Naveen Jindal, chairman of Indian coal and steel conglomerate Jindal Power & Steel and a member of Prime Minister Narendra Modi’s government, is set to face corruption charges in a New Delhi court next week. The allegations pertain to an extensive investigation into the controversial allocation of coal mines in India during the early 2000s, a scandal widely referred to as “Coalgate” by Indian media.
The case, which has persisted for more than 14 years, involves accusations of corrupt conduct and “cheating” by Jindal’s company, its subsidiaries, senior executives, and implicated public officials. Jindal is required to appear in court on July 17. Both he and his company have denied any wrongdoing, while requests for comment on the upcoming proceedings were not returned.
The timing of the court case coincides with a crucial decision by Australian federal and South Australian governments regarding the prospective buyer of the Whyalla steelworks, a key industrial asset in South Australia. Jindal Power & Steel is a leading contender alongside Australian billionaire Matt Latimore for the ownership of the steelworks, iron ore mines, and related infrastructure currently managed by KordaMentha. These assets were previously owned by Sanjeev Gupta before his exit last year.
The Whyalla steelworks sale is expected to be finalized alongside a proposed government aid package estimated at around AUD 480 million. Senior Australian officials, including South Australian Premier Peter Malinauskas, Prime Minister Anthony Albanese, Trade Minister Don Farrell, and Industry Minister Tim Ayres, are closely involved in the evaluation and selection process. Jindal made a visit to Whyalla in mid-March as part of his bid.
Jindal’s involvement in the Whyalla project aligns with his dual role as a business executive and elected parliamentarian for Modi’s Bharatiya Janata Party, following his departure from the opposition Congress Party in 2024. Meanwhile, Modi is scheduled for a two-day official visit to Australia starting Wednesday.
Jindal Power & Steel, a major player in the steel industry, owns operations in Oman, including a modern steel plant in the port city of Sohar. Jindal executives from Oman, including CEO Hervinder Singh and Jindal Oman chief executive Harssha Shetty, have recently toured the Whyalla site. While the Sohar plant serves as a model for the potential revitalization of Whyalla, records indicate that Jindal did not originally construct the Sohar facility, acquiring it from Abu Dhabi’s Al-Ghaith Holdings after much of its construction had been completed. Jindal is also developing a similar steel plant in Duqm, Oman, with initial production expected in 2028.