For JSW Group scion Parth Jindal, the sale of two Indian Premier League teams for more than $3.4 billion combined was a vindication of a bet he made about seven years ago. And over the coming decade, he expects each of the 10 teams to be valued upwards of $4 billion.
When the JSW Group acquired a stake in the Delhi franchise in 2019, Jindal said he faced questions around valuation. “I remember I had a tough time convincing my father that we should spend ₹550 crores for 50% stake,” he said at the Mint India Investment Summit 2026 in Mumbai on Thursday.
“Now I look like a genius, so I’m very happy,” he said, eliciting laughter from the audience.
The 35-year-old next-generation leader of the conglomerate estimates that each IPL franchise could be worth as much as $4-5 billion over the coming decade. And he justified the valuations, highlighting that IPL teams are a scarce resource—only 10 exist, with little scope for expansion.
A consortium led by the Aditya Birla Group, alongside Blackstone, Bolt Ventures, and The Times Group on Tuesday, acquired Royal Challengers Bangalore for $1.78 billion (about ₹16,700 crore). On the same day, Rajasthan Royals was sold for $1.63 billion (about ₹15,300 crore) to a consortium led by US-based entrepreneur Kal Somani, with backing from the Walton and Ford families.
“I love competition and that is why I love sport,” added Jindal, who oversees JSW’s sports ventures, including Olympic sponsorships and ownership of teams across leagues such as the IPL.
JSW Group now measures itself against global peers, not just Indian rivals, as it seeks to expand its footprint across steel, cement, paints, and automobiles, said Jindal.
Speaking at the summit, he outlined how the group has shifted from national to international benchmarks in its key businesses, leveraging its manufacturing expertise in India as a core advantage.
“We used to only look at Indian benchmarks across any of our businesses,” he said, citing Tata Steel, Asian Paints, and UltraTech Cement as reference points. “But now, the benchmarks have become global. JSW steel compares itself to POSCO and Nippon steel. I would say, were are better than both those companies in many respects.”
Jindal added that the shift is not unique to JSW and India has become a global champion across industries as markets evolve.
Over the years, JSW has diversified from steel into paints, cement, energy, logistics, e-commerce, and sports. While earlier ventures were primarily business-to-business (B2B), recent moves into paints and automobiles mark a push into consumer markets. Jindal acknowledged the learning curve involved in building new capabilities.
A common thread across all the group’s businesses was JSW’s capability at manufacturing in India, Jindal said. “We understand how to manufacture in India better than anyone else. That’s our core belief.”
The automotive bet
JSW-branded cars, set to launch in October, are expected to boost the profile of the entire group. “Cars are the second most involved purchase after a home. And once JSW is seen on the roads through cars, I think it’s going to have a very large impact, allowing us to come into the top category across the industries that we play today,” he said.
The group is already present in automobiles through JSW MG Motor India, which sells Morris Garages vehicles in partnership with China’s SAIC. With JSW’s own brands, the company aims to increase local content in its electric vehicles (EVs) and keep prices below ₹10 lakh, targeting the replacement of conventional combustion engine cars rather than competing with other EVs.
Competition as a catalyst
Jindal emphasized that competition drives excellence. He credited JSW Steel’s rivalry with Tata Steel for aggressive capacity expansion over the past two decades.
“The opportunity in India is large, it’s not a winner-takes-it-all market,” he said. “There is also lots to learn from competition.”
