Jindal Steel names Gautam Malhotra as CEO after five-year gap

Jindal Steel Ltd, owned by billionaire industrialist Naveen Jindal, has appointed Gautam Malhotra as its new chief executive officer, marking the company’s first CEO appointment in five years. The announcement came on Tuesday alongside the firm’s September-quarter earnings, which fell short of market expectations.

Malhotra, who joined Jindal Steel in May 2024, will assume the CEO role with effect from 28 October, according to the company’s filing with stock exchanges. Since joining, he has been closely involved in the steelmaker’s mining, production, human resources, logistics, technology, AI adoption, and sales operations. He has also contributed to developing the company’s commercial and logistics strategy.

Prior to joining Jindal Steel, Malhotra was an entrepreneur and operations specialist. He founded FuelBuddy, a doorstep fuel delivery company that currently operates across five countries. Despite his limited background in the steel sector, his appointment signals a strategic shift towards operational efficiency and technological innovation within the company.

Industry analysts have noted that Malhotra’s leadership will be closely observed, given his non-traditional entry into the metals and mining industry. “The new CEO’s skills will be watched, given that he does not come from a steel industry background,” said Satyadeep Jain, lead analyst for cement, metals, mining and utilities at Ambit Capital.

Jindal Steel’s previous CEO, Sudhanshu Saraf, stepped down in 2020. Following his departure, the company appointed Bimlendra Jha as managing director in 2022, who subsequently exited in 2024.

Malhotra’s elevation comes at a pivotal time for Jindal Steel, as it works to enhance its operational efficiency and integrate advanced technologies to strengthen its position in India’s competitive steel market.