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27

India Coal Billionaire Discovers No Such Thing as a Free Lunch

By Tony Seruga

Inside Jindal Steel & Power Ltd.'s Plant A truck and cyclist travels past piles of coal at the Jindal Steel & Power Ltd. plant in Raigarh, Chhattisgargh, India. Photographer: Udit Kulshrestha/Bloomberg

Billionaire Naveen Jindal ran what was once India’s most valuable steelmaker worth more than $14 billion. It’s now valued at about 87 percent less.

The rise of his company, Jindal Steel & Power Ltd., was built on coal mines handed out for free by the government. That ended last year when the courts canceled the permits…

India Coal Billionaire Discovers No Such Thing as a Free Lunch

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