JSW benchmarks itself against global leaders, says Parth Jindal
For JSW Group’s son Parth Jindal, the sale of two Indian Premier League teams for a combined price of more than $3.4 billion was a vindication of a bet he had made nearly seven years ago. And he expects each of the 10 teams to be worth more than $4 billion over the next decade.
When JSW Group bought a stake in the Delhi franchise in 2019, Jindal said he faced questions regarding valuation. “I remember having a hard time convincing my father that we should spend time together. ₹550 crore for 50% stake,” he said at the Mint India Investment Summit 2026 in Mumbai on Thursday.
“I look like a genius now, so I’m very happy,” he said, making the audience laugh.
The group’s 35-year-old next-generation leader estimates that each IPL franchise could be worth $4-5 billion in the next decade. And he justified the valuations by highlighting that IPL teams are a scarce resource, with only 10 available and little scope for expansion.
On Tuesday, a consortium led by Aditya Birla Group, along with Blackstone, Bolt Ventures and The Times Group, acquired Royal Challengers Bangalore for $1.78 billion. ₹16,700 crore). On the same day, Rajasthan Royals were sold for $1.63 billion (approx. ₹15,300 crore) to a consortium led by US-based entrepreneur Kal Somani, with support from the Walton and Ford families.
“I love competition and that’s why I love sports,” added Jindal, who oversees JSW’s sports initiatives, including Olympic sponsorships and ownership of teams in leagues such as the IPL.
Jindal said JSW Group is now measuring itself not only against its Indian rivals but also its global counterparts by aiming to expand its footprint in steel, cement, paint and automobiles.
Speaking at the summit, he explained how the group has transitioned from national to international benchmarks in its core business, leveraging manufacturing expertise in India as a key advantage.
“We used to look only at India benchmarks across all our businesses,” he said, citing Tata Steel, Asian Paints and UltraTech Cement as reference points. “But now the benchmarks have become global. JSW Steel compares itself with POSCO and Nippon Steel. I would say they are better than both of these companies in many aspects.”
Jindal added that this shift is not unique to JSW and that India is becoming a global champion across industries as markets evolve.
Over the years, JSW has diversified into fields ranging from steel to paint, cement, energy, logistics, e-commerce and sports. While previous initiatives were primarily business-to-business (B2B), recent moves in the paint and auto sectors indicate a move into consumer markets. Jindal acknowledged that developing new capabilities requires a learning process.
Jindal said the common thread across all the group’s businesses is JSW’s production capacity in India. “We understand how to manufacture in India better than anyone else. This is our core belief.”
Automotive betting
JSW branded cars, scheduled to be launched in October, are expected to strengthen the profile of the entire group. “Cars are the second most involved purchase after homes. And when JSW is seen among cars on the roads, I think it will have a huge impact and enable us to enter the top category in the industries we operate in today,” he said.
The group currently has a presence in the automobile industry through JSW MG Motor India, which sells Morris Garages vehicles in partnership with China’s SAIC. The company aims to increase domestic content and keep prices down in JSW’s own-brand electric vehicles (EV) ₹10 lakh is aimed at replacing conventional combustion engine cars rather than competing with other EVs.
Competition as a catalyst
Jindal emphasized that competition fosters excellence. He noted that JSW Steel has been competing with Tata Steel on aggressive capacity expansion over the last two decades.
“The opportunity in India is huge; this is not a winner-takes-all market,” he said. “There is a lot to learn from competition.”
