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#153 Savitri Jindal $9.89B

Random fact: Considered refusing Jindal's marriage proposal. He was 20 years older.

Overview

With her nine children, India's wealthiest woman controls O.P. Jindal Group, an $18 billion conglomerate set up by her late husband, Om Prakash Jindal. The New Delhi-based company has stakes in steel producer JSW Steel as well as companies involved in mining, power generation, industrial gases and port facilities.

As of Jan. 21, 2018:
Last change +$84.6M (+0.9%)
YTD change +$800M (+8.8%)
Industry Commodities
Biggest asset JSTL IN Equity
Citizenship India
Age 67
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Savitri Jindal's net worth of $9.89B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Jindal's fortune is derived from her family's O.P. Jindal Group, an $18 billion conglomerate set up by her late husband, Om Prakash Jindal. The New Delhi-based company 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.

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 percent. 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 in this calculation to reflect her status as matriarch. Her share in each company will be transferred to the son heading it when she dies.

O.P. Jindal Group also owns 92 percent of closely held JSW Infrastructure, which builds ports, shipyards and ship repair facilities. The valuation of the company is based on the average enterprise value-to-Ebitda and price-to-earnings multiples of two publicly traded peer companies: Adani Ports and Gujarat Pipavav Port.

The value of her cash investments is based on an analysis of dividends, market performance, insider transactions and taxes.

The valuation methodology was adjusted on Oct. 25, 2017 to reflect new data on liabilities provided by the company, after JSW Group's press office said in an email that the Jindals have about $750 million in debt against pledged shares.

Biography

Birthdate: 3/30/1950
Family: Widowed, 9 children

The former housewife took over as chairwoman of the O.P. Jindal Group after her husband, Om Prakash Jindal, died in a helicopter crash in 2005. 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.

The matriarch also inherited her husband's political constituency and is a legislator in the north Indian state of Haryana. She continues to pursue Jindal's social welfare agenda, promoting education, health care and the environment.

The family compound in New Delhi, where the sons and their families live, is comprised of four independent bungalows linked by a common kitchen.

Milestones
  • 1930 Om Prakash Jindal born in Nalwa village in India's Haryana state.
  • 1952 O.P. Jindal Group formed.
  • 1965 Marries O.P. Jindal after his wife, who is also her sister, dies.
  • 1999 Jindal Steel & Power is listed on the National Stock Exchange.
  • 2005 Husband O.P. Jindal dies in helicopter crash in north India.
  • 2005 Becomes chairwoman of O.P. Jindal Group.
  • 2010 JSW Energy raises $968 million in an initial public offering.
  • 2012 CIC Energy and Jindal Steel agree to merge.