India Billionaire Finds No Such Thing as a Free Lunch

Billionaire Naveen Jindal ran what was once India’s most valuable steelmaker worth almost $15 billion. That has now shrunk to less than $2 billion, a fall exacerbated by the nation reversing its policy on coal.

The rise of his company, Jindal Steel & Power Ltd., was built on coal blocks handed out by the government on condition companies invest in industrial projects and pay royalties. That ended last year when the courts canceled the permits.