steel as well as companies involved in mining, power generation, industrial gases and port facilities.
Also Read:?Anand Mahindra Says He Never Wants To Be India's?Richest?Person
The majority of Savitri Jindal's fortune is derived from her family's O.P. Jindal Group, which operates steel, mining and power companies and has stakes in publicly traded JSW Steel, Jindal Steel & Power, JSW Energy, Jindal Saw, Jindal Stainless and investment company JSW Holdings.
The value of her cash investments is based on an analysis of dividends, market performance, insider transactions and taxes.?As far as her $27.4 billion net worth is concerned, major constituents of it are?$2.57 billion from JSW Cements, $4.45 billion from Jindal Steel and Power, $6.89 billion from JSTL, $4.19 billion from JSW, $1.13 billion from Jindal Saw, $627 million from?Jindal?Stainless,?$4.61 billion from JSWINFRA and $925 million from miscellaneous liabilities.??
Savitri Jindal inherited her stake in O.P. Jindal Group after her husband died in a helicopter crash in 2005, and sons Prithvi, Sajjan, Ratan and Naveen manage the family businesses. Their father devised a structure in which each of his four sons would hold a fifth of the family's shareholding in each company, and he would hold another 20%. This meant each son would be in charge of his operation and own a piece of his brothers' businesses. Savitri Jindal controls her husband's stake in the O.P. Jindal Group and has been credited with her sons' stakes, according to exchange filings, reflecting her status as matriarch, as per Bloomberg. Her share in each company will be transferred to the son heading it when she dies.
O.P. Jindal Group also owns 83% of JSW Infrastructure, a builder of ports, shipyards and ship repair facilities. The company went public in October 2023 and was valued in this analysis as a closely held company until November 2023 based on its non-consolidated financials. The change in valuation methodology led to an increase in the net worth calculation of about $4 billion.?The family also owns closely held JSW Cement, which is valued based on the average enterprise value-to-Ebitda and price-to-earnings multiples of three publicly traded peer companies: Shree Cement, Ultratech Cement and ACC.
Also Read:?Radha VembuI Is India's?Richest?Self-made Woman
Savitri, a former housewife, took over as chairwoman of the O.P. Jindal Group after her husband, Om Prakash Jindal, died. Her husband, who was also power minister in the Indian government of the northern state of Haryana, founded the O.P. Jindal Group in 1952. The company has interests in steel, mining and power.
Savitri Jindal's father arranged for her to be married to industrialist Om Prakash Jindal when she was 15 years old after Vidya Devi - O.P.'s first wife and Savitri's sister -died. O.P., who was 20 years older than Savitri, had six children from his first marriage, the eldest being almost as old as Savitri. O.P. and Savitri had three children of their own.
Their sons- Prithvi, Sajjan, Ratan and Naveen -- now manage the family businesses. They took over the business before their father died in 2005 and while they've led the conglomerate have listed power producer JSW Energy on the National Stock Exchange of India and expanded overseas, buying iron ore mines in Chile and coal mines in Mozambique. Her youngest child, Naveen, runs New Delhi-based steelmaker Jindal Steel & Power, the family's biggest company by market value.
Savitri also inherited her husband's political constituency and is a legislator in Haryana. She continues to pursue Jindal's social welfare agenda, promoting education, health care and the environment.?
Also Read:?List?Of The World's 20?Richest?Countries Of?2023
For the latest and most interesting financial news, keep reading Indiatimes Worth.?Click here.