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Gurugram/New Delhi, January 16, 2024: Jindal Stainless Limited, India’s largest stainless steel manufacturer, announced an Employee Stock Option Plan (ESOP) for approximately 150 of its senior team members. The company granted 15,68,266 stock options, using the instrument of ESOPs and Restricted Stock Units (RSUs) in an equal mix, to eligible employees under the Jindal Stainless Limited Employee Stock Option Scheme 2023. The ESOPs will vest over a period of four years, alongside linkage to performance conditions.
The primary objective of introducing ESOPs is to attract, incentivize and retain talent, fostering a shared sense of ownership and aligning the interests of the employees with those of the company.
Commenting on this development, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, “The implementation of ESOPs is a testimony of our intent to retain our people, and make them true partners in our progress. Besides, it helps align the interests of our senior team with our long-term growth plans. By offering employees a stake in our success, we foster a culture of collaboration and shared achievement, ensuring that every individual contributes to, and benefits from, the growth journey of the company.”
Adding to it, CHRO, Jindal Stainless, Mr Sushil Baveja, said, “We are thrilled to introduce ESOPs, offering another opportunity for wealth creation to our key talent. This initiative aims not only to attract and retain talent but also to develop a deep sense of ownership among our employees, aligning their interests with the success of the business. We are confident that this will propel us towards achieving our objectives and driving sustained growth in the future for both the company and employees.”
This strategic initiative highlights the company’s dedication to recognizing and valuing the contributions of its workforce. By transforming employees into shareholders, the company not only encourages efficient performance but also instills a sense of ownership among them.
About Jindal Stainless
India’s leading stainless-steel manufacturer, Jindal Stainless, has an annual turnover of INR 35,700 crore (US $4.30 billion) in FY23, and is ramping up its facilities to reach 3 million tonnes of annual melt capacity in FY24. It has two stainless steel manufacturing facilities in India, in the states of Odisha and Haryana. Jindal Stainless has a worldwide network in 15 countries and one service centre in Spain. In India, there are 10 sales offices and six service centres. The company’s product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel and coin blanks.
Integrated operations have given Jindal Stainless the edge in cost competitiveness and operational efficiency, making it one of the world’s top five stainless steel players (ex-China). Founded in 1970, Jindal Stainless continues to be inspired by a vision for innovation and enriching lives and is committed to social responsibility.
JSL remains committed to a greener, sustainable future, fuelled by environmental responsibility. The company manufactures stainless steel using scrap in an electric arc furnace, the least greenhouse gas emission route since it enables 100% recyclability with no reduction in quality, thereby achieving a circular economy. The company aims to reduce carbon emission intensity by 50% well before FY 2035 (from FY 2022 baseline levels of 1.91 tonnes CO2/tonnes of crude steel) and achieve Net Zero by 2050.