Jindal Photo is not an operating company - it is a listed holding vehicle that exists to own stakes in other businesses, almost all of them inside the B.C. Jindal Group and concentrated in power generation and coal. The company was incorporated decades ago under the Companies Act and today runs with just two permanent employees, earning its keep from dividends, interest and changes in the value of the companies it holds. The recurring logic is simple: it pools capital, places it into group power and coal assets, and lives off the returns those assets generate - a pure investment company with no factory, no inventory and no customers of its own. # Business segments A single investment engine with two distinct pools of capital - a core portfolio of strategic power-sector stakes that defines the company, and a smaller set of financial holdings that keeps the rest of the balance sheet working. ## 1. Strategic power-sector holdings: the reason the company exists **Almost everything Jindal Photo owns sits inside group companies that generate or fuel power - the company rises and falls with their performance.** - **A coal-mine joint venture with a locked-up claim** - the company owns one-third of Mandakini Coal Company Limited, a joint venture that is not operating a mine but is pursuing compensation for one that was taken back. A government authority has already recognised a claim of about Rs. 223 crore in MCCL’s favour, of which Jindal Photo’s one-third share comes to roughly Rs. 74 crore, though the authority later proposed cutting that figure to about Rs. 155 crore - so the company and its co-investor Tata Power have gone to the Delhi High Court and obtained a status-quo order. MCCL is also appealing for an additional Rs. 134 crore for land bought directly from owners, and a separate lender claim from IFCI has been stalled by another High Court petition. - **Money in, money stuck** - Jindal Photo has an interest-bearing loan of Rs 537 lakhs outstanding to MCCL, repayable on demand, though it has never made the demand and the board has repeatedly waived interest on it from 2015-16 through to 2023-24 because MCCL’s financial condition deteriorated. Separately, the company is carrying over Rs. 51 crore as recoverable from MCCL with no provision taken, on the assumption that the pending legal claims will eventually settle. ## 2. Financial investments: the rest of the portfolio **Beyond the power stakes, the company parks money in group holding vehicles and plain-vanilla mutual funds - small relative to the core, but they keep the treasury earning.** - **Preference shares with a built-in return** - Jindal Photo owns non-convertible redeemable preference shares in Jindal India Thermal Power Limited valued at about Rs. 91 lakhs, redeemable at the company’s option after seven years but before ten, with a premium of at least 3% per year from the allotment date in May 2022. - **Mutual funds for liquidity** - the company keeps money in corporate bond and money-market funds from ICICI Prudential, Invesco and HDFC, measured at fair value through profit or loss, with holdings running to a few crore rupees. It also uses foreign-exchange forward and option contracts, but only to hedge - never to speculate. # Group structure and partners **Jindal Photo is a tightly held B.C. Jindal Group vehicle with no subsidiaries, two key investee relationships, and a promoter group that has repeatedly reshuffled its holding structure - and is now trying to take the company private.** - **No subsidiaries, two key links** - the company has no subsidiaries as of March 2025; its structural relationships are an associate (JIPL) and a joint venture (MCCL, 33.33%), with Jindal India Thermal Power Limited sitting under JIPL. - **The first delisting attempt that didn’t close** - in late 2021, a promoter group entity launched a voluntary delisting via reverse book building at an indicative price of Rs. 269 per share; shareholders approved it with 98% of votes in favour, in-principle approvals came from both exchanges, and the bid window opened in March 2022 - but the process never concluded. - **A fresh delisting bid now underway** - on 29 June 2026, Concatenate Power Advest and Concatenate Advest Advisory (together holding 73.18%) along with Jindal India Power Limited as a person acting in concert announced a new voluntary delisting, citing operational flexibility, strategic investment support, compliance-cost savings and an exit for public shareholders. The board has already appointed a peer-reviewed company secretary to conduct the due diligence required under the delisting regulations.