NL Interviews Naveen Jindal

Exclusive. Naveen Jindal speaks to Madhu Trehan on the Zee-Jindal fracas. Reveals previously undisclosed details of his phone calls with Subhash Chandra, how he is certain Chandra was in the know, how JSPL is doing a "service to the nation" by developing coal mines, and more.

Exclusive. Naveen Jindal speaks to Madhu Trehan on the Zee-Jindal fracas. Reveals previously undisclosed details of his phone calls with Subhash Chandra, how he is certain Chandra was in the know, how JSPL is doing a “service to the nation” by developing coal mines, and more.

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  • gaurav86

    Jindal talking about “UNLEASHING TERROR ON US” is the most laughable phrase. Its impossible to take jindal on face value. He admitted that his comp got coal blocks without auction and was generous enough to take which were rejected by Coal India. you get coal not on market value, but sell electricity on market price (4.5 rupees/unit) which is more than what Govt charges on normal basis. So where does the economic burden going to shift ? obviously on consumers, they are paying more per unit only because jindals want to EXTORT returns from the consumers. You gets coal on non-auction basis( at much lower price) because you have all internal information being part of govt.,exhibit your self claimed great efforts saying we invested in building a plant etc where no body was willing to venture into, sidetrack the Coal India and push it to abysmal economic conditions where it start making losses. and as a result of forward linkage, NTPC etc also get down in the trap with less availability of coal, then you say we now need to dis-invest particular percentage of it so that it can be revived a bit, and ultimately bring in the actions of private players who finally gets their acts together and done as they were waiting for this day. Same is the case with Air India which was knowingly put into category of loss making PSE coz minister at the helm of affairs has been alleged to have profited the private players in the domain, Jindal says there were hardly any takers in 2000 and its we who made it into a profitable venture. The fact of the matter is that its the responsibility of the govt. to carry on the capacity and managerial building in PSEs like Coal India. NTPC, Air India etc and not to take the ownership of such risky assets through their private enterprises. Its been the fight between govt own PSEs and Private enterprises owned by none other than the MPs themselves that they execute policy with the aim of benefiting their private ventures than Govt ventures, something which they should not being an MP. If jindal would have been just a business man, i would have no problem. But its the sheer downgrading efforts on the part of MPs having private enterprises or those working implicitly as the representatives of the private players , to keep the PSUs/PSEs in pathetic condition on managerial/ resource/ technological/ capacity front and never make them capable enough to compete to these self claimed Efficient Private Enterprises. In india, these tendencies have let the downfall of PSEs barring a very few. Sorry Mr. Jindal, you have right to put on table your case, but i can’t buy it.

  • gaurav86

    That’s the point Mr. Jindal, power is sold at 1.5- 2.5 rupees/unit( the power price for similar power projects awaded under tariff based auction) and your company has sold it on 4.5-5 rupees/unit at peak hour in open market ( whereas the cost is estimated at just 0.45 rupees/unit ). That’s where you are making profits. Getting coal almost free, set up your plant ( which you can boast of as input cost on your balance sheet) and then sell power at almost double price. But you have managed to escape Cost which would have been incurred on purchasing input/mineral (which is coal in this case) and thus reducing a substantial amount of Input cost. and that was an outlet put at your disposal because you are the part of the party which is running the country. Govt, due to political opposition to privatization of commercial coal mining, has chosen to opt for a middle path by allocating Captive Coal Blocks to both public and private players. Jindal Power owns 50 MMTPA captive coal reserves. and here is the catch, cost of coal available from captive mines is much less than that sold by Coal India. But Jindal Power is selling entire power in free market which fetches more gains and profits than what might be allowed under power purchase agreement where tariffs are set by regulators.

    • well done gaurav – was going to say Madhu should have done a lot more research on everything from /unit prices to Jindal’s captive coal reserves. One can see in the interviews that Madhu smiles a bit too charitably with people she parties with often.

  • Oceanheart

    Mr. jindal either one should be in Politics or business, dunno mix business wid politics. I think it’s better the likes of u only do business n do good to urself only but when ur in politics n serving urself ppl ll definately accuse u of using official machinery n ur clout as politician to push for free deals to grow ur business’s. Remeber u only expanding ur business but as a human u might have lost the moral fiber invariably or overlooked the purpose of serving the society. I Agree that u were pressurized to pay up by zee news but then the money ur making is also not by clean deals, there is lot of coal in those deals, had that coal been sold in open market lot of development cud have taken place. I hope that u leave politics n join ur business ventures full time n save lot of heartburns including urs.

  • Madhu you were badly prepared for this interview. There are so many facts you are simply ignorant of.

  • krishna

    First of all , you are an MP and holding Coal mines. Isn’t it conflict of interest. For you, position of MP is about doing business and earning money.

  • krishna

    such a crappy interview. Madhu, Your first faltu interview. I am surprised that, the one who claims to a be a Sr.Journo, does’nt even come prepared to conduct an interview and can’t nail a scamster…..

  • Its well know that Jindals made Hay, what Subhash Chandra’s team asked was a piece of cake…for knowing how the cake was baked! Ghor Kal Yur….even crooks don’t have code of conduct!! Madhuji…this interview requires good understanding of issue…sorry better next time!

  • Madhu you are showing shades of Bharka Dutt in recent interviews..where is the Madhu who gave Karan Thappar his own medicine?

  • Achha interview hai ..

  • ye bilkul sahi kiya .. kuchh log media mota paisa kama rahe hai kuchh logo ke pass naukri bhi nahi hai .. how .. ?

  • Deep

    dear lord.. could the interviewer have done a worse job of interviewing him.. there was no cross questioning of jindal in the interview at all.. it was like watching a legal show with a defense lawyer taking a murder accused present a favourable/doctored version of his story.. 30 minutes of my life i will never get back and a golden opportunity lost to get a more detailed version of what really happened..

    What zee did is wrong, but there is a lot more to this story than meets the eye and unfortunately we may never really know, thanks also in part to this sloppy interview…



  • piyush