Jindal Stainless appointed Kunjal Mehta as CFO and moved its Indonesian subsidiary PT Glory Metal Indonesia back to an associate status, signaling completion of project implementation.
Jindal Stainless Ltd. Announces Key Management and JV Changes
Jindal Stainless Limited has appointed Kunjal Mehta as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective June 25, 2026. The company also announced the re-classification of its Indonesian entity, PT Glory Metal Indonesia (PTGMI), from a subsidiary back to an associate, effective July 1, 2026.
What just happened
Kunjal Mehta, a seasoned Chartered Accountant and Cost Accountant with over 25 years of experience across various sectors, will take over as CFO. He previously worked with Adani group companies and Essar Steel India. Tarun Kumar Khulbe, the current CEO & Whole-time Director, will cease to hold additional charge of CFO from the same date.
In a separate development, PTGMI, established in May 2024 for a stainless steel melt shop in Indonesia, has been re-classified. It was initially an associate, became a subsidiary in June 2025 for governance during implementation, and is now reverting to an associate status post-commissioning in March 2026.
Why this matters
The appointment of an experienced CFO strengthens the finance leadership at Jindal Stainless. The change in PTGMI's classification indicates the successful completion of the project's critical implementation phase and a return to the original joint venture governance structure. This is a governance alignment and does not affect shareholding or economic rights.
The backstory
PTGMI was initially a joint venture to set up a stainless steel melt shop in Indonesia. It was re-classified as a subsidiary in June 2025 to ensure better oversight during the construction and operational setup. The melt shop was successfully commissioned in March 2026.
What changes now
Kunjal Mehta will now lead the financial operations as CFO. The governance structure of PTGMI will revert to its original joint venture framework, focusing on board representation rather than full subsidiary control, though shareholding and economic interests remain unchanged.
Risks to watch
No immediate risks are apparent from these announcements. However, investors should monitor the performance of the Indonesian operations and ensure the JV governance structure remains effective.
Peer comparison
This news pertains to internal management and governance restructuring. Direct peer comparison is difficult as such changes are company-specific. However, other stainless steel players focus on similar expansions and operational efficiencies.
Context metrics (time-bound)
- Kunjal Mehta appointed CFO effective June 25, 2026.
- Tarun Kumar Khulbe relinquishes additional CFO responsibility effective June 25, 2026.
- PTGMI re-classified as associate effective July 1, 2026.
- PTGMI stainless steel melt shop commissioned in March 2026.
- PTGMI JV established in May 2024.
- PTGMI re-classified as subsidiary in June 2025.
What to track next
Investors will be keen to see the financial contributions from the Indonesian operations under the new governance framework and track the overall performance of Jindal Stainless.