CEO of Indian conglomerate JSW’s copper business resigns

NEW DELHI: The CEO of India’s steel-to-power conglomerate JSW Group’s copper business Pankaj Kumar has resigned from the company, two sources familiar with the matter said on Wednesday, citing the group’s shift in focus towards steel and EVs.

Kumar is currently serving a notice period until the end of December, the sources said, declining to be identified because the announcement has not been made public.

JSW did not immediately respond to a Reuters email seeking comment.

Earlier this year, Reuters had reported that JSW was looking to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha.

In January, JSW said it would invest 26 billion rupees ($293.58 million) to operate two copper mines from Hindustan Copper for a period of 20 years, with the option to extend it for another decade.