Jindal Stainless Appoints Former Adani Executive Kunjal Mehta as CFO

MUMBAI: Jindal Stainless Ltd (JSL) on Thursday appointed former Adani Energy Solutions executive Kunjal Mehta as its Chief Financial Officer, while also approving the reclassification of its Indonesian venture PT Glory Metal Indonesia as an associate company.

Mehta joins India's largest stainless steel producer with more than 25 years of experience across sectors including power, steel, ports and logistics, technology and IT-enabled services.

Prior to joining Jindal Stainless, Mehta served as Chief Financial Officer at Adani Energy Solutions and previously held leadership roles at Adani Electricity Mumbai, Adani Ports and Special Economic Zone, and Essar Steel India.

The company said Mehta's expertise spans corporate finance, treasury operations, capital raising, investor relations, financial restructuring and business transformation initiatives.

His appointment takes effect immediately and he will also serve as a Key Managerial Personnel (KMP) of the company.

Tarun Khulbe Relinquishes Additional CFO Role

Following Mehta's appointment, Tarun Kumar Khulbe will cease to hold the additional charge of CFO while continuing as Chief Executive Officer and Whole-time Director of Jindal Stainless.

Khulbe had been handling CFO responsibilities since June 2025 in addition to his role as CEO.

Indonesia Venture Returns to Associate Status

Separately, Jindal Stainless approved the reclassification of PT Glory Metal Indonesia (PTGMI) from a subsidiary back to an associate company effective July 1, 2026.

PTGMI was established in 2024 as a joint venture to develop and operate a stainless steel melt shop in Indonesia.

The company had temporarily classified PTGMI as a subsidiary in 2025 after governance arrangements were revised to allow Jindal Stainless to nominate a majority of directors during the project's construction phase.

Following the successful commissioning of the Indonesian melt shop in March 2026, the joint venture partners agreed to restore the original governance structure under which the partner will nominate the majority of directors and chairperson of the board.

Jindal Stainless clarified that the governance change does not impact its shareholding, economic interests, commercial agreements or long-term strategic objectives related to PTGMI.

The company said the move reflects the transition of the Indonesian project from implementation to operational phase while maintaining its strategic partnership in Southeast Asia.

Why Investors Are Watching

• Appointment of an experienced finance leader with significant infrastructure and metals sector expertise.

• Completion of governance transition for the Indonesia stainless steel project.

• Continued strategic focus on international expansion and stainless steel capacity growth.

• Separation of CEO and CFO responsibilities strengthens corporate governance practices.

Ticker: NSE: JSL | BSE: 532508